Credit & Tradelines
How Credit Repair and Tradelines Work Together to Fix Your Credit
Credit repair and tradelines naturally go hand-in-hand. In one sense, tradelines pick up right where credit repair ends. Again, credit repair helps to “clean up” credit and tradelines help build or re-establish positive credit history.
One really should not exist without the other; the two techniques are most effective if done in tandem. Since credit repair removes information from your credit file, it may be necessary to add positive information to your file in the form of tradelines in order to truly rebuild your credit and develop your credit profile.
Buy Tradelines or Fix My Credit: Which Should I Do First?
It does not necessarily matter which one comes first. Both can exist at the same time.
However, if you have bad credit due to inaccurate derogatory information on your credit report, those variables will have an impact on your overall credit picture and could lead to tradelines having a diminished effect. In this case, the most effective course of action would be to repair your credit before adding tradelines.
On the other hand, it is never a bad time to have good things on your credit report. The timing of which strategy should come first ultimately depends on your individual situation and your own timeline.
For example, some credit repair programs take quite some time to accomplish. As we mentioned, it is not uncommon for certain credit repair programs to take many months to complete. In these cases, tradelines may fit in at any given time during the credit repair process.
Conclusion
While tradelines and credit repair can both be effective in improving your credit, they are not the same thing. Rather, they are complementary strategies that work best when used together.
Don’t mistake tradelines for credit repair—think of tradelines as a way to build or re-establish credit. The best course of action for your credit is to evaluate your own unique situation and ask how tradelines can complement your credit repair strategy.
For more Tradeline information, please email us at info@goldcreditfinancialllc.com.
What Is A Tradeline?
In the broadest sense, a tradeline is any account that appears on your credit report. Different types of tradelines include mortgages, auto loans, student loans, furniture loans, jewelry loans, installment loans, and of course, credit cards of all types.
However, if you made it to our website, you may be interested in purchasing tradelines, and that is something a little more specific than this broad definition listed above.
We sell authorized user tradelines, which means you can pay to become an authorized user on someone else’s credit card. This account will then appear on your credit report showing your authorized user status.
Why Would Someone Want to Buy a Tradeline?
Tradelines (in the broadest sense) are what make up the majority of a person’s credit report. It does not need to be said why someone’s credit report is important. We all know how important a credit report is.
Opening credit accounts of various types and making all your payments on time consistently can help you build good credit over time.
What if I Currently Have Bad Credit?
If you currently have bad credit, turning that around and building good credit is the exact same process. Open new credit accounts of various types and make all your payments on time. It may take longer to rebuild your credit than it originally took to build your credit because those negative marks will remain as part of your credit report for quite some time.
How Can Tradelines Help?
When purchasing authorized user tradelines, when you get added to the credit card as an authorized user, it does not show on your credit report when you were added. Rather, the entire history of the account is reflected in your credit report, with some exceptions depending on the bank.
For example, if an authorized user is added to a credit card that is 20 years old, it will simply appear as a 20-year-old credit card that this person has on their credit report with an authorized user status. Therefore, the credit scoring algorithms often just assume this person has been on this card for 20 years. If the tradeline has a perfect payment history, that is a nice thing to have in your credit report.
Also, while there may be several different utilization ratios at play in the secret credit score algorithm, an authorized user tradeline can play a factor in the overall utilization ratio.
What Tradelines Should I Purchase?
In short, you only want to add tradelines that are superior in age and credit limit to what you currently have in your credit report.
If you currently have high utilization, higher-limit tradelines may help with your overall utilization ratios.
You should also know what your average age of accounts currently is. You only want to add tradelines that can increase your average age of accounts in a meaningful way.
While we do not offer any guarantees on specific results, we do guarantee that your tradelines will report on your credit report. Since everyone’s credit report is so unique, it is up to you to use the knowledge and tools we provide so that you can determine which tradelines would be best for you.
Authorized User Tradelines vs. Primary Tradelines
In an authorized user position, the account will appear on someone’s credit report, but the authorized users do not have any financial responsibility for that account. Therefore, many people think that primary accounts are better than authorized user tradelines.
A primary tradeline is an account that an individual has in their name where the creditor has extended some form of credit to that person specifically. They are financially responsible for that account, and this is reflected on that person’s credit report.
Gold Credit Financial, LLC guarantees the following:
- If you buy any tradeline by the purchase deadline, we guarantee that it will post on your credit report on the next “Reporting Period” which is listed for each tradeline.
- On all tradelines purchased, we guarantee that you will remain on the card as an authorized user for 2 monthly reporting cycles.
- We guarantee that the tradelines will post to any 2 out of the 3 credit bureaus.
- We guarantee that all tradelines will have a perfect payment history with no late payments ever reported.
- We guarantee that the current utilization rate will be 15% or lower while you are on the tradeline.
What We Do Not Guarantee:
- Positive results on your credit score from purchasing tradelines.
- The ability to secure new funding, loans, credit cards, or other financial goals.
- Specific credit score points or guarantees regarding credit score changes.