HOW DO TRADELINES WORK?
How do tradelines work? They work by utilizing several aspects of what contributes to your credit score. Those categories are number of accounts, credit utilization, types of credit, payment history, and age of accounts. Therefore, tradelines are so effective, as they are counted in five out of the major components of gets you a great score. This is why putting a single tradeline on a report that has been cleaned, or is blank from never using credit, can shoot the score up hundreds of points, or if there is no score, generating one that is likely in the mid-upper 700’s.
What about the new algorithms for FICO, can you still use tradelines to boost credit score with these? Specifically, the FICO 8 model, which has been utilized since 2015–and is also the most widely used credit score algorithm in the industry? According to certain sources, FICO 8 lessens the impact of AU history. So, do tradelines still work? Yes, they do. In our experience the FICO 8 model didn’t have much impact on how AU history affects the scores. We still see jumps of over two-hundred points at times. Also, we will get questions about concerned customers claiming their bankers, loan officers, or lenders disqualify AU history on the reports, but there’s no actual way to do that. The score is what it is and cannot be altered by individual institutions.
A quick note on the type of tradelines people acquire. Putting a tradeline on that was just opened will not do much for your credit and will likely bring your score down–this is because your overall average is pulled down by the brand-new account. But do seasoned tradelines work, those lines that have a minimum of 2 years of history (the older the better), yes, they do.
With something so powerful that gives such incredible, quick results, you might be asking are tradelines legal? Yes, there is nothing illegal at all about adding tradelines, or paying to add tradelines, to your credit profile. We are not attorneys and anything we say should not be construed as legal advice. We do suggest further reading on the Equal Credit Opportunity Act of 1974 (ECOA). The Federal Reserve’s Reg B allows these practices to exist.
HOW TO GET A TRADELINE WITH THE BEST COMPANY
There are a lot of people offering tradelines, so how do you know you’re working with one of the best tradeline companies? The greatest indicator of how good a company is: how good is their customer service. Are they prompt in responding, can you get someone on the phone? These are the two best questions to ask when searching for the best seasoned tradeline company.
We offer a legal contract that outlines our responsibility to fulfill the services you pay for. This electronic contract (for convenience) that clearly explains our services, pricing, cancellation policy, posting requirements, and other provisions. This is how you know you’re working with legitimate tradeline brokers. We hear stories of people spending a thousand dollars or more for tradelines that didn’t post and then were never able to speak to anyone or recover their funds.
Does the company place your funds into an escrow or trust account?
We place all payments for our services pending contract completion into an escrow account that has guaranteed coverage by our 60-day money-back refund policy.
As a member of National Association of Credit Services Organizations? While we don’t fall under credit repair organization, we try to keep ourselves well informed and educated to keep up with new policies, law changes and trends in the credit industry.
HOW TO ADD TRADELINES TO YOUR CREDIT REPORT
Are you looking to get tradelines to raise credit score if so, Then Allen & Allen, Inc. give no guarantee that your score will increase, we are not the Credit Reporting Agencies. As a credit restoration company we do go over your credit report to check your utilization, past payment history, limit, and age, and monitor postings closely for each client. Authorize User tradelines are also good for another reason, since they are secondary ownership, you don’t have to worry about making sure the age makes sense. You could add a forty-year-old line to your credit even if you’re twenty. If you were getting a primary line, this would not work, as clearly you can’t have credit when you’re minus twenty years old.
By adding tradelines of credit, you want to be confident you can trust your business with us. That way when you submit your data, which includes sensitive things like DOB, Social Security, name, and address, you will be able to trust your sensitive information with us which is well protected without worrying about your identity being at risk.
HOW CREDIT REPAIR WITH TRADELINES WORKS?
You can add tradelines to raise credit score, but how does this work with credit repair? when you purchase an authorized tradeline, your credit history of the tradeline is added to your credit report. It includes how long the tradeline is open and the payments are on time. Your reported credit limit will increase as well, which lowers your total credit utilization. Credit repair is sometimes required before adding tradelines, but repair is not always required. Call us and we will inform you on how to get your credit report for $1.00
HOW TO PURCHASE TRADELINES
If you’re trying to figure out how to purchase tradelines, call us at (855) 217-3732 or complete the form below and we will send you our tradeline prices package, where you can select and order right from there. You can pay with a credit/debit card or send us your checking account to purchase your tradelines.
First, what is a tradeline? A tradeline is the industry term for any credit account that appears on your credit report. We evaluate your credit reports to see if tradelines will help; if so, we get your data, submit it to the lender (e.g. Chase, Bank of America, Discover, etc.) and the lender reports the data to the credit bureaus. When this data posts, your score will experience a boost.
What makes tradelines so effective? Glad you asked.
First, have a look at how the 3 credit bureaus evaluate your score.
Tradelines provide positive data on three evaluation factors:
Length of History
These factors comprise as much as 60% of your credit score. When we post an AU, you are benefiting from the age of the tradeline, the availability of the limit (always utilized under 10%), and the perfect payment history.
Looking at the credit scale is like looking at the grading scale back in school.
FICO Score ranges from 350 – 850, where 350 being the lowest credit score and 850 being the highest:
Tradelines can help move you an entire grade, which could be the difference in getting an approval, or that next rate tier, saving you thousands over the course of the loan.
To achieve maximum results, we recommend starting with a minimum of 2-3 tradelines per file with similar limits and age.