"Piggybacking" on credit card

news link

At first, "Piggybacking" got my attention as I thought it is related to how to consolidate mortgage loans. Then the article is actually about:

1) how one with low credit can increase FICO score overnight,
2) and embarrassingly about how to make extra money to loan out your good credit card.

- For those loan underwriters, this may be something worth attention when the cardholder and the authorized carduser are not related.
- For those who like to help your companion with low FICO score while yours is very high, this may sound like an attractive approach.
- For those who think of making extra income, everything comes with a risk. It is tempting, but I decide not to do it.

Although it is not illegal technically, the article mentions that law may change anytime to rule such practice illegal.

No comments:

Post a Comment