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Mustang Advisors Debt Consolidation Launches Credit Card Piggybacking Review



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With this simple arrangement, one party tries to benefit from the good credit rating of someone else by adding them to their account.”

— Ari Mustang Advisors

VIRGINIA BEACH, VA, USA, August 24, 2021 / — Do you know why they are called Mustang Advisors? In 1971, the United States Congress recognized that mustangs are living symbols of the historic and pioneer spirit of America, which continue to contribute to the diversity within the Nation and enrich the lives of the American people. The same can be said for Mustang Advisors Review of Credit Card Piggybacking.

Mustang Advisors Debt Consolidation team looks for debt consolidation scams, but while credit card piggybacking might sound illegal, it’s not. With this simple arrangement, one party tries to benefit from the good credit rating of someone else by adding them to their account. This can happen with multiple accounts and it’s a surprisingly common arrangement. What is Credit Card Piggybacking? Piggybacking credit cards is when someone allows you to become an authorized user of their credit card. You can use a credit card to make purchases, but you won’t be responsible for making monthly payments. In this sense, piggybacking won’t measure your own payment history, but instead will focus on the primary cardholder. Nevertheless, your authorized user status is still considered by credit bureaus, providing the credit card issuer reports to the agencies. While you won’t get the same benefits as holding credit cards in your own name, you will notice some results.

Person-to-Person Piggybacking is the standard form of piggybacking. u become an authorized user on credit cards held by a family member or relative. One of the major initial hurdles when you’re first building a credit score is insufficient credit history. By becoming an authorized user, you’ll benefit from how long the card has been open. You should be aware that unless the primary cardholder has good or excellent credit, this will impact your credit report, especially if the delinquency is on the credit card you’re piggybacking.

Does Piggybacking Work?

Piggybacking can be effective, but only if the credit card issuer reports authorized user status to Experian, Equifax, and TransUnion.

Even if the card issuer does report this status, credit bureaus don’t view this in the same way as if you were the primary cardholder. Expect a small bump in your credit score, but nothing dramatic.

There is no shortcut to building credit in your own name by making payments on time and managing your financial accounts satisfactorily. Doing this will also teach you about credit management in a way being an authorized user can’t.


If the primary cardholder engages in shady practices with their credit card, this will impact your credit score. Late payments will affect your score as well as theirs. A series of late payments or a default would bring about repercussions for your credit score, too.

Even if you feel the person has great credit when you consider piggybacking, unexpected job loss or emergencies can lead to unexpected financial difficulties.

Beyond the risk of bad credit, you should also think about the credit utilization ratio on the card. If this goes up too much, it will impact your credit score and theirs. A ratio of more than 80% is typically predictive of default.


If you have a bad credit history or no credit history at all, piggybacking could be a strategy worth considering, certainly on a person-to-person basis.

If, however, you’re tempted by the for-profit version, you’ll likely only get temporary respite, and it will be costly to achieve.

For someone primarily using piggybacking to improve credit, it’s essential to establish that the card issuer in question reports you authorize user status to the bureaus. If it doesn’t, you’ll achieve no benefit beyond being able to use the card for spending.

Even if you press ahead with this arrangement, you should think of it as nothing more than a foundational strategy. Authorized user status will help to build credit, but a longer-term solution is to obtain credit under your own name and to start building it slowly but surely over time.

Secured credit cards or credit-builder loans allow you to do this the easy way.

Whichever route you take, you’ll put up your own funds as security for the loan or credit line. This can be anywhere from $200 to $1,000. As you make monthly payments and they are reported to credit bureaus, your credit score will start improving. Ultimately, the lender will release your security deposit and you’ll be eligible to apply for credit from other sources.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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