Piggyback - Lift Up Your Credit Score
First of all, what is piggybacking? Well, for starters, piggybacking is improving someone's credit score by getting that person an authorized user of a credit that has a good standing. The healthy credit history of the piggybacking credit account will hit the authorized user's credit profile for about 30 to 60 days. A two or three months of increase in your credit will get the credit rating companies will normally remove the effects of an authorized credit account.
Some credit cards actually make piggybacking easier compared to others. In fact, American Express will allow up to 99 authorized users per card and it makes it even easier to put authorized users on the account. Some companies actually began offering a service that let people buy legit accounts for their credit cards to strangers. If you are looking to improve or to give your credit a boost, you can actually pay a credit repair company to get it fixed, but the things is, all they're going to do is get a legit account to piggyback on your account.
For people who are selling authorized accounts, they will be receiving a card for each of the account that was opened. The main account is protected because the extra card goes to the address of the original account and not on the piggybacking account. Though piggybacking is very much hated by lenders, some of them actually bought in the concept of the real FICO computation. Usually, most lenders use a manual analysis of every card holder's credit report to find out about piggybacked accounts.
There is actually a legit way to piggyback on a credit score. People are allowed and are even encouraged to do it to relatives and to protect or improve their credit score.
FICO actually has confirmed that piggybacking has helped in boosting credit holder's credit score report.
The best time for piggybacking on ago credit is within two to three months before applying for a new loan. The account being piggybacked on will require some time for everything to take effect and to raise your score. You also have to be patient about this because it will also take some time for the credit reporting agencies to put or remove the negative or positive effects on the account that needs piggybacking.
Always remember that only authorized or legit credit accounts will affect your credit score for up to four months. If you are planning to use piggybacking to have better interest rates or to get better deals, you have to be focused on scheduling it.
Try to do some more research on piggybacking to determine if it really is for you. Take note, this will improve your score but only temporarily. You will be using someone else's healthy credit to boost yours. There are risks involved but of course, it may be worth a shot as this is a quick way to save money.
Some credit cards actually make piggybacking easier compared to others. In fact, American Express will allow up to 99 authorized users per card and it makes it even easier to put authorized users on the account. Some companies actually began offering a service that let people buy legit accounts for their credit cards to strangers. If you are looking to improve or to give your credit a boost, you can actually pay a credit repair company to get it fixed, but the things is, all they're going to do is get a legit account to piggyback on your account.
For people who are selling authorized accounts, they will be receiving a card for each of the account that was opened. The main account is protected because the extra card goes to the address of the original account and not on the piggybacking account. Though piggybacking is very much hated by lenders, some of them actually bought in the concept of the real FICO computation. Usually, most lenders use a manual analysis of every card holder's credit report to find out about piggybacked accounts.
There is actually a legit way to piggyback on a credit score. People are allowed and are even encouraged to do it to relatives and to protect or improve their credit score.
FICO actually has confirmed that piggybacking has helped in boosting credit holder's credit score report.
The best time for piggybacking on ago credit is within two to three months before applying for a new loan. The account being piggybacked on will require some time for everything to take effect and to raise your score. You also have to be patient about this because it will also take some time for the credit reporting agencies to put or remove the negative or positive effects on the account that needs piggybacking.
Always remember that only authorized or legit credit accounts will affect your credit score for up to four months. If you are planning to use piggybacking to have better interest rates or to get better deals, you have to be focused on scheduling it.
Try to do some more research on piggybacking to determine if it really is for you. Take note, this will improve your score but only temporarily. You will be using someone else's healthy credit to boost yours. There are risks involved but of course, it may be worth a shot as this is a quick way to save money.
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