How Buying Tradelines Can Boost Your Credit Score
There are many ways to purchase tradelines. You can use third-party brokers or rent them from someone else. Tradeline Supply Company (TSC), is a good choice for this. You can add authorized people to your account. You can also get a tradeline even without an authorized user. Here are the details. You can either buy a tradeline or rent one. Renting a tradeline is a better option if you don’t want to pay for it.
Tradelines get piggybacks from BoostMyScore
Federal Trade Commission has ruled that companies that piggyback onto tradelines on consumers credit reports are not doing them any good. The Denver-based company sold unauthorized tradelines to consumers. This was done in an effort to target vulnerable people. Although the company claimed that buying tradelines would improve consumers’ credit scores and make them more eligible for a mortgage loan, it couldn’t prove this. Tradelines are accounts on a consumer’s credit reports that are not in their names.
Tradelines for authorized users
Adding a friend or family member as an Authorized User on a credit card is a great way to establish credit history. This method is risky and unprofessional and may soon become illegal. It is better not to add this person. Secured credit cards from local banks or Discover can be used for this purpose. Although this method can help establish credit history, some FICO Scores will not honor a friend or family member as an Authorized User.
Renting a tradeline
It may seem counterintuitive, but renting a trading line can help improve your credit score. Renting a tradeline is a credit account that records your rental payments for a particular residence. It doesn’t require you to make additional card payments and it will report your rental history for the past two years. The good news is that your rent reporting can help you boost your credit score faster than you would otherwise. Here are the benefits to renting a tradeline.
Cost of buying a tradeline
If you are looking for a way to increase your credit score, buying a tradeline can be an excellent solution. People often purchase tradelines for a variety of reasons. These can range from an auto loan to a mortgage to a credit card. Tradelines can also be used to purchase high-value items such as a new vehicle. No matter your reason, it is important that you understand the costs associated with purchasing a tradeline.
Important to provide the correct address
Providing the correct address is crucial when buying tradelines. Although it is risky to merge addresses this can help increase the likelihood that your tradelines will post to your credit report. Provide the correct address whenever you place your tradeline order. Make sure you check your spelling. Sometimes people make the error of sending tradeline orders that are misspelled or incorrectly typed. It is important to include your full address even if it is not necessary.
Is it against the law to purchase a tradeline
Credit card users have long been intrigued by the idea of purchasing a tradeline. It is risky and dangerous to put another person’s name onto a credit line. While the FICO score 8 model helped reduce the risks of buying tradelines however, some still view them as dangerous. A credit user’s credit score can be at risk if they buy tradelines solely for the purpose of piggybacking on another’s credit.