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If you are looking for ways to boost your credit score you may have heard of something called a Tradeline.
A tradeline is essentially an account on your credit report. It includes the payment history of the account, balance and standing.
A positive tradeline helps your credit score and a negative tradeline hurts it.
If you have a lower credit score than you would like, you can take advantage of purchasing an authorized user tradeline to improve it.
Tradeline credit repair is actually a really amazing tool at your disposal to help your credit and help it more quickly.
In this guide to tradelines, we cover what a tradeline is, how it helps or hurts your credit score and how to leverage tradeline credit repair.
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Tradeline Supply Company: Purchasing a tradeline is fast, easy and will raise your credit score.
What is a Tradeline?
Tradelines are the credit accounts on your credit reports. So each credit card account, personal loans, auto loans and even your mortgage are a tradeline.
These tradelines are used to calculate your credit score, so they have a big impact on your score and life.
When you look at your credit report and credit history, you will see all the tradelines you have.
Each tradeline includes information about the account. The creditor name, your credit limit, current account balance, age of the account and payment history are all part of the tradeline.
Anytime you open a new credit line, it will show up on your credit report. These credit tradelines and status are reported to the 3 credit bureaus.
Keeping these tradelines in good standing will help your credit score. You want to stay on track with payments and also keep your credit utilization ratio down.
A mortgage, car loan, credit card account and personal loan are all examples of tradelines.
Revolving tradelines are what is reported for revolving credit cards and other similar lines of credit in your credit history.
Installment tradelines on the other hand are car loans, mortgages and personal loans. Lastly, open accounts are tradelines associated with businesses, not individuals.
What Data is Included in a Tradeline?
There are some specific records and data included in each tradeline which is reported to the credit bureaus .
A tradeline on your credit report will include the name of the creditor or lender, the account identifier, and the name of the person the account belongs to. It also includes the status of the account and current payments.
Tradelines include the credit limit, current balance owed, payment history and if there were any delinquent or missed payments.
Therefore, the payment history will determine if the trade line is positive or negative and will affect your credit score.
Here is a list of items included in a tradeline:
- Lender name and address
- Credit limit of account
- Current balance due
- Date account was opened or closed if applicable
- Minimum monthly payment due
- Your name as account owner or authorized user if that is what you are
- Payment history
- Account and current payment status (current or delinquent)
Credit Reports and Tradeline History
If you close an account yourself, the trade line for that account will stay on your credit report for 7 years. In general, closed accounts will stay on your report 7-10 years.
Your credit reports list the tradelines associated with your financial history. Reviewing your credit report allows you to see your tradeline history and the status of each.
Negative information, like late payments or delinquencies, may remain on your tradelines for seven to 10 years. So, keeping tradelines in good standing is very important.
Another important aspect of tradelines and how they affect your credit score is your credit utilization ratio. This ratio represents the balance you owe on your revolving credit accounts (such as credit cards) compared to the credit limits assigned by the issuer.
The more available credit you have, the better it is. Keeping your balances low and not maxing out your credit cards will help keep a healthy utilization rate, which can improve your credit score.
Monitoring your credit reports and credit accounts regularly can help you make sure that your tradeline information is accurate, up to date and positive.
Looking for credit repair? Check out these 7 best credit repair companies!
How Tradelines Affect Your Credit Score
Your tradelines are actually used in a calculation to generate your credit score. Therefore, a positive tradeline raises your FICO score, while a negative tradeline decreases it.
You need to keep your credit accounts in good standing to help your credit score.
Your FICO score is made up of five total factors:
- 35% of your FICO score is payment history
- 30% the amounts you owe
- The length of your credit history makes up 15% of your credit score
- 10% for new credit
- 10% for your credit mix (mortgage, auto loans, credit card accounts)
How to Boost Your Credit Score with Authorized User Tradelines
Becoming an authorized user on someone else’s tradeline, like a family member or friend’s credit card, can positively impact your credit score.
As an authorized user, you get their positive payment history and credit utilization on your own credit report. Which in turn can help to raise your credit score.
You just need to make sure that you are adding a positive tradeline credit and not one with anything negative tied to it.
You can also actually purchase tradelines to help boost your credit. Companies like Tradeline Supply Company will allow you to purchase positive tradelines to help your credit.
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How to Buy a Tradeline?
When you purchase a tradeline, you essentially “buy” your way onto someone else’s credit. You buy the chance to become a user on their tradeline account and have that reported to each credit bureau.
This boosts your credit score a lot because the positive history and standing of that tradeline is factored into your own credit report. It doesn’t matter that you aren’t the primary account holder.
When you want to buy a tradeline credit, you need to first find a reputable tradeline company. (We suggest Tradeline Supply Company )
Check out their inventory of tradelines and find the best credit account fit for you and your budget.
You then follow their purchase process, many allow you to actually buy directly on the website.
There will be a document you must e-sign that has service terms and disclosures, and you have to provide your personal information. You will also have to upload your ID.
Frequently Asked Questions
How to Add a Tradeline to Your Credit Report?
As we’ve mentioned, you can get added as an authorized user on a friend or family member’s credit card account.
This will add their tradeline to your credit report.
Alternatively, you can purchase an authorized user tradeline from a company like Tradeline Supply Company.
What Does it Mean to Buy a Tradeline?
You can actually buy a tradeline in credit! This means that you buy the opportunity to be added as an authorized user to someone else’s credit account, or tradeline.
Their payment history and credit balance for that tradeline is added to your credit report. Which in turn increases your credit score.
In most cases it is only added to your report for 2-3 months, but the positive affects can still be seen.
How Long Do Tradelines Last?
Tradelines stay on your credit report for a long time, even after your account has been closed.
In general, tradelines usually stay on your report for 10 years after the account has been closed. But sometimes they can come off between 7 to 10 years.
If you discover a fraudulent tradeline on your report however, you can have that removed as quickly as 30 days.
Why Do People Get Tradelines?
You may have heard about the fact the individuals will get tradelines. Either from friends or they will buy one.
If you have a credit score that you want raised, then getting a tradeline will help with that.
What Does a Tradeline Do For Your Credit?
A trade line determines your credit score. If you have a negative tradeline, which is one with missed or late payments or a delinquent account status it will lower you credit score.
By contrast, if you have a positive trade line with no missed or late payments then it will help your credit score and have a positive impact.
How Much will BUying a Tradeline Boost Your Credit Score?
How much your score will raise from adding a positive credit tradeline depends. There isn’t really a way to know in advance.
But, the older the payment history of the tradeline, the better for you and the more it will raise your score.
When you are buying tradelines, look for more seasoned accounts to get the maximum benefit.
Tradeline Credit Repair Final Thoughts
As you have learned from this article, tradelines are very important for your credit report and your credit score.
Make sure you keep them positive, stay up to date on payments and keep your balances low!
But, if you need to raise your credit score, tradelines are an effective way to do that. You can purchase one or get added to a family member’s tradeline.
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