Buying a higher credit score with seasoned trade-lines
Released on: September 24, 2008, 9:28 am
Press Release Author: J. Ochs
Industry: Real Estate
Press Release Summary: Can you buy a higher credit score by purchasing seasoned trade-lines? The short answer is possibly, but not without a huge cost. There are better ways to improve your credit score.
Press Release Body: FOR IMMEDIATE RELEASE
Buying a higher credit score with seasoned trade-lines
Can you buy a higher credit score by purchasing seasoned trade-lines? This questions seems to come up more and more these days. The answer to this is a bit complicated, so let me see if I can give a simple easy to understand answer.
Purchasing a seasoned trade-line is the process of paying a monthly fee for having your name added as an authorized user to a seasoned credit account for the purpose of getting that seasoned account to report on your credit report. The goal of doing this is to add a good trade-line to your credit that will boost your credit scores.
Pros of paying for and adding seasoned trade-lines:Over the past this practice has been somewhat successful for those who already have good, clean credit, and just need a small boost in their credit scores to obtain financing they are currently seeking. You can add the trade-line(s), pay for them just long enough to get your financing, then stop paying for them and let them fall off your reports. Although this seems to be a simple and easy solution, there are some considerations that make this not so great.
Cons of paying for and adding seasoned trade-lines: There are several problems with using seasoned trade-lines that have now raised the brows of the credit bureaus as well as federal officials. Although there is nothing illegal about adding another person to your account, the biggest problem is in how these seasoned trade-lines are being sold. As I mentioned above, they are only appropriate for someone with already good clean credit, yet there are hundreds of companies on the Internet selling trade-lines as a method of credit repair. Buying seasoned trade-line when you have derogatory trade-lines on your credit will do little to nothing to boost your credit. In fact, it is a ridiculous waste of your money. With the cost of these trade-lines ranging from several hundred to several thousand per month per trade-line, it is not an effective solution for 99% of those who seek them. The other issue is that there are now changes underway by the credit bureaus to not include authorized user accounts in the credit scoring model. This will completely negate the effectiveness of seasoned trade-lines altogether.
The bottom line: For those seeking to improve their credit, there are far better, less costly, and more effective ways to accomplish this. For some great tips, visit our credit repair articles area. In addition, if you have bad credit and are in need of credit repair, there is no company that does it better than NCA Credit Repair. Call them today and get a free consultation and make the decision for yourself.
NCA Credit Repair is a premier credit services company specializing in the removal of derogatory and incorrect information from our client’s credit reports. Over the years, we have become “THE COMPANY YOU GO TO WHEN YOU ARE SERIOUS ABOUT REPAIRING YOUR CREDIT”. We have developed a reputation by assisting many high-profile and VIP clients, and have recently restructured our pricing to make our same premier services more available to everyone.
We have been helping our clients resolve their debts and leave their negative credit histories in the past for nearly a decade.
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