Piggybacking credit repair is probably one of the most underutilized 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. 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 the most clients who have tried this Piggyback Hack to Boost Score have seen a significant boost in their credit scores inside just over a month, about 45 days. So what happens? Finally, their positive credit will show up on your credit report.
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)
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 1974.
For an authorized user account to potentially help your credit, three things need to check.
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.
Cryptocurrency and No Credit Check Loans – Circumventing They 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.
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.
The uptick in the amount of borrowed money in the US shows no signs of… Read More
How to evict a tenant quickly The quickest way to evict a tenant is to… Read More
Big Lots Credit Card Big Lots, Inc. is an American retail store based in Columbus,… Read More