4 Benefits of Adding Tradelines to Your Credit Report

Living with a poor credit score is like having a black cloud following you through your financial life.
You probably will face numerous roadblocks when you want to buy a home, land a new job, or rent a new apartment.
Your credit score is often the deciding factor for lenders of all kinds, so improving your score needs to be a priority.
Even with efforts including paying down your high-interest debts and clearing any errors off of your report, you may still be struggling to get your credit scores where they need to be.
One of the most effective ways to raise your credit score quickly is to add an authorized tradeline to your report.
Choosing a company with superior tradelines review can make a dramatic difference to your credit score in less than 30 days, allowing you to move forward on more solid financial ground.

What Is an Authorized Tradeline?

Each entry on your credit report, including credit cards, loans, and bill payments, are referred to as tradelines.
The standing of your tradelines is the determining factor in the calculation of your overall credit score.
Essentially, using an authorized tradeline is the same as borrowing someone else's good credit.
You can pay a fee to a tradeline dealer to have your name added to an existing account in good standing that will appear on your credit report.
You will have no power to use the available credit, but the balance in good credit will help bring up your overall score.

Benefits of Adding an Authorized Tradeline

Credit Approval

When you have a poor credit history, you may be wary of applying for any new credit with the expectation of being denied.
When you add a tradeline to your report, your rating will increase and improve your chances of being approved for a new credit card or loan.

Lower Interest Rates

Generally, only those who have excellent credit scores qualify for low or no-interest offerings that are advertised.
If you have a poor score, any loan or credit you may qualify for will likely come with much higher interest rates.
This is how lenders offset their risk of lending to those with poor credit histories.
When you use a tradeline to boost your credit score, you will be able to qualify to borrow money at a lower interest rate.

Qualify for Work

Employers are invested in making the best candidate choice for open positions in their companies.
Although employers do not have access to your full credit report, they can apply to get a stripped-down version of your credit history that will tell them if you are a responsible prospect.
When you add a tradeline to your credit report, you will improve your chances of landing that job that will enhance your future.

Rent an Apartment

Landlords are invested in choosing responsible and reliable tenants for their properties.
When you fill out a rental application, you should expect that the leasing company will look at your credit report.
You can dramatically increase your chances of landing the perfect apartment when you use a tradeline on your report to boost your score.

If you are tired of struggling to raise your credit score and feel like you aren't getting anywhere, adding, a tradeline may be the right move.
Talk to your financial advisor or credit repair service to help you find the right tradeline to improve your credit score.