24 Jan 2020

Is It True That Tradelines Are Instant Credit Builders?

It’s 2019, and everyone wants everything instantly now. Why that is can likely be endlessly debated among data scientists and marketers and statisticians. If you can’t have something right now, well then why would you want it? You can order something on Amazon and have it delivered the same day sometimes, and at the latest, if you are a Prime member (and who isn’t) it’s two days.
The average attention span in 2000 was 12 seconds. In 2018, it was 8 seconds. That is a drastic decrease. Chimps pay attention on average for 20 seconds, which is less than rats. So if you’re looking to get your credit fixed, you want it done within 24 hours, right?
But…how long did it take to mess your credit up? Longer than 24 hours we’d bet. So, it may take a bit of time to fix, but we do have good news: tradelines, while not instant, are pretty darn quick. Let us put it into perspective…

What happens if I buy seasoned AU credit lines?


Tradelines take an average of two weeks to post. But let’s say you want to forgo them and do it the traditional way: If you have a blank profile, or you’ve cleaned up your reports to the point where you basically have a blank profile, and you don’t buy a tradeline, then you are looking at getting a secured card, then waiting 6-12 months before you can get an unsecured credit card. That’s when you start building credit.
If you have good credit, and you have a job, credit cards are not hard to get…after all they are stated income credit lines. The banks don’t hand them out like candy on Halloween like they did pre-2008, but they are still fairly easy to get.

Let’s take a second here to address the possibility you get approved for a small limit, maybe even $500 (usually the minimum for most cards). Everyone wants big limits and instant credit builders. Why? Because having a big limit means you are somebody. More than anything else, we get questions on how to get big limits on new approved credit cards. Maybe these folks are thinking they can add authorized users and become part of our program. We hope that’s the case, instead of wanting to use all 30k–revolving credit interest is not your friend. More likely it’s just so they can say they have it. Having a big limit is something people want. It makes them feel accomplished, hence the zenith of all cards, the AmEx Black Card, which has no limit.

So how do you turn that small credit card into a good credit line?


By good credit line we mean anything over 5k. Yes, we know you want a credit card with 30k+ but this is unrealistic unless you make a lot of money, and get very lucky. If you’re buying credit lines in the interest of getting a large credit card, then you may want to buy lines with limits like you desire. But let’s say you do get approved for a small limit, $1,000 or less, what can you do? Well, every six months you should be calling the lender and asking for an increase. They won’t pull your credit (unless they clear it with you first) and will usually give you an increase if your income justifies it.
If you do this, you will build a large limit over time.

Let’s get back to the idea of impatience. Now you know that you can get tradelines put onto your report fairly quickly, two weeks or so, but what if you have to clean your reports, then you’re looking at probably a month, or several, before you can add lines. So what do you do then?

What if I find a credit profile for sale?


We’re talking about CPNs. These 9-digit numbers are created and used in lieu of your SSN. The only problem is that it is illegal to use any other 9-digit number on a credit application other than the one the Social Security Administration gives you. Yes, you can add authorized user accounts to CPNs, and you can get a great score, but you will never be able to get a mortgage, as any human who looks at it will be able to tell it is not your SS. You may be able to get approved for good tradelines, but more often than not, the card will be shut down by the time it gets to you. New accounts, though approved by an algorithm, trigger the risk department to take a look, and usually that means the card gets closed. Then you’re out all the money you spent on the CPN, and the tradelines.
It’s better to be patient, and do credit repair and tradelines the right way.