I wanted to share a few really important tips today. We’ve got a lot of clients asking us how to select the right Tradeline?
What Is A Progressional File?
First and foremost when selecting a Tradeline it is really important that we do what they call a “progression file” or “progressional file”.
What that means is when trying to select the right Tradelines, we take the lowest credit limit of the three cards that were adding, and use it as the oldest card. The highest credit limit is going to be the newest card. What that shows is progression. That over the years your credit has actually gotten higher and better.
One Address is Better Than Multiple
The other thing that you want to keep in mind any time that you add a Tradeline is the Tradeline address is also added onto your credit report.
So, if I had a credit card from Hawaii, a Tradeline from Texas and New Jersey; if I didn’t care about adding these Tradelines on to your profile I would just take three different cards and put them on to your profile.
What would happen is when you go for funding, typically lenders look at this and they see that you’ve moved from Texas to New Jersey to California. What we want to do is we want to limit the addresses that we input onto your credit report.
So in building a package, I’m going to look from the same cardholder, the best that we can and to try to pick all two or all three lines from the same exact cardholder.
Therefore, what happens is you’re only going to put one address onto your credit report. It makes you look more stable and it won’t look like you’re bouncing around in a short period of time.
So, two things that are going to happen.
Number one, we’re going to do a progression file. Oldest credit limit, oldest card. Highest credit limit, newest card. That shows that your credit has gotten better over the years.
Secondly, we limit the addresses to making sure that we’re not moving all over the country. We do this by selecting it from the same cardholder so it makes it look like you’re stable.
Two very important tricks that we use here that will certainly help you out in terms of building a stronger file.
How To Pick The best Tradeline
Now, the third and final piece of this is what kind of Tradelines do you need to add to your credit report?
A lot of people ask why would I go with one Tradeline over another Tradeline?
Not All Banks Are The Same
What’s really important to understand is that there are A1 banks which are your top institutions (Like Bank of America, Wells Fargo, Chase, Citibank).
Anytime that we can add one of these banks on to your credit report it’s going to be stronger than using something like a Comenity bank or any other store/retail card like Victoria Secrets.
What I like to do is take one retail card (one of the more powerful ones). The biggest retail bank in the world is called Synchrony Bank. So what I like to do is like to take one Synchrony Bankcard and then I want to put that with two A1 banks. For example, Wells Fargo and Citibank.
By doing that you’re going to get a good mixture of the two A1 banks and the Synchrony Bank (great ratio of strong banks vs retail). If you’re going to do a three line package, one Synchrony, two main banks would be a powerful way of building this.
The other thing that I want to remind you about, which is very important. Depending on what kind of Tradeline you get, they typically have different results.
So here at Wholesale Tradelines, we’re going to make sure that we first and foremost find out what you want the outcome of your credit report once it’s finished. Either someone from my team or myself will ask you, “What is your outcome once the Tradelines are reported?” Doing so we can get a really good idea of what you’re looking to do with it.
Is it to buy a car. Maybe to buy a house? Rent an apartment? Get some credit cards? Go to get a loan?
Whatever it is you’re looking to do we want to make sure that we take the time to value that. With that knowledge, we can select the right kind of Tradelines to put on your credit report. Making sure that the Tradelines that we select are the best Tradelines to getting you to that outcome.
Again, we don’t want to just slap on three Tradelines, three different addresses, no progressional file and do three Synchrony Banks if you’re looking to get a vehicle or looking to buy a home next month.
We have trained all of our customer service team too. Customer service people here are trained to help you as well as our sales team to the outcome that you’re looking for. We’ve spent a lot of time training in the credit industry from zero to a thousand. To make sure that when you’re looking to buy a Tradeline, we can help you select the right one.
Thank you very much! I appreciate your time.