Sharing tradelines can cost you more than money
Can you buy a higher credit score by purchasing seasoned trade-lines? This question seems to come up more and more these days. The answer to this is a bit complicated, so let me see if I can give a simple easy to understand answer.
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.
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!
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.
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!
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.
posted by Debt Consolidation Loan at
8:45 AM
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