The short answer is yes! Buying tradelines can definitely boost your credit score. But you probably want to know why, so let’s go over real quick how tradelines actually work.
A tradeline is simply an account on a credit report. If you currently have loans or credit card accounts, then you already have your own tradelines. But if you have less than perfect credit or need additional credit, buying tradelines allows you to improve your credit score. Which can help you secure loans for houses and vehicles, increase business credit, get a new credit card, or to refinance loans and lower your interest rates and monthly payments.
When you buy a tradeline, you become an authorized user on someone else’s credit card account. This lets you “piggyback” the good credit of that account. It adds to your available credit, account age, and other metrics on your credit report. As an authorized user, you are not liable for any debt incurred, you just share the credit history.
Another good thing is that credit reports do not show the date an authorized user was added to the account. So let’s say you buy a tradeline with an account age of 5 years with a $10,000 limit, once you become an authorized user on that tradeline, to the credit reporting agencies it looks like you have had this $10,000 credit card for 5 years.
When you become an authorized user on one or more tradeline accounts, that is what boosts your credit score. You are essentially renting someone else’s good credit account to help your own credit report. Which allows you to get a larger credit limit or loan for yourself, or to reduce interest rates on your loans.
Sometimes people also ask “Is buying tradelines legal?” We do not offer legal advice, but yes, buying and selling tradelines is legal. “Piggyback credit” got its start in 1974 with the Equal Opportunity Credit Act. Back in those days, most creditors would report married couples accounts as only being in the man’s name. Because of that practice, most women were not building up any of their own credit.
The law states that credit agencies must treat all authorized user (AU) accounts the same without discrimination. So when you buy a tradeline from an anonymous person, it works the same as if that person was your family member.
Today, many banks encourage parents to add their children as authorized users to help build credit history. And in 2010, the Federal Reserve did a study which found that approximately one-third of credit accounts have an authorized user on the account. So as you can see, authorized user tradelines are very common. All of those people would not utilize authorized user tradelines if they did not work.
Here at Personal Tradelines we work as an intermediary between buyers and sellers of tradelines, which protects the privacy of both parties. The sellers receive compensation for adding authorized users to their tradeline, and the buyers receive a credit boost which helps them accomplish their financial goals. It’s a “win-win” situation for everyone.
We offer verified tradelines at wholesale prices, a money back assurance, 24/7 online access, and expert customer support. We make the tradeline buying process easy, fast, and secure. Personal Tradelines also has an A+ rating with the Better Business Bureau.
We hope that helps answer the question “Does Buying Tradelines Work?” But if you have any other questions (or would like to buy a tradeline) give us a call or send an email we are here to help!