Clients 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 and get them approved for a big purchase such as a mortgage or an auto loan since it will add years worth of history to the report in a matter of months.
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 purpose of adding credit history to boost the client's credit scores. This option is usually for newcomers with no previous or current positive credit history as well as consumers with low scores that are looking to quickly increase their scores.
Consumers with the luxury of having a family member or friend with good credit that is willing to help, can add themselves as an authorized user or joint account member to a credit card to obtain years’ worth of payment and transaction history to their credit reports. This method can greatly benefit the client by creating and establishing history relatively quickly on the consumer's report without needing to wait for new tradelines to seasoned which normally take about 6 months. It's important to mention that piggybacking carries risks, whether it’s done with a family member or "leasing" a tradeline with a third-party company
Piggybacking could have a huge positive impact on a consumer's credit report, however, it can lower the scores if the tradeline has delinquent payment history or the primary account holder utilizes the card irresponsibly. If your relative is not up to date with their payments and the card shows a high balance, it might do more harm than good. It is extremely important to take caution when asking a family member or a relative to add you to their account. The ideal scenario is to have someone that uses the card for occasional purchases, maintains a low balance and always makes on-time payments.
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 improve your credit as fast as possible. Several factors come into play to determine which tradeline will give the best results but generally, the higher the limit and the longer the card has been open for, the bigger the boost will be.
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.
Our credit specialists are ready to help you achieve your goals. We will create a personalized plan based on your specific situation as we remove any inaccurate, incomplete, unverifiable or obsolete negative information from your credit report while helping you to efficiently manage positive accounts and improve your scores as quickly as possible.
Credit cards can help rebuild your credit history by establishing positive trade-lines on your credit report. Unlike prepaid or debit cards, monthly payment activity will be reported to the major credit bureaus on all transactions made with unsecured & secured credit cards. Our company has partnered with several banks to help you get approved for your next credit card.
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