A tradeline is a piece of information added to your credit report as an entry in your account history. It includes your current balance, the amount you've transferred back to your credit card or to the credit card company, as well as when your next payment is due. Apparently, buying a tradeline is sort of like becoming an authorized user on a credit card. However, unlike the authorized user credit card, the tradeline will show up in your credit report. If you are thinking of buying tradelines, just go to CoastTradelines and check their services on tradelines.
Many consumers find tradelines attractive because there is no requirement for a security deposit, and the rates are usually lower than most charged by banks. Therefore, they are an excellent way to establish or kick-start your credit score. However, you should research every possible avenue before deciding on whether or not you would like to use them as a tool for establishing your credit score.
Is Buying Tradelines Legal?
In the United States, buying and selling tradelines is completely legal so long as the tradeline is 100% real, clean and valid. A real tradeline is one that accurately reflects the information in your credit report. To determine whether a tradeline is a valid tradeline, the lender first checks your credit report. If they find no errors, then the tradeline will be accepted. It's sporadic for banks to reject a real tradeline and demand that you prove it's real and not fraudulent. However, always do your research because the laws vary from country to country. It's never fun being surprised by laws that could potentially ruin your finances when you're just trying to improve your credit score.
How Buying Tradelines Works
Tradelines are very easy to purchase. However, once you find a lender willing to make a tradeline for you, you will have to provide that lender with some personal information, especially your credit history and score. The lenders will then examine your credit history and score and determine if they can lend you money. If they deem it possible, they will approve the loan and give you a line of credit known as a tradeline or financing agreement. This agreement does not require any repayment unless the lender has revoked it.
Where Do I Buy Tradelines?
You can buy tradelines through third-party services like authorized tradeline companies. However, they might charge a fee for anything up to thousands of dollars.
Some people ask family and friends to add the tradeline to their credit reports. This is called a piggyback tradeline. While this is legal, many people find it confusing to use piggybacking for many reasons. For instance, the person you're buying your credit history from may not remember how much they are getting paid each month, or they might even forget to cancel their account with the credit card company, thus leaving you with an account that's still active or one that won't allow you to charge more than the amount in your balance.
Buying tradelines will benefit you in many ways; most importantly, it will improve your credit score and lower your interest rates. When you have access to cheaper interest rates for any future credit card purchases, it becomes easier to pay off your balances and save for the future. In addition, buy tradelines from a legitimate tradeline company that you can trust and improve your credit scores immediately.