This depends on your current credit history and what your goals are for future financing. This might be a necessary step to raise your scores or it might keep you from obtaining your goals. For only $49 we will evaluate your reports and determine what is best for you.
Before opening revolving or installment account(s) verify the company reports to all three credit reporting agencies. If your goal is to obtain a mortgage loan, this is even more important if this is the only active account in your reports.
Most credit cards, otherwise known as revolving accounts, become inactive if not used for a certain number of years. If you try to use the account you are normally issued a new account number which results in a new account listing in your reports, which could temporarily lower your credit scores. JCPenney will often reactivate your account, with original account number, even if you have not used your account for years. This is very beneficial because the open date on the card is reported as the original date…and you do not have the ‘hit’ of a new account.
If you need to establish more credit and your spouse has an established account, consider asking the company if they will add you to that account without changing the account number and maintaining the original ‘open’ date. The account becomes a joint account instead of individual. It is rare that a company will allow this action, but if possible, is of great benefit.
Is this what is being referred to in the FAQs portion of your website as ‘Piggybacking’?
No. This will add you as a joint user of the account. If the creditor will not allow this, then request to be added as an authorized user…which would be ‘piggybacking’.