A Guide to Tradelines
You can always find ways to improve bad credit. You can pay your bills on time, only use credit card for emergencies, get a personal loan and pay it on time, and a lot more ways. There are many other ways that are not so common that can help you improve your credit score as well. One of these ways is by using seasoned tradelines. You can improve your credit score through tradelines which is not a very common strategy for this.
There are two sides to tradelines. One side is that you add an authorized users to any line of credit, usually a credit card, so that your credit score is boosted. The another side is doing credit repair, and this can be done by removing negative items from your credit report.
Compared to other approaches, tradelines are faster and more effective. Other approaches are difficult and will take time to see results.
You can be added as an authorized user to increase your credit score. If your friend or your loved one has a good credit account, then try to add to their account so that your credit score can increase. If you have a good credit score and you want your children to build or improve their credit scores, then you can add them to your account. Today, you can find businesses that sell these services. They partner with high credit score holders who will take the risk of adding an unknown authorized user to their line of credit.
Credit reporting agencies update their records monthly so tradelines can offer instant credit boosts. If you are an authorized user who is trying to build or re-build your credit, then this is a very effective way to do so. Your low credit score can be improved by adding a tradeline to your credit.
You now need to decide if you will approach someone to add you to their line of credit or go with a professional tradelines company. Both have their benefits and also their disadvantages. If you are using a friend’s credit account, just remember that this could tangle up your relationship. It can also be costly to use the services of a professional tradeline company. If one has a high credit, you just wouldn’t allow an unknown authorized user on your account without a cost.
Think of tradelines as you piggybacking into a good credit account of someone else. If you don’t want to piggyback on someone else’s account, then use a professional tradeline company. If the account is your friend’s, then it could possibly create tension and stress between you. Both of you should come up with a contract to make everything clear. With a professional tradelines company, contracts are a given. If you are using somebody’s account, then you need to draft a contract between you.