If you’ve been looking to buy a car, purchase your first home, or take the first step into some other major life milestones, yet your low credit score keeps getting in the way, you may want to consider a different approach.
In some cases, people are doing all the right things they need to do to raise their credit scores, though the speed at which it’s rising simply isn’t quick enough for their goals.
This is where tradelines come into play.
People all around the United States use tradelines to “piggyback” on the good credit history of another consumer. For many years, piggybacking was usually done with a person you knew. For example, parents with good credit would often add their children to their credit cards to share their good credit history with them.
Nowadays, you can head to platforms like Personal Tradelines, where you can find strangers with a good credit history that are willing to lend a hand to those who don’t have close relationships with people that have good credit.
The important thing to understand is that piggybacking is NOT meant for credit repair, only for potential credit boosting.
Credit Boosting vs. Credit Repair
You’ve probably heard the term “credit repair” before and figured that it might be just the thing you were looking for to get your credit to a good place. While it can get your credit to a good place in some cases, it’s certainly not guaranteed.
The process of repairing credit requires reviewing your credit report, seeing if you find errors on it, and getting those mistakes resolved.
It’s a good idea to periodically examine your credit report to see if there are any mistakes within.
However, if you want to potentially boost your credit score, the best way to do so is with tradelines. The idea of tradelines is that you temporarily borrow another person’s positive credit history. In doing so, you can see a rise in your credit score.
With a better credit score, you have more access to loans, financing, and mortgages. You can also use good credit to keep your business afloat or start a business altogether.
Beyond tradelines, there are only a few other options for raising your credit score, including installment loans and revolving loans. Installment loans are typical fixed monthly payments, including student loans, car loans, and mortgages. Revolving loans are credit cards, which potentially change at any time depending on their usage.
We refer to Tradelines as adding individuals as authorized users to accounts in good standing.
Contrary to popular belief, you won’t be able to make purchases with someone else’s account as an authorized user. However, the beauty of tradelines is that you will get a lower utilization rate, an increased average age, and a positive history of on-time payments. Of course, this is all based on whether the tradeline you buy works for your particular financial history to start.