Boost Your Credit Score with Tradelines
Having a bad credit score is becoming more and more common for people across the world. 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. Tradelines for credit repair are one example. To discover more about boosting your credit score with tradelines, read on.
What is there to know about tradelines and how they help boost your credit score? 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. To boost your credit score, these companies utilize the well-known method of credit piggybacking. For a lot of banks these days, the FICO scoring model is what they use. With the help of FICO, a mathematical equation is created that would analyze your credit history as they are kept on file by respective credit reporting agencies. It is then used to define your credit history using a three-digit score between 300 and 850.
Most of the time, banks will give you better interest rates and approve your loans if your score falls closer to 850. In accordance with FICO, 30% of your score will be calculated based on your credit card balances and limits. When the difference between your combined limits and credit card balances is bigger, you will get a higher credit score. With the use of season trade lines, your score will be recalculated as it appears on your credit score. Just like that, you can see an improvement in your credit score. With credit piggybacking, actually, your score can go up just like that with having an available credit of $100,000 and 40 years of having a perfect payment history.
If you seek the help of Superior Tradelines, your name will be included as an authorized user with perfect payment history and having a low balance and high limit credit cards. If you become an authorized user, you can use the said account but you cannot make changes to it. The main purpose of an AU position is for the cardholders to add other people to their account so they can access their credit line. This is beneficial for the authorized user such as yourself because the account history of the credit card that you have used will appear on your credit report. You can look at this in a way where the history of the credit card has been there ever since the first opening of the account. This allows a great boost to your credit score if it is currently bad. Though you have no ability to use this credit line, you will still benefit from having the credit card record pasted into your credit report. It takes less than 60 days to get your credit score right. To discover more about tradelines, check this website.