I did’nt know the concept of “Piggybacking” and “AU’s” until very recently. From what I understand, those with low credit only have until September to Piggyback with someone before FICO changes there formula. My guess is it will limit or eliminate the positive affects of someone with low credit piggybacking.

Everyone seems to have their own opinions, but it’s easier for those with ok/great credit to be against “piggybacking” - Not having the credit needed to do the things you need to or to purchase a home sucks, especially for single parents, those with disabilities, & the list goes on. Those who say people should budget better, manage better etc have probably always had doors of opportunity to do so.

I pay all my bills on time, manage all income, expenses, & savings in a custom spreadsheet & my credit score is increasing, but not fast enough to get a decent mortgage at the age I plan too. Piggybacking should be carefully considered and steps such as background checks and income verification should be considered by the borrower to limit risk. Its a great opportunity for those less privileged to get to a better place.

Just FYI, Im a computer guy who had a score in the low 700’s then lost everything in the dot com fallout and now I cant afford the Porsche Boxter I want because my current score is still too low for reasonable interest rates.

Thanks for any additional info.

Scott

Credit scores are geography-blind, so it doesn’t matter where your address is.

Thanks for your response. I could agree in theory, but the problem is that the credit card companies, credit reporting agencies and FICO can’t distinguish between someone who had a direct role in helping the cardholder maintain their good credit, someone who had nothing to do with it, and someone who merely paid a fee.

I think the days of authorized users being added to credit card accounts are numbered.

For example, a spouse, parent, child, or other relative may play a role in the family’s financial health by either contributing money to pay credit card bills, by helping in other ways so the cardholder is free to use his or her money to pay off c.c. debt, or by even doing something as simple as making sure the bills are paid on time, even if he or she doesn’t pay them from his/her own money.

I have a credit card that is in my name only but obviously my spouse contributes in significant ways to my financial and other types of health, which allows me to keep my good credit. Therefore, though the credit is in my name, his contribution to our home and family are a large part of what allows me to continue to maintain that good credit and thus he deserves to benefit from that good credit as well.

That’s why a spouse, or another family member, or even possibly a friend or roommate can be more deserving of sharing good credit, so long as that person indirectly or directly plays a role in the cardholder obtaining or maintaining that credit. The same cannot be said of an absolute stranger.

For people who contribute to a cardholder’s good credit to lose this chance to build good credit history because some people are abusing the law is a shame.