Buying Tradelines: All You Need to Know

husband and wife speaking with financial advisor to talk about buying tradelines

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Your credit score is like a financial key. A good credit score can open doors to a lot of opportunities. However, when it is bad, you may find yourself unable to enjoy certain financial opportunities. Your credit score impacts whether you’ll qualify for a home or auto loan and at what rate. It also determines whether you’ll qualify for a credit card and other essential financial opportunities. If you have a bad credit score, it makes a lot of sense to take steps to boost it. One common way to boost your credit score is by buying an authorized user tradeline. If you have heard about buying an authorized user tradeline and wish to learn more, you have come to the right place.

What is a Tradeline?

A tradeline is a solid financial account that shows up on the user’s credit report. Usually, people who have a bad credit score may ask family members or friends with good credit scores to add them as authorized users on their credit card account. This way, the person’s credit score taps into the strength of the other party’s healthy credit history, low utilization rate, and on-time payments.

If people are unable to get family members who can do this for them, they may resort to buying a tradeline. Buying a tradeline means that they are paying to have themselves listed as an authorized user on another person’s credit card account. The major differences between asking a family member and buying a tradeline is that:

  • You do not know whose credit card account you are being added to as an authorized user.
  • You pay money to access this service.

Buying tradelines is a business model that is regulated by some companies. The buyer and seller are handled by a third party who coordinates the process for a fee. Depending on the credit score that needs to be boosted, the cost may be in the thousands of dollars threshold. Note that the tradeline will only appear on your credit report for a short period. While you are listed as an authorized user on the account, you won’t have access to the account’s line of credit. Instead, you can only benefit from their good credit score to boost yours.

What Are Authorized User Tradelines?

Any primary account holder has the ability to add an authorized user tradeline. In the tradeline industry, the term refers to revolving lines of credit wherein the primary account holder adds you as an authorized user. Once added to the account, the tradeline will then appear on the user’s credit report. As an authorized user, you are free from any obligation. For example, the primary account has an existing loan, you are not entitled to repaying it. You also do not get any access to the account and the account holder’s personal and financial information. As an authorized user tradeline, you do not get to enjoy the perks that the owner of the account gets.

What Are The Benefits of Buying Tradelines?

Over the last few years, the tradeline industry has been booming. It has become very popular, especially among those planning to buy their own home but has poor or no credit score at all. Buying tradelines are available because it does provide certain benefits including:

Improves Your FICO Score

The major purpose of tradelines for sale is to help enhance the buyer’s credit profile. The three major credit reporting agencies pull out your records and come up with a report. The credit report will then be used by banks and other financial institutions to identify your credit score. To have a high FICO score, you must have a great credit history. While it can be achieved by paying off debts on time, you may also do so by adding tradelines to your account. Of course, this is only achievable by buying tradelines from a primary account holder with positive credit card accounts.

Increases Your Chances of Getting Credit Card or Loan Approval

Your credit score is vital when applying for a loan. If you want a quick and easy loan approval — be it home loan, auto loan, student loan, etc. — you need to have a high credit score. When you buy tradelines from someone else’s credit card account, you get better chances of improving your credit score. Essentially, making it easier for you to apply for both loans and credit card accounts from your preferred credit card company.

Lower Interest Rates on Loans

As mentioned earlier, to determine your creditworthiness, banks and other financial institutions will rely solely on credit reports from major credit bureaus. Your credit score plays a vital role when it comes to borrowing money from banks and financial entities. If you want to enjoy low-interest rates your FICO score must at least be 700 and up.

Is Buying Tradelines Legal?

Buying tradelines is not illegal. The practice is not encouraged by lenders because it is a shortcut to boosting credit scores and may be seen as a loophole from the lender’s perspective. Lenders often request a copy of the applicant’s credit score to determine their loan outcome. By buying tradelines, the borrower would have successfully boosted their low credit score, thus appearing more creditworthy for loan and credit applications.

Does Buying Tradelines Improve your Credit Score?

If tradelines were to be legalized, it might have a little effect on the credit score of the buyer. Theoretically, tradelines improve the buyer’s credit score using three factors.

Payment History

A tradeline buyer can continue to enjoy the influence of on-time payment history as long as the primary user continues to pay their bills. However, the tradeline buyer’s account will be negatively affected if the primary account user fails to pay on time or skip multiple payments.

Amounts Owed

Tradeline purchase is essentially leveraging the good financial reputation of the primary user. By leveraging the primary user’s account information, the tradeline buyer may lower their credit utilization ratio. A credit utilization ratio is the amount of available credit being used.

For context, if a person has a credit card limit of $1,000 and a balance of $800, such person’s credit utilization ratio is pegged at 90 percent. If the person purchases a $2,000 tradeline, the account will now have a total credit limit of $3,000, and with an $800 balance, the credit utilization ratio will now be 27%. The new 27% credit utilization ratio is desirable because many credit experts recommend keeping the ratio below 30%.

Length of Credit History

In general, the longer a person has been using credit, the better their credit score. This means that people who are new to credit may not offer much benefit to tradeline renters. However, tradelines from accounts that have been open and active for over a decade can boost the age of the buyer’s account.

