With today’s undulating leaders followed by an economy to match. People, families, and businesses are searching for relief of some sort. I believe there is a simple solution. Piggybacking credit as an authorized user.
WHAT IS PIGGYBACKING
Piggybacking is an authorized user on someone else’s credit card account to improve their credit score or rating. Typically, a method used by parents to establish their children’s credit score out the gate. It’s virtually as its name reads, piggybacking. In order for this concept to work there has to be a primary account holder. Yes, the revered “good credit” person willing to add the marred ” bad credit” person to the account.
WHY WOULD A PRIMARY ACCOUNT HOLDER ADD AN AU
Spouses, parents, family members, even businesses take advantage of this method better known as piggybacking trade lines. Trade lines are your credit accounts. Of course primary account holders have potential to make money by adding AU’s(authorized user). All accounts information is reported to Experian, TransUnion, and Equifax. In order to establish ” good credit” e.g. trade lines. The listed above can add an authorized user for numerous reasons, primarily being to give their credit scores a hoist.
WHAT TO EXPECT AS AN AUTHORIZED USER (AU)
Although not every credit card reports the same, AU’s have reported impressive leaps. Credit jumps reported from 40 to almost 200 points!!! It doesn’t take 15 years to get 15 year old perfect payment history. With the proper method and/ or amount of trade lines added you’ll be on your way to the revered side! Not to mention for those wondering; can access or limits be placed on AU’s? Yes they can! In fact primary account holders are still very much in control.
PRIMARY ACCOUNT HOLDER: I GOT THE POWER
As a primary account holder one can either allow full access, limit access, or only allow credit reporting history access. This is also a great way to create a form of passive income. Even though responsible for the debt and balances they are in charge of making changes to the account.
SO I GET PAID FOR THIS RIGHT…
PRIMARY ACCOUNT holders can in fact get paid for what I believe to be a grand gesture. Each card account can have 3-8 persons attached. With earnings ranging from $800- $2000 per month!!! That’s extra earnings to further free up your time. Creating a hefty residual income ranging up to $24,000 a year per card potentially. The amount depends on credit limit, history, number of cards, and age. The more cards added with age and high limits can bring a few pretty pennies!
In hindsight, I hold in high esteem the opportunity to present info on such a matter. Yes there are benefits for all, but take a moment to consider the helping hand reaching back. Someone with at least one perfect payment history credit line, maintaining a balance of less than 12% of actual limit, and an account at least 1 year old. To me that’s commerce with compassion.