Now before I get started, I absolutely DO NOT BELIEVE in purchasing tradelines to add to one’s credit report. I am however a firm believer in piggybacking credit off of a family or friend to better one’s credit. “Piggybacking” is simply adding an “Authorized User” to one’s credit card allowing the “user” access to the primary account holder’s positive credit history and reporting. It is not illegal. My mother added my brother and I as Authorized Users on her credit card when we were 12. When I graduated high school, I had a 700 credit score and had a credit history of 20 years!
All 4 of my children (ages 11, 5, and the twins are 1) have credit history that is older than them because I added them to my oldest credit card as authorized users. .
I have added a few of my closest friends as Authorized Users so that they too can establish positive credit and credit history to their credit files. Heck, my husband has me as an AU on one his credit cards. He has better credit than me!
You don’t have to give your Authorized User access to your credit card. Just know that if you do, any purchases they make…YOU are responsible for them. Also know that not ALL credit cards companies report AU accounts to the credit bureaus. Be sure to ask before adding them. .
There are several benefits of adding the AU. You’re lending them positive credit account info, building their credit profile and establishing them in the credit world, and most of all…giving them the opportunity to get approved for their own credit in the long run!
The bad side: ANY bad/negative reporting on your credit card will then reflect that of the Authorized User. That can be very damaging. Be mindful of that!