Top Tradeline-Buying Mistakes – Part 1

Collections and Credit Scores
Collections and Credit Scores
October 24, 2020
Top Tradeline-Buying Mistakes – Part 2
February 4, 2021

Top Tradeline-Buying Mistakes – Part 1

Top Tradeline-Buying Mistakes - Part 1

Top Tradeline-Buying Mistakes - Part 1

If you’re thinking of purchasing tradelines, you need to make sure that you proceed with caution so that you don’t make any mistakes. Tradelines are wonderful tools that may enhance your credit, though when not applied correctly, they can do more harm than good.

Let’s take a look at the top tradeline-buying mistakes.

Having Credit Card Freezes or Account Fraud Alerts

If you have credit card freezes or fraud alerts on your account, you will not be able to post tradelines on your credit. When accounts are hit with fraud alerts, they freeze. This means that no new information can be added to the account. If you have fraud alerts on your accounts, you must contact credit bureaus to have them removed prior to adding tradelines to your account.

Not Having an Understanding of Tradelines

It is extremely important to have an understanding as to how tradelines work. If you do not understand how they work, you might not

find the right ones for the particular situation you are in. Make sure to give us a call here at Personal Tradelines if you are unsure which tradelines are best for your current situation.

A Lack Of Credit Score Knowledge

Before you go and purchase tradelines, you must understand how your credit score works. We have a few blogs on Personal Tradelines that help visitors gain a better understanding of the elements that compose a credit score. When you have the knowledge, you have the power. Having an understanding of how your credit score works can provide you with a better grip over your finances and your need for tradelines.

Buying Tradelines Based On Price

You don’t want to judge a tradeline based on the price of that tradeline. Many people assume that more expensive tradelines are more powerful, which is not true in the least. Yes, sometimes they can be, but the price is certainly not a determining factor.

Top Tradeline-Buying Mistakes - Part 1

Top Tradeline-Buying Mistakes – Part 1

A person that has established credit might find a tradeline worth $1,000 and make the assumption that it is the best one for them. However, that particular tradeline could have a lower age or utilization ratio, which could either not affect that person’s credit at all or hurt that person’s credit in the long run.

Improvement is not adding more of what you already have. You want to select tradelines that are a good match for your credit.

Relying on Tradelines Alone

You can’t only rely on authorized user tradelines to help you with your credit. Most scoring models take your entire mix of credit into account, meaning it is far more desirable for one to have multiple kinds of good credit.

These different types of credit can include mortgage loans, car loans, installment loans, etc. You must also account for any late payments, delinquencies, or collections on your accounts, prior to purchasing tradelines as well.

We hope that you feel more equipped to purchase tradelines at this point. Make sure to get in contact with us with any further questions regarding tradelines and make sure to check out Part 2 of this article here.