How to Fix Your Credit by Piggy-backing With Someone Who Has Good Credit

Being added as an authorized user onto accounts of people who have good credit is a great way to quickly establish or repair credit, and does not have the score disadvantages associated with opening brand new credit cards. This is referred to as piggybacking. Though being an authorized user technically means you could use the card, having the main cardholder seize your card and never allow you access to it is a safe way for him to do you the favor of having the established history of his account.

Instructions

1

Ask a friend or family member if you can be added onto his credit card accounts. Explain clearly that you do not wish to use his cards, but would like the benefit of having the aged credit on your profile. Be sure that the user has never been late on a payment and has had the account open at least a couple of years before making the agreement. For maximum credit score benefit, try to get on an account that has a low utilization ratio. This simply means they are using 50 percent or less of their available credit. However, newer accounts and accounts with higher balances can still instantly age your credit, providing some help in getting established.

2

Have the person call their credit card company and add you as an authorized user to their accounts. This will automatically send them a card for your name, but have them cut the card and never let you see it to assure their actual account is safe.

3

Check your credit report within a couple of months. You can check your reports free each year by visiting Annual Credit Report (see Resources section.) By then, you should have the account or accounts reporting on your credit, with you as an authorized user, noting the original start date of the card. This is a huge benefit of piggybacking because it reflects the entire account history, not the history since you were actually added to the credit card.