My father did this for me years ago (still have the cards). I'd like him to add me to more of his accounts to raise my fico score. I don't want him to think I'm going to rip him off, I don't even want a card in my name.. just something on my credit report that says I have a longer length of credit history.
2007-06-25 19:43:17 · 9 answers · asked by Mike P 1 in Business & Finance ➔ Credit
I did it for my mom and kept her cards. Ask him and hand him the cards you already have to ease any doubts
2007-06-25 19:47:12 · answer #1 · answered by Windy 4 · 0⤊ 0⤋
Don't bother with piggybacking. As of September of this year, the FICO system, along with the three major credit reporting agencies, are changing their systems to not consider 'authorized user' as any factor in increasing credit scores. Keep your eye on your credit report after September, because they are also indicating that they are changing the system to REMOVE past credit score increases based upon being an authorized user. "Piggybacking or not", you may well find your credit score going down.
This from Mortgage News Daily:
The phenomenon may not last long. FICO announced on June 12 that piggy-backing will soon come to an end on its watch. In September, when the company issues an updated version of its credit score system, the authorized user category will no longer have an impact on credit scores. It appears that this change will be retroactive, thus rolling back the scores of "authorized users."
2007-06-26 01:43:30 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Your father can add you as an authorized user without you getting the card. He still the use card as he normally would as long as he pays on time. If he doesn't, although you're only an authorized user, it will effect your credit since credit card company reports you to credit bureau.
Although you're not legally responsible for the payment. However, he also has to trust you too. Although you may not have the card in your possession, you'll still be able to call the credit card company to inquire the information about the card. You can do the balance transfer, change the address, enroll on banking online. If the trust is not there, you can also do lots of damage to his credit.
2007-06-25 21:54:27 · answer #3 · answered by Connie 3 · 0⤊ 0⤋
acermill is correct.
This is the fault of some companies that were selling trade lines to people to raise their scores. This resulted in the mortgage industry giving out loans to people at reduced rates that they really did not qualify for and this has resulted in thousands of foreclosures all over the nation.
The mortgage industry lobbied the FTC to mandate changes in the way credit scores were calculated and this is the result.
All because some people were trying to cheat the system.
2007-06-26 02:14:44 · answer #4 · answered by ? 7 · 0⤊ 0⤋
It won't look longer.
It will show when you were added on.
Also, it does not do anything beneficial for your credit.
And... If he dies or can't pay his bill, YOU will be liable to come up with the money AND it will show a negative on YOUR credit... just by having an authorized card on his account.
It ain't fair, but thats the way it works.
2007-06-25 19:47:28 · answer #5 · answered by Chris C 4 · 0⤊ 0⤋
Makes sense...he could add you as an authorized user, but if you don't know the card # and you don't have a copy of the card, that sure limits your use of it :)
2007-06-25 19:45:54 · answer #6 · answered by rita_alabama 6 · 0⤊ 0⤋
Only if he can trust you and totally understands the situation.
2007-06-25 19:46:14 · answer #7 · answered by Mike1942f 7 · 0⤊ 0⤋
Grow up finally and take care of yourself.
2007-06-25 19:51:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋
NO NO and NO.
2007-06-25 19:46:22 · answer #9 · answered by canivieu 5 · 0⤊ 0⤋