Are you wondering how much a tradeline can boost your credit score? Well, you’re not alone! Many people are curious about the benefits of adding tradelines to their credit reports. In this article, we’ll explain what a credit score is, what a tradeline is, and how much a tradeline can boost your credit.
Background info on credit scores and tradelines
Firstly, let’s discuss what a credit score is. A credit score is a numerical value that represents your creditworthiness. It’s a way for lenders to evaluate how likely you are to pay back a loan or credit card balance. Your credit score is calculated based on several factors, including your payment history, the amount of debt you owe, the length of your credit history, and the types of credit you have.
Now, let’s talk about what a tradeline is. A tradeline is a credit account that appears on your credit report. This can include credit cards, loans, and other lines of credit. When you add a tradeline to your credit report, you’re essentially piggybacking off of the credit history of the account holder. This can help to boost your credit score by increasing your overall credit limit, reducing your credit utilization rate, and adding a positive payment history to your credit report.
So, how can you buy a tradeline? There are several ways to do this, including working with a reputable tradeline company or finding a friend or family member willing to add you as an authorized user on their credit account. It’s important to note that there are risks involved with buying tradelines, including the potential for fraud and the possibility of damaging your credit score if the account holder doesn’t make payments on time.
How much will a tradeline boost my credit?
Now, let’s answer the big question: how much can a tradeline boost your credit score? The answer to this question depends on several factors, including the quality of the tradeline you’re adding and your current credit score. Generally speaking, adding a high-quality tradeline can increase your credit score by anywhere from 20 to 50 points. However, it’s important to note that the impact of a tradeline can vary depending on your individual credit history and the other items on your credit report.
It’s also important to keep in mind that not all credit problems can be solved by adding a tradeline. For example, if you have a history of missed payments or accounts in collections, adding a tradeline may not have as much of an impact on your credit score. Additionally, if you have a limited credit history or a high level of debt, adding a tradeline may not be enough to significantly improve your credit score.
Case study
This person had a few cards overutilized, a pretty sizeable student debt and no mortgages (“good debt”). They were trying to get a loan from the Small Business Administration and bought a tradeline from us.
As you can see in the image their Transunion score went up from 598 (
poor”) to 643 (“fair”) in one month. Their Equifax also went up from 595 to 675. However, nothing is guaranteed.
Wrapping up
In conclusion, adding a tradeline to your credit report can be a great way to boost your credit score. However, it’s essential to approach this strategy with caution and to consider the potential risks and benefits carefully. If you’re considering adding a tradeline to your credit report, be sure to do your research and work with a reputable company or individual. And remember, while a tradeline can help to improve your credit score, it’s not a cure-all for all credit problems.
Resources
Here is a list of resources to get started: we have a list of tradelines for sale, a tradelines FAQ, various posts about tradelines, a chart of tradeline prices from competitor sites, and a contact form to ask further questions.
Also, feel welcome to ask further questions below.
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