What is piggybacking credit?
What is piggybacking credit? What Is Piggybacking? Piggybacking is when someone becomes an authorized user on another person's credit card for the purpose of boosting their credit score. This is not to be confused with being a joint account holder.
Is piggybacking credit illegal?
It is ethically and legally questionable. While there are no laws against paying for authorized-user privileges, lenders could consider it fraud if you apply for and accept credit on the basis of an artificially inflated credit score.
Is 3 credit cards too many?
If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.