Boost Your Credit Score with Tradelines
There will moments in your life where your credit score is not something that you can be proud of. This does not mean, though, that there is no way to repair a bad credit score. Unlike what most people think, you have some options in boosting your credit score. Take, for instance, tradelines for credit repair. You can read more here on how to repair your credit score with season tradelines; so, make sure to click here for more.
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. How these companies work is that they do credit piggybacking so that your credit score will go up. For a lot of banks these days, the FICO scoring model is what they use. Basically, FICO has come up with a mathematical equation to help analyze your credit history that is stored on file from credit reporting agencies. Starting from the scores of 300 to 850, your credit history is defined in three-digits.
As a loan applicant, when your credit score is closer to 850, you will have better loan approval and interest rates. According to FICO, 30% of your score is calculated from the ratio of your credit card balance and limit. 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. If you want to get an idea of credit piggybacking, it is having at least 40 years of perfect payment history with $100,000 present in your credit.
Superior Tradelines work by adding your name as one of its authorized users on their low balance, high limit credit cards with perfect payment history. 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 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 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. With just less than two months, your credit score goes back on track. To discover more about tradelines, check this website.