Consumers looking to quickly boost their scores can use “piggybacking” to rapidly gain positive credit history. This process can help expedite the time it would normally take to increase a consumer’s score since it will add years’ worth of history to the report in a matter of weeks making it possible to improve their chances of getting approved for a big purchase such as a mortgage or an auto loan.  

What is piggybacking?

The term “piggybacking” in the credit world, is when a consumer becomes an authorized user or joint account member on someone else’s tradeline (typically a credit card) for the sole purpose of adding credit history. This unconventional option is usually for newcomers with no previous or current positive credit history as well as consumers with low scores looking for a way to quickly increase their scores.

How does it work?

Consumers with the luxury of having a relative or friend with good credit that is willing to help, can add themselves as an authorized user or joint account member in order to obtain years’ worth of payment and transaction history to their credit reports. This method could greatly benefit the consumer by creating and establishing history relatively quickly without needing to wait for new tradelines to season, which normally take 6 months.

How will piggybacking affect my credit score?

It’s important to mention that piggybacking carries risks. This process could have a huge positive impact on your credit report and scores; however, it can also drastically damage them if the tradeline has delinquent payment history or the primary account holder utilizes the card irresponsibly by carrying a high balance. It is extremely important to take caution when asking a relative or a friend to add you to their account. The ideal scenario would be for the primary account holder to only use the card for occasional purchases, to maintain a reasonable low balance, and to always make their payments on time, otherwise, it will end up causing more harm than good.

What if I don’t have a relative or friend to help me?

If no friend or relative is available to give you an extra boost on your score, our company offers a variety of tradelines with various ranges of credit history to help facilitate the process and increase your scores as fast as possible. Several factors come into play to determine which tradeline will give you the best results, but generally, the higher the limit and the longer the card has been open for, the bigger the boost will be.

How much does it cost?

The cost of leasing a tradeline varies since the inventory available changes constantly but it could range from $250 to $1,000 depending on the credit limit and the years of transaction history contained within the tradeline.

Building credit isn’t easy, especially if you don’t have the help and resources needed to make the right choices. While every case is different, adding positive credit history will definitely give you the opportunity to be a few steps ahead and not have to start from square one. Please do not hesitate to contact us with any questions or if you would like to get started with the process of leasing a tradeline. We are here to help!