Piggybacking on someone’s credit card can be an excellent way for the person piggybacking to improve their credit. It’s more valuable in some situations than in others. But how does it work? Is it legal? Are there risks?
Piggybacking credit is the practice of letting someone with a thin credit file get added as an authorized user of someone with excellent credit.
Adding your child as an authorized user can provide them with several benefits in the future. It’s a way for them to start building their credit history and make it easier for minors to get a rewards credit card of their own when they are an adult.