Buying good credit with trade lines purchasing
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.
Con reasons to buying seasoned tradelines: The credit bureaus and federal officials are now wise to this practice and while not illegal, many issues arise when purchasing seasoned tradelines to cause concern. Consumers must already be in possession of positive credit, and lots of it, for this practice to work. For those consumers with less than perfect credit, purchasing seasoned tradelines will prove to be a waste of money because the newly added tradelines won't do enough to negate the negative credit already appearing on the credit reports. Additionally, the credit bureaus are stating they will cease reporting authorized user accounts in relation to accounts used in the scoring model, thus making the process of purchasing seasoned tradelines completely useless.
The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call today and get a free consultation and make the decision for yourself.
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.
Con reasons to buying seasoned tradelines: The credit bureaus and federal officials are now wise to this practice and while not illegal, many issues arise when purchasing seasoned tradelines to cause concern. Consumers must already be in possession of positive credit, and lots of it, for this practice to work. For those consumers with less than perfect credit, purchasing seasoned tradelines will prove to be a waste of money because the newly added tradelines won't do enough to negate the negative credit already appearing on the credit reports. Additionally, the credit bureaus are stating they will cease reporting authorized user accounts in relation to accounts used in the scoring model, thus making the process of purchasing seasoned tradelines completely useless.
The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call today and get a free consultation and make the decision for yourself.
About the Author:
Jon Ochs has over a decade of experience in the credit field and is the founder and CEO of NCA Credit Repair. Get your free credit consultation, and credit repair estimate.
posted by Credit Counseling at
8:35 AM
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