Understanding How Tradelines for Credit Repair Work
Having a bad credit score is becoming more and more common for people across the world. This does not mean, though, that there is no way to repair a bad credit score. Contrary to popular belief, there are actually a lot of ways to repair your credit. Take, for instance, tradelines for credit repair. To discover more about boosting your credit score with tradelines, read on.
What is there to know about tradelines and how they help boost your credit score? Prior to understanding tradelines better, you have to know that companies such as Superior Tradelines can give you these services. To boost your credit score, these companies utilize the well-known method of credit piggybacking. The FICO scoring model has become the basis for banks these days. In a nutshell, FICO analyzes your credit history based on your file stored by your credit reporting agencies with the use of a mathematical equation. Using a three-digit score, your credit history will be defined starting from 300 to 850.
Usually, banks keep your loans approved and give you better interest rates when your scores are near 850. According to FICO, 30% of your score is calculated from the ratio of your credit card balance and limit. As all of your limits and credit card balances will be combined, if the difference is bigger, your credit score is higher. Once season trade lines will be used on your credit report, your credit score will be calculated once again. Your credit score will immediately be boosted just like that. 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.
If you seek the help of Superior Tradelines, your name will be included as an authorized user with perfect payment history and having a low balance and high limit credit cards. If you become an authorized user, you can use the said account but you cannot make changes to it. The main purpose of an AU position is for the cardholders to add other people to their account so they can access their credit line. On the part of the authorized user, they have the added benefit of obtaining the account history of the credit card as reflected into their credit report. It would look as if the credit card history has been existing ever since the account was made. If you have a bad credit rating, this can greatly help boost your credit score easily. Though you have no ability to use this credit line, you will still benefit from having the credit card record pasted into your credit report. In less than two months, your credit score will increase. Click here for more information about tradelines.
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