Does penny backing really lower your credit score?

[beachchica]

I read this awesome book a while ago that helped me raise my score almost 80 points since the end of June. Though the information was definitely helpful...there was a suggestion the book made that i think may lower my score. The author talked about piggy backing on credit cards to raise my score, being authorized by the cardholder as a co-signer or authorized user with permission of that particular cardholder. I piggy backed on my father who has pretty good credit card accounts but I here that this will no longer be available and that it will lower my score starting on the first of september. Is there any way I can avoid this drop in my credit score?

[Admin]

You are right.

The Fair Isaac Company recently announced that it would no longer recognize authorized-user accounts. This means that people who have been co-signing to improve their credit scores, may now see drops to their credit scores.

I don't really see anyway around this. It is what it is. However, there may be ways to improve credit scores on your own.

If you have a little credit history, try applying for your own credit card. If you have bad credit or no credit, try applying for a secured credit card. Any creditor that reports to the major credit bureaus will add life to your credit history. In addition, simply paying your bills on time can significantly increase your credit score over time. Also, keeping your balances to a minimum helps a great deal.

[beachchica]

Thank you so much Steve for this information. I am building my credit but i don't want to ruin my credit either. I will definitely take this info into consideration.