Does buying seasoned trade-lines boost my credit score?
If you're wondering how possible it is to improve your credit score by purchasing seasoned tradelines, let me give a simple answer to that question!
Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores.
Pros of paying for and adding seasoned trade-lines: Over the past this practice has been somewhat successful for those who already have good, clean credit, and just need a small boost in their credit scores to obtain financing they are currently seeking. You can add the trade-line(s), pay for them just long enough to get your financing, then stop paying for them and let them fall off your reports. Although this seems to be a simple and easy solution, there are some considerations that make this not so great.
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.
All things considered, it doesn't seem prudent to proceed with the purchasing of seasoned tradelines. More effective, less costly means are available to you if you're interested in improving your credit scores. NCA Credit Repair is a premier company whose goal for the past 11 years has been helping consumers improve their credit health. A quick phone call to NCA could provide you with all of the help you've been looking for, so contact us right away!
Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores.
Pros of paying for and adding seasoned trade-lines: Over the past this practice has been somewhat successful for those who already have good, clean credit, and just need a small boost in their credit scores to obtain financing they are currently seeking. You can add the trade-line(s), pay for them just long enough to get your financing, then stop paying for them and let them fall off your reports. Although this seems to be a simple and easy solution, there are some considerations that make this not so great.
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.
All things considered, it doesn't seem prudent to proceed with the purchasing of seasoned tradelines. More effective, less costly means are available to you if you're interested in improving your credit scores. NCA Credit Repair is a premier company whose goal for the past 11 years has been helping consumers improve their credit health. A quick phone call to NCA could provide you with all of the help you've been looking for, so contact us right away!
About the Author:
Jon Ochs is the founder and CEO of NCA Credit Repair, a licensed & bonded credit repair service. Visit their website for more info on credit repair and building credit.
posted by Credit Counseling at
8:32 AM
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