Can You Use Tradelines To Boost Your Credit Score?

Desperate to increase your credit score fast? Well, we don’t blame you. A lot in your life depends on your credit score. A good credit score makes the road to credit lines easier. It even makes renting properties easier nowadays, with landowners increasingly desiring a good credit score. In short, it makes your life easier in many ways. This is why you, and so many others, want to increase the score fast. Now, what if you tell you that there is a secret way to buy another person’s good credit score.

Let’s face it. Credit score plays a huge role in your making major purchase decisions. A low score means higher insurance premium, higher loan interest rate, and even outright loan denial. Repairing credit takes time, and the process is grueling.

Perhaps the only other solution?

Tradelines.

You can ask for, or pay for someone’s credit score. Yes, you can buy these.

What is a credit tradeline?

A tradeline is an account that appears on your credit report.

Here’s how it works: if a person makes you the co-authorized user to one of more of the person’s tradelines like credit cards, you can benefit by seeing a positive credit history.

You may have heard of parents making their children authorized users of their credit card to help the kids in building credit.

Sometimes, a tradeline is also called renting a tradeline. In this case, only the name is different. The concept is still the same. When someone is adding you as their credit card’s authorized user, the same person can remove you as well.

This type of credit repair technique has several benefits: 

1. Get loan approval: When lenders see that you are the co-user on someone’s credit card who has a good credit score, you get much better chances in getting a loan. This is due to the tradeline owner’s good credit score standing.

2. Get better interest rates: This is the same as above. Since you now are the co-user of someone’s tradeline, or have purchased a good tradeline, you are now in a better position to ask for better loans and better or lower interest rates. And as you know, lower interest rates mean less expense in the long run.

3. Get approval on rental applications: As we said before, nowadays more and more landlords want to see your credit score before even allowing you to be their tenant. After all, they too need to be sure whether you can pay the monthly rent. Having a good tradeline ensures that you get approval.

How do tradelines work?

When you buy a tradeline, you become the authorized user of someone else’s credit card. The card issuer reports to credit bureaus. New positive tradelines are added to your credit report when the card’s issuer reports your account to credit bureaus. This increases credit score and decreases negative information on your credit report.

As you can see, there are benefits in getting a good tradeline. It makes your life easier.