“How does this work?”
This is the most common question we get at Boost Credit 101. If you aren’t familiar with how tradelines work, then this is the article for you. First off, a “tradeline” is anything that shows on your credit reports. Any account that reports the bureaus is a tradeline.
That could mean mortgage, auto loan, student loan, credit cards (or any loan at all). People forget that a credit card is just a potential loan the bank grants you. And your ability to manage that loan is where a majority (up to 60%) of what makes up your credit score.
There are really two types of tradelines, primary and secondary. When we say secondary we are talking about au tradelines.
You can purchase primary tradelines, but it is illegal to sell them, so if you purchase primaries, you are going into business with someone (or a company) that, at heart, could have the men in suits knocking on their door at any time to shut them down.
We have a legal team that makes sure we operate within the letter of the law–when looking to buy authorized user tradelines, it’s basically the Wild West of the financial industry, best to make sure you’re doing everything right.
Basically, what we’re saying is, if you’re looking at your reports and thinking, “I need to boost credit across all three bureaus,” then using AU’s is the best (and only legal) way to do it.
So, you are in a position where you need to get a better score, what do you need to know in order to do it right?
CONSIDERATIONS/QUESTIONS TO ASK WHEN YOU BUY AUTHORIZED USER TRADELINES
What are you trying to do? That’s our first question to all the potential customers who call in.
Are you looking to get a mortgage, are you trying to get a car, start a business, get some credit cards approved, some variation of that is almost always why people call us up.
Let’s start with potentially buying a mortgage.
Time frame is the most important thing to consider here.
Do you know the property you want? Do you need to get your credit in good shape so you can get a pre-qualification letter? Is the housing market in your area plentiful with properties in your budget range? How long do you think it will take from application to closing?
When looking into authorized users for sale, it’s important to keep in mind how long you need them.
We occasionally have people calling us who think that tradelines are permanent. But…how would we have a business if we didn’t resell our inventory? Believe it or not, it’s not super easy to find people who have credit cards with perfect payment history, good limits, and good history.
When we say good history, usually this means two years or older, seasoned tradelines for sale should pretty much all be two years old at a minimum.
Pro Tip: There are exceptions to this, like if you have a blank report, if you are very young, or never had credit. Then lines under two years are fine, and will give outstanding results.
The other thing to consider is…what do you need to do before adding authorized user trade lines?
Is your credit a mess? Do you have negative items, past due accounts, excessive inquiries, maxed out credit cards?
All of these should be addressed before adding tradelines. Many people are under the impression that we are basically Dumbledore, with tradelines our magic wand we can wave to get you a perfect credit score.
Sorry, it doesn’t work that way. The good news is…all of those things mentioned can be addressed in a fairly quick time frame (think 45-60 days). All except maxed out cards.
We don’t have a solution for that but pay them down.
If you address these problems, even the cheapest tradelines can have spectacular results.
As we mentioned with mortgages, time frame is the most important thing to consider. You can get the other things (auto, other loans, credit cards) done in a day or two, it may take a little effort on your part too, where you get a decline and have to look elsewhere.
With all of our au tradelines for sale, Boost Credit 101 guarantees a minimum of two cycles on your report. That’s 50-60 days. With proper preparation, this is more than enough time to accomplish your goals.