Boost Your Credit Score with Tradelines
It is not all too uncommon for people to get a bad credit score. And yet, this is not the end of the world because you can still turn your bad credit score around and make it better. Contrary to popular belief, there are actually a lot of ways to repair your credit. One such example is tradelines for credit repair. This website will help you understand how season trade lines for credit repair work.
What are these so-called tradelines and how do they work? Before knowing more about tradelines, you have to know that there are actually a lot of companies that offer these services such as Superior Tradelines. How these companies work is that they do credit piggybacking so that your credit score will go up. The FICO scoring model has become the basis for banks these days. In a nutshell, FICO analyzes your credit history based on your file stored by your credit reporting agencies with the use of a mathematical equation. Using a three-digit score, your credit history will be defined starting from 300 to 850.
As a loan applicant, when your credit score is closer to 850, you will have better loan approval and interest rates. Your credit card balance and limit matters in getting 30% of your scored based on FICO. A higher credit score is often the result of a bigger difference between your combined limits and combined credit card balances. When there is the appearance of season trade lines on your credit report, there will immediately be a recalculation of your credit score. Your credit score will immediately be boosted just like that. To know how credit piggybacking works, just think of having $100,000 present in your credit with 40 years making a perfect payment history.
While Superior Tradelines will establish low balance, high limit credit cards and a perfect payment history for you, they will be adding your name as an authorized user to them. If you become an authorized user, you can use the said account but you cannot make changes to it. Originally, the AU position was created to give cardholders the ability to add other people to their account for them to have access to their credit line. This is dual purpose because the account history of the credit card that you have used as an authorized user will be reflected into your credit report. It would look as if the credit card history has been existing ever since the account was made. This appearance has the power to give a good boost to your credit score. Despite the fact that you do not get the ability to take advantage of the credit line, you benefit in a way that the credit card will appear in your own credit report. It takes less than 60 days to get your credit score right. Click here for more information about tradelines.