Piggyback Hack to Boost Score – Sometimes 100+ Points!
Table of Contents
How much will piggybacking raise my score?
Piggybacking credit repair is probably one of the most underutilized and effective ways of boosting your score tremendously with little effort or time. So this one hidden credit score hack can literally skyrocket your credit score by 100 points. This is called piggybacking credit repair. You can still use the Piggyback hack to boost score. It’s when someone with good credit adds you as an “authorized user” to one of their credit cards.
Usually, it’s with a relative or close friend. And finally, it usually requires a quick call to the credit card company. So most clients who have tried this Piggyback Hack to Boost Score have seen a significant boost in their credit scores in just over a month, about 45 days. So what happens? Finally, their positive credit will show up on your credit report.
What Types of Credit Cards Are Best for piggyback credit repair?
1) Social Security# Required for Authorized User (major credit card issuers and some others)
2) No Negatives (no late payments)
3) Large Credit Limit (>$5000)
4) Low Balance (roughly 6%)
5) Long History (5+ years)
Answers for Primary Card Holders? – FAQ
1) Can piggyback credit repair Hurt My Credit?
No, nothing from the authorized user’s report goes on your report. It’s also not like a hard inquiry.
2) Can I Remove Authorized Users Later?
Yes, they can be removed as an authorized user at any time. Also, it’s not like co-signing
3) Is Piggybacking credit repair Legal?
Yes, it has been a legal way to improve credit since the Equal Credit Opportunity Act of 1974.
Pros and cons of credit card piggybacking :
Being an authorized user could help you build credit
For an authorized user account to potentially help your credit, three things need to check.
- The card issuer needs to report the account to the three major credit bureaus. Many credit card issuers do report account activity for authorized users to Equifax, TransUnion, and Experian. However, be careful not to assume this is the case. You should review your three credit reports around 60 days after becoming an authorized user to verify whether the account shows up.
- The account needs to be free of negative payment history. Late payments on a credit card, even from a few years ago, aren’t a good look from a credit scoring perspective. In fact, the payment history on your credit reports (authorized user accounts included) has more influence over your credit score than any other factor.
- The credit utilization rate on the account should be below. FICO and VantageScore, the two major credit score brands in the United States, both use credit scoring models that focus a lot of attention on your credit utilization ratio. It’s generally good to aim for a credit utilization under 30%. An older credit card account could potentially give your credit scores an extra boost.
Being an authorized user might not impact your credit at all.
Credit scoring models only consider information that’s currently on your credit report. So, in order for a credit card to affect your scores, it must show up on your credit reports. If a card issuer doesn’t report authorized user activity to the credit bureaus, being added to the account won’t impact your credit in any way.
Thankfully, many card issuers do report authorized user activity to the major credit bureaus. The primary account holder can ask about the company’s credit reporting policy before adding you to the account.
No Credit Check Loans and Cryptocurrency – an opportunity to start
Cryptocurrency and No Credit Check Loans – Circumventing the System All-Together!
For those who haven’t caught on, Cryptocurrency has the promise to potentially turn the banking system on its ear. Since 2009, the BitCoins market has emerged along with BlockChain technologies. From then on it’s starting to usher in a new era of making and receiving payments.
It’s completely separate from the old status quo banking institutions, while substantially raising privacy. Banks are scared! Already we’ve seen larger banks like Bank of America, Chase, and Citi bank users buying BitCoin with their bank’s credit cards.
How crypto debit cards may help you to raise your credit score
Today you can easily find crypto debit cards. However, debit cards don’t do anything to build your credit history or improve your credit score. You may leverage the cryptocurrency sitting in your crypto wallets to build your credit score. A crypto-secure credit card may give you that opportunity to start. There are rumors of crypto-secured credit cards like SALT coming soon.
As the use of cryptocurrency as an alternative currency is increasing rapidly. Also ALT Currencies like SALT are delivering innovations in lending as well. Although No Credit Check Loans and Payday Loans sometimes get a bad rap. But they have their place in the market when used responsibly. For cryptocurrency holders, No Credit Check Cryptocurrency Block-Chain-backed loans offer liquidity.
Like Margin Accounts that you may have if you trade stocks. With Cryptocurrency Block-chain backed No Credit Check Loans there is only a small chance of a credit reporting issue. A Margin Call happens when If by some chance your equity falls below the maintenance margin value established by FINRA or your creditor.
When you don’t have enough equity to repay the loan, you become personally liable. Only then you can send it to Collections to end up on your credit report. Like Margin Accounts, failure to pay back your outstanding Cryptocurrency loans when your margin value drops below the liquidation level may affect your credit score.