[caption id="attachment_5359" align="alignnone" width="400" caption=" "]Photo by Brent Moore[/caption]
If you didn't already get the memo, piggybacking still works! I know I've written about this topic before, but this is just one of those posts that needs to be resurrected every now and then.
In fact, for those that have no credit at all, piggybacking remains one of the fastest ways to add positive credit history to credit reports and give your FICO scores an immediate boost. I recommend it quite often to parents and spouses who are interested in helping a child or significant other build credit from scratch, even though the practice continues to receive a lot of bad press.
But while I consider piggybacking to be a rather safe credit-building technique, it's also important to understand that it's not risk free. Especially if you're the one seeking to build credit, there's one big risk to consider before you're added as an authorized user on anyone's account.
What if the account holder responsible for the card eventually racks up a bunch of credit card debt and stops paying? How would that affect you?