How to Increase a Credit Score Using the Piggyback Method

The "piggyback" method of increasing credit scores is a useful tool to know about for someone needing to build credit and increase scores. This happens when someone adds you as a signer or authorized user on their credit card account (you wouldn't actually have use of the account). When the account is reported on your credit report, the card owner's entire payment history of that particular account shows up on your credit report, and is reflected in the scores. If the card owner has a long history of low balances and timely payments, the authorized user's scores will be increased.

Instructions

Piggybacking to Increase Credit Scores

1

A college student may not have had time to establish very much credit. Just after graduation, he discovered that a good credit history or particular score was needed to rent his first apartment. His only account had a year of history, and he was taking good care of it, but it wasn't enough. He might talk with his dad (or other person with a great credit history who is willing to help) to discuss what he needed, and ask to be added to one or more of Dad's credit card accounts.

2

Find out the date that the user/signer was added to the card owner's accounts. This is assuming Dad has agreed to add the authorized user/signer to his accounts, had called his creditors and followed their directions for adding a signer/user.

3

Count 45 days from the date Dad added the user/signer to his account. Request new credit reports with scores from all three bureaus: Equifax, TransUnion and Experian.

4

View new additions to credit reports and scores. If not enough time has lapsed since being added, wait another 30 days. Request new, updated credit reports. Some card companies are not as diligent as others in reporting accounts per agreement with the bureaus.

5

Continue to take great care of the existing account, paying early to maintain a great credit history. With the added accounts, the scores should be boosted sufficiently.