Understanding How Tradelines for Credit Repair Work
There will moments in your life where your credit score is not something that you can be proud of. And yet, this is not the end of the world because you can still turn your bad credit score around and make it better. Contrary to popular belief, there are actually a lot of ways to repair your credit. Tradelines for credit repair are one example. 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? In order for you to get a better understanding of tradelines, know that there are companies such as Superior Tradelines that can help you in this regard. How these companies work is that they do credit piggybacking so that your credit score will go up. The FICO scoring model has become the basis for banks these days. 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. In accordance with FICO, 30% of your score will be calculated based on your credit card balances and limits. As all of your limits and credit card balances will be combined, if the difference is bigger, your credit score is higher. With the use of season trade lines, your score will be recalculated as it appears on your credit score. You will be quick to see a boost in your credit score. With credit piggybacking, actually, your score can go up just like that with having an available credit of $100,000 and 40 years of having a perfect payment history.
While Superior Tradelines will establish low balance, high limit credit cards and a perfect payment history for you, they will be adding your name as an authorized user to them. As an authorized user, you will be able to use this account yet you are not allowed to make changes to it. Originally, the AU position was created to give cardholders the ability to add other people to their account for them to have access to 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. You can look at this in a way where the history of the credit card has been there ever since the first opening of the account. This allows a great boost to your credit score if it is currently bad. Despite the fact that you do not get the ability to take advantage of the credit line, you benefit in a way that the credit card will appear in your own credit report. It takes less than 60 days to get your credit score right. If you want to read more about tradelines, click here for more.