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Would you ever sell your credit? Piggybacking Credit Cards
Posted on 6/9/15 at 10:15 am
Posted on 6/9/15 at 10:15 am
Here's a post from Reddit a little while back:
Credit Card Piggybacking
He's making about $400 a month just by letting other people have access to his credit. He claims to have a credit score of over 800 and that there is little risk for doing this.
Anyone do this?
Credit Card Piggybacking
He's making about $400 a month just by letting other people have access to his credit. He claims to have a credit score of over 800 and that there is little risk for doing this.
Anyone do this?
Posted on 6/9/15 at 10:17 am to StringedInstruments
quote:
He claims to have a credit score of over 800 and that there is little risk for doing this.
This may be true and if it is, good for him.
However, that would make me extremely uncomfortable.
Posted on 6/9/15 at 12:14 pm to StringedInstruments
quote:
He's making about $400 a month just by letting other people have access to his credit.
As I understand it, that isn't quite how it works. They do not have access to his credit.
You add strangers as authorized users to your credit card - but you get the cards mailed to you and you never have to tell anyone the account number. The other guy's credit report now gets an additional entry for a valid credit card in good standing. It's even better if you've had the account for awhile. He has no access to your credit line and may be taking a small risk that you won't fall behind yourself although he could probably dispute it if that happened. But the net result is to help build his credit in exchange for a fee paid to you.
As you might well imagine, credit card companies do not like this practice at all and actively try to catch people who do this. I don't know what the consequences are, if any.
This post was edited on 6/9/15 at 2:04 pm
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