Below are the answers to the TOP 3 tradeline questions we get 1,000 times a day. I thought you might find it useful 😉
The amount by which your credit score can increase with tradelines is different for everyone. We stick with a few rules of thumb that result in the highest credit score boosts our clients.
Age trumps credit limit. My dear, it’s AGE (hence the term ‘SEASONED’), because it’s more powerful than credit limit! Lenders value very highly you having a long solid track record of great repayment history. Think 5, 10, 15, 20+ years. If you have only one- or two- years repayment history, that is toddler stages for credit (not great if you want adult things). You should ensure you have AT LEAST one or two seasoned authorized user tradelines on your credit report. [HOWEVER, if you have HIGH DEBT over 30%, you will need both AGE and CREDIT LIMIT.] Debt utilization is over 30% is a huge credit score killer but is easy to balance out overall debt with a higher credit limit. Each person is different. We can guide you either way.
Each tradeline will imprint an address to your credit report. The fewer addresses on your credit report, the better. By having more addresses, it will make you appear unstable to lenders. So, you should limit addresses to same cardholder or two cardholders. Custom built Age Progressional Tradeline Packages are the most popular option for our clients. These packages include a solid mix of seasoned and high credit limit tradelines, and are built from one or two cardholders to limit the addresses and allow for easy breezy posting. All of our tradeline packages are truly unique and powerful because they are custom built using the proprietary “Age Progressional” method. It’s a hand-selected package of tradelines prescribed to offset the weaknesses in your credit score, which in turn, increases your credit score. The oldest tradeline is a lower credit limit, and the newer tradelines are higher credit limits. This is to show that your credit has gotten better over time. This has been especially helpful to our clients who are trying to get a new car, home, credit cards, and PG their business to name a few.
If you have negative items on your credit report, this can offset the boost that you could get. You will likely need a Credit Sweep in order to get the maximum boost possible from tradeline(s). Tradelines are not a band-aid, they are an enhancement. The approval process takes place at the bank, so the bank makes this determination. Common sense and experience lead us to understand that the more negative items you have on your credit report, the lower your chances are for getting approved. So, a credit sweep will help to lower the number of negative items on your credit report significantly. Would you rather have 15 negative items, or 5?
P.S. Speak your mind! What questions do you have about your credit/tradelines/credit sweeps? Let me know by commenting below, visiting on Live Chat or calling.