Boosting Your Credit ScoreHOW DOES seasoned tradelines WORK?
A tradeline is quite simply an account with an established credit history that is able to boost your credit score to the desired level. Tradelines may include credit cards, credit lines, and loans. They may also deliver information from vendors who cooperate with commercial credit reporting agencies.
The role of tradelines for credit approval can hardly be overestimated, as they contain all the information about your credit history in the past. This kind of information is usually asked by financial institutions before the credit approval, as they need to analyze your ability to pay a credit in the future. For instance, the Paydex score produced by D&B requires three tradelines to calculate a score.
To further understand how it may impact your score please refer to list below:
FICO Score ranges from 350 – 850, where 350 being the lowest credit score and 850 being the highest:
- 350-579 – Poor
- 580-619 – Below Average
- 620-659 - Average
- 660-719 – Good
- 720-850 – Excellent
Now let take a look at how Experian, Equifax and Transunion calculate your score:
- Types Of Credit, 10%
- New Credit, 10%
- Lenght Of History, 15%
- Amounts Owed, 30%
- Payment History, 35%
How does a tradeline system work?
As an authorized user, you will be added to one of our tradelines that has the required limit and positive credit history. One of the issuing banks, namely, Bank of America, Discover, Wells Fargo, CITI, deliver the positive credit history to Experian, TransUnion, and Equifax.
The credit history usually contains the information on the age of the account, the limit to the tradelines and the details of past loans. This may have a direct impact on the FICO credit score module.
Once your name is added to one or more tradelines, you gain all the benefits of the authorized account as if it was yours from the very registration date. To achieve the maximum result, it is highly recommended to start with 2-3 tradelines per each file with the same limits and age.
If you still have some doubt about tradelines, just give it a try and we will help you establish credit as quickly as possible by means of authorized user tradelines.