A common question these days is regarding whether or not you can raise your credit score simply by buying seasoned tradelines. Let me see if I can give you a simple answer to a somewhat complicated question.
The goal of purchasing seasoned tradelines for your own credit reports is to gain points in your credit scores. To purchase a seasoned tradeline, you must pay a monthly fee to get your name added as an authorized user to the account that is seasoned and in good standing. Once your name has been added to the account, it will report on your credit report.
Pro reasons to buying seasoned tradelines: It's often a successful process for consumers with positive credit just needing a little boost in scores to be approved for a loan, for financing, etc. The needed accounts stay on consumer's reports just long enough to benefit scores and once they are no longer needed, payments are stopped and the seasoned accounts will be removed from 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.
Bottom line? Purchasing seasoned tradelines isn't the best way to go. There are other means that are more effective and less costly to improve your credit scores. For tips, take a look at our 'credit repair articles' section. NCA Credit Repair is a premiere credit repair company, dedicated to helping people with bad credit. Give us a call today, receive a free evaluation and find out how we can help YOU! - 15224
The goal of purchasing seasoned tradelines for your own credit reports is to gain points in your credit scores. To purchase a seasoned tradeline, you must pay a monthly fee to get your name added as an authorized user to the account that is seasoned and in good standing. Once your name has been added to the account, it will report on your credit report.
Pro reasons to buying seasoned tradelines: It's often a successful process for consumers with positive credit just needing a little boost in scores to be approved for a loan, for financing, etc. The needed accounts stay on consumer's reports just long enough to benefit scores and once they are no longer needed, payments are stopped and the seasoned accounts will be removed from 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.
Bottom line? Purchasing seasoned tradelines isn't the best way to go. There are other means that are more effective and less costly to improve your credit scores. For tips, take a look at our 'credit repair articles' section. NCA Credit Repair is a premiere credit repair company, dedicated to helping people with bad credit. Give us a call today, receive a free evaluation and find out how we can help YOU! - 15224
About the Author:
With over a decade of experience, Jon Ochs is the founder and CEO of NCA Credit Repair, one of the most respected credit repair services organizations. The website contains tons of free credit resources and information.
