Why authorized user accounts can hurt you
By Matt Listro, Your Credit Repair Expert
(National Credit Fixers - Matt Listro)
Authorized User accounts are NOT what they use to be. In short, I use to recommend them but not anymore because they really don’t work now. An authorized user (commonly referred to as a piggyback account) is when someone adds you as an authorized user to their credit account. Then your credit report would be updated to show that account with all it’s longstanding positive history. Sounds good right? Well it was good for years but not anymore. The new FICO scoring model has 4 (yes four) scorecards devoted to credit files with authorized user accounts. The credit system has figured out this loop hole and closed it hard. Let me give you an example of why authorized user accounts do NOT work. In 2009, I helped a young couple fix their credit to buy their first home. Both achieved over 80% ...