A good credit score is something that provides you with many benefits, you will gain more reasonable interest rates on loans, as well as faster approvals of loans, and let’s not forget more suitable insurance policies.
A huge amount of Americans suffer from having low credit, and it’s no surprise as building your credit back up takes time, and a lot of self-control.
There are plenty of ways to improve your credit, and a quick and (moderately easy) one of these is to buy a tradeline. However, we cannot just tell you to do this, we have to help you along.
So let us tell you how you can buy authorized user tradelines.
Tradelines: What Are They?
What are authorized tradelines? Well, a tradeline is simply just an account that shows up on your credit report; they keep records of a creditor’s information in order to accurately calculate the credit report.
You can therefore mutually gain from somebody else with a positive credit history, improving your credit score if they agree to add you as an authorized tradeline user.
A majority of people will ask their family or friends to add them as an authorized user, however, if you want to see even faster improvements to your credit score, you could consider adding a user with exceptional credit history.
An authorized user in this sense will have positive data such as payment history, length of credit history and the amount that is owed.
You should always remember how the FICO scoring system works in 5 different grades;
Excellent = 720 to 850
Good = 660 – 719
Average = 620 – 659
Below Average = 580- 619
Poor = 350 – 579
If you were to buy 2 to 3 seasoned tradelines, this could elevate your credit score to 720 or 850 in the space of just a month!
What Do Tradelines Help You Do?
Tradelines can help you to improve your credit score so that you can reap the benefits of getting good credit. If you do not have a good credit score then your access to services will be limited, this includes loans, mortgages, and credit cards.
Overall, you would end up paying more money than usual.
Having a good tradeline on your account can help you to achieve a credit score that is around 750 or more easily.
If you buy an authorized tradeline you will be added as an authorized user to one of their many credit card accounts, and it can take only 25 or more days to get your credit score increasing!
Don’t Make Common Tradeline Mistakes
However, do not just think it is super simple and easy, there is more to it. So, before you go buying tradelines, let’s remind you of what not to do when it comes to buying tradelines.
Know How Tradelines Work
Always make sure you educate yourself on how tradelines work, the biggest mistake anyone can make is to jump in without knowing how it works. Do your research and educate yourself before you jump into the deep end.
Don’t Buy To Unfreeze Accounts
Tradelines will work as they add positive information to your dingy credit account. If you have had any alerts of fraud alerts, or a credit freeze, this is not an option for you, as you won’t be allowed to add new information to your account.
How effective a tradeline will be is always relative to the age of the account and how old what is in your file is.
If your account is 10-years old, then an 8-year-old tradeline is not going to impact much, yet, if your account is only a couple of years old, then an 8-year-old tradeline could actually work wonders on increasing your credit.
Understand Credit Scores
Before you decide that you will buy a tradeline to increase your credit, make sure that you actually know just how your credit score impacts your way of life.
If you are successful at getting a tradeline on your account, and it results in a good credit score, it’s not just smooth sailing, you do need to follow rules to upkeep this.
Cheap Is Not The Answer
Some people will decide to choose a few cheap tradelines instead of a couple of seasoned tradelines. While it’s cheaper to begin with, it will end up costing you more, and it is better to buy a seasoned tradeline instead of cheap ones. Cheap tradelines also won’t do that much for you either.