Your credit score is a number that describes your financial reputation. It can be hard to get approved for loans and credit cards if you have a low score. Having good credit is important because many companies will not give you the best interest rates or loan terms without having a high enough score.
Thankfully there are solutions to this. One of which is buying tradelines from a reliable company like Coast Tradelines. Buying positive tradelines can boost your existing credit by adding new lines of service and additional account history on your credit report. But how much will a tradeline help your credit? Well, there are certain factors to consider. We’ll explore more on that in the following sections.
Before digging deeper into how a tradeline can help improve your credit score, there are many other things that you should know and be familiar with. Let’s start with:
What are tradelines?
Tradelines is a financial term that refers to any credit account. But, in the tradeline industry, this specifically refers to authorized user (AU) tradelines. They are authorized users of someone’s credit card. As a designated authorized user of a credit card account, you are not responsible for the charges incurred by the primary account holder. But, it is essential to know that the tradeline can still appear in your credit report. Credit reports are prepared by credit bureaus and are used by lenders as a basis in determining your credit score.
Tradelines play a key role in determining your credit score. Depending on your tradelines, it can either help improve your score and make life easier or otherwise. Adding someone with positive credit history as an authorized user (AU) can give you a better credit score and mutually benefit the two of you.
How do tradelines work?
Once you are added as an authorized user to a credit card account, the complete credit history of the account is often reflected in your credit history record. It is essential to know that credit reports do not reflect the date when you were added as an AU to the account. This can be very beneficial to your score, especially if the account holder has had a positive payment history since the account started.
Do banks and credit bureaus consider tradelines legal?
Selling and buying tradelines are not illegal. Adding anyone to your credit card and selling tradelines to add them as an authorized user to your credit card account is legal. Tradelines are regarded by credit bureaus as well-established and helpful to consumers when it comes to financial stability. But it’s not without its risks. So, to be safe, it’s best to ask for advice from a credit expert first.
In addition, make sure to only transact with legit tradeline companies to avoid problems with your credit score in the future. Buying from illegitimate companies may result in lower quality tradelines and expensive pricing. Essentially, these companies are noncompliant with crucial laws like the Credit Repair Organization Act and others.
What are the benefits of buying tradelines?
Authorized user tradelines of someone else’s credit card account enjoy many benefits, especially if the account holder has a positive payment history. Buying tradelines allows you to take advantage of the following benefits:
Improved FICO Score: You need a healthy credit utilization ratio (ideally below 15%) to keep a good credit score. Buying tradelines from people with good credit habits will be very beneficial to you. Of course, you need to do your part, too. But, having someone with an excellent credit profile will help you achieve an improved FICO score. As you know, a high FICO score means easy loan approvals.
Easy Credit Card and Loan Approvals: Buying tradelines wisely will help improve your credit score fast. Thus, giving you the confidence to apply for a new credit card with a higher credit limit from your preferred credit card company. Credit scores impact loan approvals, too. The higher your credit score or FICO score is, the easier you get approvals for auto loans, student loans, personal loans, mortgages, etc.
Lowers Interest Rates: Having a high credit score entitles you to great benefits, including lower interest rates on loans. Any credit card issuer will give you the best rates available for as long as you have the best score as well.
Easier to Rent a House or Apartment: Many property owners and landlords use credit scores to screen potential tenants. If you have good credit standing, it would be easier to find a place to rent. This will also help you save time and free you from the hassles of negotiating with strict landlords.
How much will a tradeline boost your credit score?
Boosting your credit score starts with being added as an authorized user on a credit card account. Ideally, a family member or friend with an account adds you as an authorized user. But, if you do not have one, you may buy tradelines instead from reliable and trustworthy companies like Coast Tradelines.
To achieve an improved credit score, you will need a tradeline with a perfect payment history and low credit card balances. High credit limits and age are also factors to consider when choosing a tradeline.
Once you are added as an authorized user, the excellent credit history of the primary account holder is copied to your credit file. The data on the credit card report done by a credit bureau is then used to calculate your credit score. With a new positive credit record, you will receive a higher credit score, helping you qualify for loans and credit card approvals.
How much a tradeline boosts your credit depends on several factors like the primary account’s age and credit limit. The number of tradelines you purchase can also affect the outcome. For instance, a report by Finance Monthly says that buying 2-3 seasoned tradelines can help boost your FICO score by 720-850 in a month. Seasoned tradelines are credit accounts that are at least two years old.
Buying tradelines from a legit tradeline supply company can improve your credit score in a very significant way. But, to make it work, you have to know exactly what you need. What works for the other does not necessarily mean it will work for you. By understanding what your account needs, you can strategize better and buy only the tradelines that will improve your credit score.
How to get a tradeline for yourself if you don’t have one yet?
The tradeline industry has been growing over the years. You will find many tradeline companies here and there promising an improved credit score if you buy from them. Getting a tradeline is easy. As long as you have the money, you can get whatever you need to help boost your score. But, with so many options available, it is essential to do your research. Unfortunately, there are several illegitimate tradeline companies out there. Asking around and checking the profiles of the company you are eyeing is key to avoiding bogus ones. Make sure to only work with a reputable company like us at Coast Tradelines.
What to consider when buying a tradeline?
The primary purpose of buying tradelines is to get rid of a bad credit score. But, tradelines also help improve your overall financial health. Thus, it is crucial to consider the following when buying a tradeline:
Perfect Credit History
If the primary account holder has an excellent credit history and pays debts on time, your score will significantly improve. But, if the account holder makes late payments, it will also negatively impact your credit report from major credit reporting agencies.
Age of Credit Card Account
Generally, the older the credit card account is, the better your credit score will be. Seasoned tradelines can help increase the age of your oldest account and the average age of all your credit accounts.
A low credit utilization rate is possible if you buy a tradeline, depending on what your account needs. The ideal credit utilization ratio should be below 30%. So if you have more than that, a tradeline with a higher credit limit would help you achieve the required credit utilization rate.
What Your Account Needs
Excellent credit record, age, and credit limit are significant factors to consider when buying tradelines. But, ultimately, the most important is to know what your account exactly needs. Know what causes the decline of your credit score to develop an intelligent strategy that will work.
How long does it take to see results from using a tradeline on your credit report?
Several factors affect how soon a credit bureau reports tradeline information. Some factors include geographical issues from the primary account holder and how soon the tradeline company accomplishes the required paperwork. But, in most cases, tradelines start showing up on your credit report as early as one week. The latest reporting would be 45 days from the time you bought the accounts.
Who is Coast Tradelines?
Coast Tradelines is a tradeline company based in the USA that has helped thousands of tradeline buyers access our vast network of seasoned tradelines. We have been in the tradeline industry since 2010 and have grown to be a well-established and growing company. We have a vast inventory of seasoned tradelines to choose from at competitive prices. We understand not all are familiar with how the tradeline works. Thus, we have our tradeline experts to help you get through the process and make the best choices for tradelines. Contact us today to know more about our products and services!
Having a low credit score can jeopardize your loan and credit card applications. Thanks to the tradeline industry, there is a quick and easy way to improve your credit standing. By buying the right tradelines, you get to boost your score in a significant way. As a result, life becomes more manageable.