Fixing bad credit by buying seasoned tradelines
Can you buy a higher credit score by purchasing seasoned trade-lines? This question seems to come up more and more these days. The answer to this is a bit complicated, so let me see if I can give a simple easy to understand answer.
Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores.
Pros of purchasing seasoned reports - This is often successful to those with good, clean credit and are just needing a small step in their scores to qualify for the loan or financing that they are applying for. Tradelines are added and paid on just long enough to help with whatever financial situation you're working with, and then payments cease and will then fall off your credit reports.
Cons of paying for and adding seasoned trade-lines: There are several problems with using seasoned trade-lines that have now raised the brows of the credit bureaus as well as federal officials. Although there is nothing illegal about adding another person to your account, the biggest problem is in how these seasoned trade-lines are being sold. As I mentioned above, they are only appropriate for someone with already good clean credit, yet there are hundreds of companies on the Internet selling trade-lines as a method of credit repair. Buying seasoned trade-line when you have derogatory trade-lines on your credit will do little to nothing to boost your credit. In fact, it is a ridiculous waste of your money. With the cost of these trade-lines ranging from several hundred to several thousand per month per trade-line, it is not an effective solution for 99% of those who seek them. The other issue is that there are now changes underway by the credit bureaus to not include authorized user accounts in the credit scoring model. This will completely negate the effectiveness of seasoned trade-lines altogether.
The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call today and get a free consultation and make the decision for yourself.
Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores.
Pros of purchasing seasoned reports - This is often successful to those with good, clean credit and are just needing a small step in their scores to qualify for the loan or financing that they are applying for. Tradelines are added and paid on just long enough to help with whatever financial situation you're working with, and then payments cease and will then fall off your credit reports.
Cons of paying for and adding seasoned trade-lines: There are several problems with using seasoned trade-lines that have now raised the brows of the credit bureaus as well as federal officials. Although there is nothing illegal about adding another person to your account, the biggest problem is in how these seasoned trade-lines are being sold. As I mentioned above, they are only appropriate for someone with already good clean credit, yet there are hundreds of companies on the Internet selling trade-lines as a method of credit repair. Buying seasoned trade-line when you have derogatory trade-lines on your credit will do little to nothing to boost your credit. In fact, it is a ridiculous waste of your money. With the cost of these trade-lines ranging from several hundred to several thousand per month per trade-line, it is not an effective solution for 99% of those who seek them. The other issue is that there are now changes underway by the credit bureaus to not include authorized user accounts in the credit scoring model. This will completely negate the effectiveness of seasoned trade-lines altogether.
The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call today and get a free consultation and make the decision for yourself.
About the Author:
Jon Ochs has over a decade of experience in the credit field and is the founder and CEO of NCA Credit Repair. Get your free credit consultation, and credit repair estimate.
posted by Credit Counseling at
8:41 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home