Boost Your Credit Score with Tradelines
It is not all too uncommon for people to get a bad credit score. This does not mean, though, that there is no way to repair a bad credit score. Unlike what most people think, you have some options in boosting your credit score. Tradelines for credit repair are one example. This website will help you understand how season trade lines for credit repair work.
How does tradelines work and why are they able to help repair your credit? Prior to understanding tradelines better, you have to know that companies such as Superior Tradelines can give you these services. How these companies work is that they do credit piggybacking so that your credit score will go up. For a lot of banks these days, the FICO scoring model is what they use. 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.
As a loan applicant, when your credit score is closer to 850, you will have better loan approval and interest rates. According to FICO, 30% of your score is calculated from the ratio of your credit card balance and limit. A higher credit score is often the result of a bigger difference between your combined limits and combined credit card balances. With the use of season trade lines, your score will be recalculated as it appears on your credit score. Just like that, you can see an improvement in your credit score. If you want to get an idea of credit piggybacking, it is having at least 40 years of perfect payment history with $100,000 present in your credit.
While Superior Tradelines will establish low balance, high limit credit cards and a perfect payment history for you, they will be adding your name as an authorized user to them. As an authorized user, you will be able to use this account yet you are not allowed to make changes to it. Originally, the AU position was created to give cardholders the ability to add other people to their account for them to have access to their credit line. This is beneficial for the authorized user such as yourself because the account history of the credit card that you have used will appear on your credit report. You can look at this in a way where the history of the credit card has been there ever since the first opening of the account. This appearance has the power to give a good boost to your credit score. 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. It takes less than 60 days to get your credit score right. Click here for more information about tradelines.