A tradeline is considered any account that appears on your credit profile, including: mortgages, auto loans, student loans, and credit cards.
Tradelines are important because your credit report depends entirely on how you manage your tradelines, and maintaining a positive credit report is essential for financial success.
There are many ways to add tradelines to your credit record, such as opening a credit card or getting a loan.
The best way to build a positive credit file long-term is to open your own tradelines and keep them in good standing by always making payments on time.
The trade line will contain particular account milestones, such as the date the credit was extended, the credit limit, total credit utilization, the payment history, all levels of
delinquency if any missed payments have occurred, and the total amount owed as of the last report.
The key is to always maintain a low utilization below 25% and always make on time payments, doing this will allow you to maintain a strong healthy tradeline and overall credit profile.
One of the fastest ways to boost your credit score is to get added as an authorized user to someone's credit card.
You won't have any access to that account, but it will get reported to your credit report and you will inherit the whole account's history within 30 days. If you are added to a strong, healthy tradeline and you have bad to no credit, we have seen clients' scores increase by up to 200 points within 30 days!
The type of tradelines that we provide are Seasoned Authorized User tradelines, with high credit limits, low utilization (under 30% unless otherwise noted) and perfect payment history, with at least 2 years of age opened.
This is possible because creditors will provide credit bureaus the entire account history on any given tradeline for an authorized user.
FICO® digests this newly added credit and recalculates your score with drastic improvements.
The act of being added as an authorized user to someone’s credit card is legal and is protected by the provisions in the Equal Credit Opportunity Act of 1974 – Regulation B.
In 2008, due to what it called “widespread abuse” of authorized user status on credit accounts, the Fair Isaac Corporation considered amending the FICO scoring methodology to exclude authorized user history as a factor in credit scoring. However, the proposed amendment was abandoned as it was determined to be illegal to exclude authorized user information from credit reports under the 1974 Equal Credit Opportunity Act. Thus, FICO has reluctantly continued to use authorized user information in calculating credit scores, and the practice of tradeline renting has continued without interruption or apparent further scrutiny from the Fair Isaac Corporation or Credit Reporting Agencies.
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