Im sure all of you have heard of piggybacking, its where you ask someone with excellent credit to add your name onto their card. After that, the person with great credit history will help you out by listing their many long years of credit and adding it to your credit list/ score.
My question is, once you have added your name to the card and have retained the excellent credit, and you have decided to cut your name from the card of which you have piggybacking off of, will you lose your newly gained credit history and score?
2007-09-15 11:17:55 · 4 answers · asked by mocha frap 2 in Business & Finance ➔ Credit
You are out of luck it does not work anymore and with good reason.
2007-09-15 11:31:18 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Actually starting this month and into next year.. the credit bureaus are no longer figuring scores based on piggy backed accounts. So it is basically useless.
Yes, once they stop factoring in AU (authorized user) accounts .. some folks scores WILL drop.
Search the web.. there is lots of info out there on this.
2007-09-15 20:31:51 · answer #2 · answered by CactusFlower 4 · 0⤊ 0⤋
It would be a waste to attempt that any more. Credit bureaus no longer will flow the other parties credit record back to yours. In fact, your poor record would tend to hinder them now. The credit bureaus put an end to that abusive tactic some months ago.
2007-09-15 18:22:42 · answer #3 · answered by Bostonian In MO 7 · 4⤊ 0⤋
No you won't lose credit because it stays in your credit history. Most of the time it's forever it'll stay on there.
2007-09-15 18:21:25 · answer #4 · answered by Tappity007 1 · 0⤊ 2⤋