Question 1

How do tradelines work?

Accepted Answer

Tradelines work by buffing-up some of the factors on your credit file.

Your credit file is composed of age (account history), limit/utilization of that limit, quantity of inquiries, quantity of accounts and many other categories.  To have a certain score, you need to meet certain standards in each of those categories.  
If one or more of those categories is low or non-existent, the score will reflect it. 
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So by using a tradeline (or 2) that has what you need, you can buff-up those factors within your credit file and strengthen your file overall.

Question 2

Can I buy the same tradeline twice?

Accepted Answer

If you have already purchased a particular tradeline once in the past, unless you are still within the EXTENSION period, you must wait and entire year before you can purchase the same tradeline a second time.

Extensions are a way to keep the tradeline you purchased on your file for a longer time.  The extension price is the same price you paid originally.  (if the price has increased due the tradeline having aged, you will not be charged the higher price) Purchasing an extension will double the amount of time the tradeline will remain reporting to your credit file.   An extension must be purchased within a specific timeframe.

If you are interested in extending your tradeline, feel free to reach out to inquire if an EXTENION is still available on your tradeline. (text: 917-830-6690)

Question 3

What if I have negative Items on my file?

Accepted Answer

Negative items or derogatory marks will pull down your score and so their presence may lessen the effects of a tradeline.
 
So, if you have negative items on your credit, it is always best to undergo credit repair or resolve those items first, before adding tradelines.  That way, you will optimize the affect of your tradeline.
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In some situations you cannot remove the negative items.  In this case, the tradeline may still help you by adding age or limit, etc, but because your negative items are still present, they will continue to pull down your score even after the tradeline is added.

* Negative items are: Late payments, missed payments, charge-offs, accounts sent to collections, bankruptcies, short sales, deeds in lieu of foreclosure, and foreclosures

Question 4

Why is the closing date important?

Accepted Answer

The closing date of a Tradeline is very important when purchasing.  You must be added to your desired tradeline BEFORE the closing date of the current month for it to post.  This is because the "closing date" is the date the bank associated with your Tradeline will compile all the information from the month (including the fact you were added to the account) and export it to the bureaus.  A tradeline will only report on YOUR credit file AFTER that closing date listed.

Question 5

Will the tradeline increase my score?

Accepted Answer

It is a common misconception that a tradeline directly affects your credit score.  Rather, tradelines work by buffing up the credit factors (credit history, utilization of total credit limits, quantity of accounts, payment history, etc) on your credit file.  In short - tradelines fill deficiencies in your file.  For a strong file and a high credit score, your credit file must have a certain composition.  You can use tradelines to add to your average age, lower your utilization, increase your limits, or add to the quantity of accounts and perfect payment history.  All these things will help to strengthen your file.

When the algorithm calculates your credit score, if you added the appropriate tradeline(s) for your file, then the algorithm  should typically score you higher.

Question 6

Which tradeline will post well to new or blank credit files?

Accepted Answer

When looking for a smooth posting for a new or blank file you will want to stick with tradelines associated with: 
Barclay, NFCU, TD Bank, Regions, PNC, Chase, Elan, and SoFi.

* As always with a blank file be sure you already have credit monitoring established on ALL 3 Credit Bureaus BEFORE purchasing your tradeline

Question 7

If I have a mostly blank or new file? How many tradelines do I need?

Accepted Answer

For generally good credit you want to have a minimum of 3 accounts reporting. - 5 or more -  is better.
While your credit report has less than 3 accounts reporting, your file will carry the label "thin file" and some lenders may deny you based on this fact alone.  This is why it is always best to bulk-up your credit file before applying for a primary account.

Many of our clients achieve the 3 account minimum by purchasing 2 tradelines and adding a credit builder account or obtaining a secured card. You can choose to build your credit many different ways.

Contact us to find out which tradelines would be best for you and your credit goals
917-830-6690

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(917) 830 - 6690