Similar to a snowflake or a strand of DNA, no two credit reports are identical. This means that the improvement in your credit score that you get from a tradeline addition will completely depend on your credit report.
If you ever see a tradeline company promising to “increase your credit score by 50 points” with a tradeline, run. Seriously, these claims are completely false and negatively impact people’s lives all the time.
So, Will My Score Increase With Seasoned Tradelines?
More often than not, the fewer tradelines that you have on your credit report, the bigger the impact that authorized user tradelines will have on your credit score. If you have tons of tradelines or accounts already, adding tradelines might not have as noticeable of an impact.
Let’s discuss a few scenarios.
Adding Tradelines As a Fix For Derogatory Marks
Now, let’s be clear, it is possible to boost your credit score with tradelines if you have derogatory marks on your account. However, it is not ideal.
To determine how much of a boost you will get in this situation, you have to consider how severe the derogatory marks are. It should also be clear that tradelines won’t counter these derogatory marks. They simply act as a band-aid, covering them up for the meantime.
Loading Up With Tradelines to Get A Perfect Score
Sometimes people will come to us to try and load their accounts up with six tradelines or more. We can’t stress this enough: it does not work that way. Adding more authorized users tradelines than a credit bureau allows for will freeze future movement on your accounts.
Plus, any great underwriter would see this and kick excess tradelines off your file.
Using Only Tradelines To Increase My Score
If you have limited credit or no credit at all, you can expect to see pretty dramatic changes in your score thanks to authorized user tradelines. Let’s say that you purchase a tradeline after having only a few years of credit under your belt. Your score could potentially shoot through the roof, as there aren’t many things to factor.
More often than not, tradelines work really well for those who are new to the world of credit, which is often why parents make their children authorized users on their accounts when they are of age, as it helps them to build credit quickly.
Will Using Tradelines Boost My Score
Yes, the goal of becoming an authorized user on someone’s account and using their tradelines is getting a higher score. Whether you see a significant boost or no boost at all completely depends on your situation, which is why it is so important to speak with tradeline experts beforehand.
A tradeline expert will be able to walk you through the process and find the right tradelines for your particular situation. Get in touch with us here today at Personal Tradelines to see how we can help you reach your financial goals.