It’s the new year, 2019, and this is the year you’re finally going to get a handle on your credit scores, your credit reports, and get yourself into a position to get approved for that loan, mortgage, or car. Maybe it’s as simple as a desire to get approved for a few credit cards just in case you have an emergency. At Boost Credit 101 we don’t advise using credit cards for emergencies, but like being trained in some form of martial art when you’re in a dark alley and someone threatens you with bodily harm–it’s better to have something in your back pocket in case you need it versus being caught flat footed.
So…you’ve found yourself in a position where you have a low score, and you aren’t quite sure where to begin, and you may have heard about adding authorized user tradelines to your report to help boost your score. The problem is, you don’t quite know what that means, and you’re wondering how much of a jump you may see if you buy seasoned tradelines. It’s always a bit intimidating when you approach something you’re not familiar with. This is why lawyers and tax accountants charge get paid so much; they know things that the general populace does not, and if you are new to tradelines the only way possible to add lines on yourself is to get approved for them, and if you are looking to get free trade lines, this is difficult unless you have a very, very trusted friend with great credit who doesn’t overutilize their tradelines (a fancy word for credit cards), has perfect payment histories, and actively uses the account(s). This is why it is best to seek professionals. Which leads us to…
Utilizing Authorized User Tradeline Services
If you can’t put tradelines on yourself, then you’ll want to seek the help of a professional and do an internet search for companies that offer trade lines. How much does this cost? It depends on what you need. If you are in a position where your credit has all kinds of negative marks on it, your first step is building a road map for how you are going to get where you want to go. And where is that? Most of the time when we ask people that question they say “I want to get an 800 credit score,” which is akin to someone saying “I want to get a six-pack,” and not the kind you drink. Getting an 800 score takes diligent, patient work, years and years of utilizing multiple credit cards flawlessly, having large limits you don’t overutilize, and having multiple different types of credit. But, good news: you can get yourself in the mid 700’s and get approved for the best possible rates (beyond 760 will yield you no better rates and is considered elite level credit). This is why it’s so valuable to purchase authorized user tradelines.
Getting the Most Out of Authorized User Tradeline Programs
Let’s say you’re going to get a surgery where some kind of rod or pin is getting put into place to stabilize a joint in your knee. Does the doctor just fire up the drill and start on your knee? No, there is all types of prep work before the actual operation. Tradelines are like the final portion of any successful operation. You must prep your reports before you put the tradelines on. Any company that sells tradelines should inform you of the procedure before selling them. Any company that says “We Guarantee Your Score Will Jump X Number of Points” should be quickly discounted. Tradelines act different on every report they go on, because people’s credit is as unique as they are. No one starts from the same position. But if we were to give advice to prep for the tradelines, it would go in this order: make sure your accounts are current. Having currently late accounts is the worst possible thing for your credit. Getting them paid current will not give an instant credit boost, it’s more like stopping the bleeding. After this, do you have negatives like collections and chargeoffs that can be removed? Though this may take time, you will want to make sure this is done to maximize the tradelines’ effectiveness.
For example: Let’s say your score is in the 525 -550 range all across the board with Equifax, TransUnion and Experian. You have checked various consumer websites like Credit Check Total, MyFICO, Identity Guard, etc, and though the score may be reported differently by slight degrees, it is still in the mid 500s. You have a few medical collections from your old visit to the doctor which your health insurance was billed for but never paid, and maybe even an old credit card account that was charged off in the last 24 months because you lost your job and you had to make payments for the child support, and you couldn’t balance all of your bill priorities and let it go.
In this example you clearly do not have any other “Revolving” accounts in good standing. As discussed in previously published articles on Boost Credit 101–revolving accounts are the secret sauce to start boosting your score, so you would want to add tradelines to credit.
This is where we come in, and after analyzing your credit report will most likely offer you a fix. In this case it is not a permanent fix but a credit boost that your credit score is obviously much in need of in order to start moving in the right direction. We will offer you the opportunity to purchase authorized user tradelines. This is the single most effective method which will allow you to move your credit score in as little as 10 business days. The tradeline package usually will contain 2 or 3 tradelines with seasoned age and flawless payment history. The positive payment history that your credit profile currently does not contain since you only have 2 negative accounts. The seasoned tradeline is what you need since your credit is weakened by the old medical collection and a charged off credit card. No new positive data has been reported on your credit profile for over 2 years now and the credit score became stagnant. We will add new positive “seasoned tradeline” to your credit profile so that Experian, TransUnion and Equifax will have to reconsider your credit history and reevaluate your score based on the new account mix. In this case you will still have your old medical collection and a charge off credit card from the medical bills but on the other side of the scale the two-three seasoned tradelines that we elected to report to your credit bureaus as authorized users will tilt the scale to positive movement.