You have to be careful what you believe in regards to anything you deal with, but when it comes to financial topics, you need to be extra careful. There’s a lot of information that gets passed around, and some of it just isn’t right. If you’ve never heard of tradelines, you might be trying to learn more, and could uncover some common myths. At Coast Tradelines, we’ve got the facts to bust those myths so you can get the real information you need to make an informed decision. The following are six common tradeline myths we’ve heard, as well as the facts that show they’re not true.
Myth #1: If You Participate in Tradelines, You’re Committing a Crime
If you’ve stayed away from purchasing tradelines because you’re an upstanding citizen, you may be surprised to learn tradelines aren’t illegal at all. Credit discrimination is prevented through the Equal Credit Opportunity Act, so although FICO tried to eliminate benefits for tradeline users over a decade ago, they have since reversed their decision. This means there is no criminal activity involved when you purchase a tradeline. In fact, Congress is in support of the system and protects consumers who use tradelines. You’ll also find certain banks that will encourage you to boost your credit score through authorized user tradelines.
Myth #2: It’s Unethical to Purchase or Sell Tradelines
Purchasing tradelines is simply a way for you to boost your credit score. There are individuals all over the country who do this by other means every day. Have you ever heard of someone taking out a new line of credit to establish a deeper history? How about asking for debt forgiveness from a particular loan? Does anyone you know pay down their card balances so as to keep a low utilization ratio? These are all hacks people use to improve their credit scores, making tradelines no more unethical than any other method of credit boosting.
Selling tradelines is also not unethical in any way. It’s a way for someone who is responsible with his or her credit lines to help another individual, while getting a little payment in return. The world could use a little more kindness, so the individuals who sell tradelines are really helping to make a difference to those who may have hit a stumbling block along the way. There’s nothing unethical about that.
Myth #3: Purchasing Tradelines Is Going to Get Expensive
If you look back in history, you’ll see that only the wealthy were able to afford tradelines because they were priced quite high. While that may be a part of our history, we no longer have to worry about the high costs. Coast Tradelines is a leader in the industry, with options for authorized user tradelines almost anyone can afford. There are hundreds of tradelines available, and most of them don’t run more than a few hundred dollars. As you can see, tradelines are not just for the wealthy anymore. If you’re short on cash, but need to improve your credit, a quick yard sale could earn you the money you need to purchase a tradeline.
Myth #4: You Can’t Purchase Tradelines That Are Past a Certain Age
There are some who believe you can’t purchase a tradeline if it is a certain age. This is typically related to the buyer being younger than age 18 when the credit line was open. Fortunately, if there’s a tradeline you really want to purchase, but it was opened before your 18th birthday, you can still purchase it and it won’t make a difference. There are a lot of parents who add their minor children as authorized users on credit card accounts, so this shouldn’t be a problem that anyone would look at and question.
Myth #5: Tradelines Are a Waste of Money
Anything you pay for that doesn’t end up working is going to be a waste of money, but tradelines do work, so this isn’t something to worry about. These types of tradeline myths can be traced back to that same controversial issue with FICO in 2008. Buyers began to assume that FICO would be able to discriminate against those with “artificial” tradelines, but as was previously mentioned, FICO did have to reverse their action. This means authorized user tradelines will remain a great use of money for someone who needs help with a credit score.
Myth #6: You Can Use Tradelines in Place of Credit Repair
Don’t make the mistake of purchasing tradelines but failing to repair your credit. A tradeline takes positive information and includes it in your credit report. Credit repair takes negative information off of your credit report. As you can see, they are two different actions. While tradelines will improve your credit score, that bad credit will still be there. If there are errors on your report, you’ll need to work toward repairing those, which is something you can do in conjunction with AU tradelines.
Learning More From Tradeline Professionals
As you can see, there’s a lot to tradelines that people simply don’t understand. If you’re interested in learning more tradeline facts, get in touch with one of the tradeline professionals at Coast Tradelines today.