How long does it take for tradelines to boost credit scores?

How soon or how late the tradeline will show up on your credit report vary depending on several factors. But, on average, it takes between 15 and 45 days before major credit bureaus report them. So, if you are thinking of applying for a loan, take the timeframe into consideration. This ensures that the tradeline is reported already by the time you apply for the loan. Otherwise, it will defeat its purpose. Remember, your credit score is determined by how positive your credit history is. 

How long do tradelines stay on your credit?

While tradelines can stay on your credit report for several years, they can also fall off for as soon as 45 days. Thus, it is best to take advantage of the benefits of tradelines as soon as possible. It’s also best to buy tradelines only when you need them most. 

What Makes A Good Tradeline?

There are a few qualities that you need to look for in a tradeline. For a tradeline to be beneficial to you, you have to look into the following factors:

Age

Age is one of the major factors to consider when buying tradelines. The older the credit card account is, the better. When choosing a tradeline, look for one that’s at least two years or older. Since the account has been in existence for years, it already has lots of activities. They’ve built up their credit file already, which would be very beneficial for you. It’s also essential to note that 15% of your FICO score is based on your credit history.

Positive Credit History

Apart from age, you also need to consider the account’s credit history. No matter how old the account is if it does not have positive payment history, that would be useless. Positive credit history is achievable only if the primary account holder pays debts on time.

Credit Limit

Credit limits and credit card balances are crucial for a tradeline to be ideal. The higher the credit limit is of the primary account, the more advantageous for you. High credit limits raise the amount of your available credit, which is reflected in your credit report. Thus, making your account more attractive to lenders. 

Utilization Ratio

Another important factor to consider when choosing a tradeline is its credit utilization ratio. A good CUR is at 20% and below. Having a 0% CUR won’t be helpful either. A tradeline without activities won’t have any data, which is what scoring models use to determine your credit score.

How Many Tradelines Do You Need To Improve Your Credit?

There is no ideal number of tradelines when it comes to boosting your account. How many tradelines you need will vary depending on the status of your account. While some may need one tradeline only, others may require more. Of course, no matter how many tradelines you add if you have an existing debt that you are not paying off regularly, it won’t help solve the problem either. So, you need to do your part and not rely solely on the tradelines that you will buy.

How to add a tradeline?

The process of adding a tradeline is easy. If you are the one in need of a tradeline, the ideal way is to ask a family member or a friend to add you as an authorized tradeline. But, if you do not have one, then look for the right tradeline company to buy legit tradelines from. Pay the amount of the tradeline you will buy. Then, wait until the primary account owner adds you as an authorized user tradeline. As mentioned earlier, it takes up to 45 days before credit bureaus report your new tradeline.

Where to buy tradelines?

There are many tradeline companies out there. When you search online, you will be bombarded with a number of companies to choose from and Coast Tradelines is one of them. When choosing where to buy tradelines, it is important to take the following into consideration:

  • Company Reputation. While there are legit tradeline companies like Coast Tradelines, unfortunately, there are many bogus ones out there. It is crucial to do your research and ensure that the company you’re buying tradelines from is trustworthy.
  • Years of Operation. Like tradelines themselves, the older the tradeline company is, the better. The number of years that the company has been around would be very helpful to gauge its authenticity. After all, no company will last for years if it’s fake, right? Also, older companies usually have better deals where you can benefit from.
  • Customer Reviews. Family and friends’ referrals are always the best options. But, in case there’s none, you can always rely on customer reviews. It’s easy to find them. All you have to do is search for it online. Read as many customer reviews as you can so you get to know more about the company and find out any possible concerns if ever you opt to buy tradelines from them.
  • Types of Tradelines. Seasoned tradelines are the best type of tradelines. As the name suggests, they’re seasoned, which means, their old. Seasoned tradelines are accounts that have been around for two years or more. Unlike new ones, they give a better impression of your credit file.
  • Price Range. You also need to consider the price when looking for a tradeline company. There are companies that offer the best prices possible. One of the best is an example would be us at Coast Tradelines. We’ve got the best tradelines, seasoned tradelines even, at very competitive prices. 

Who Is Coast Tradelines?

Coast Tradelines is a legit tradeline company that operates in the USA. Our company has been around since 2010, providing our customers with the best tradelines at very reasonable prices. As a tradeline company, our goal is to provide our customers with ways to improve their creditworthiness. We are proud to say that for years, we have been living up to this goal.

If you want to know more about our company and our products and services, do not hesitate to call us anytime during business hours. Our customer representative will be very happy to take your call. You may also reach us via the contact form.

What’s the Catch?

With tradelines, you need to know that the results are not permanent. The benefits of tradelines exist only as long as you are listed as an authorized user. Once the buyer has been removed, they return to their old credit score.

Other ways to boost your credit score:

  • Ask family members and trusted relatives to add you as an authorized user.
  • Take a credit builder loan.
  • Choose a secured credit card.
  • Pay debts on time at all times.

You can boost your credit score using a range of solutions; visit https://coasttradelines.com/ to find out.

NYC Tradeline For Sale | Coast Tradelines
784 Columbus Ave. #7T
New York, NY 10025
(855) 795-2310