There will moments in your life where your credit score is not something that you can be proud of. This does not imply, however, that there is no way to do something more about having 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. You can read more here on how to repair your credit score with season tradelines; so, make sure to click here for more.
What is there to know about tradelines and how they help boost your credit score? Prior to understanding tradelines better, you have to know that companies such as Superior Tradelines can give you these services. These companies make use of a credit piggybacking method that helps you boost your credit score faster. For a lot of banks these days, the FICO scoring model is what they use. With the help of FICO, a mathematical equation is created that would analyze your credit history as they are kept on file by respective credit reporting agencies. Using a three-digit score, your credit history will be defined starting from 300 to 850.
Usually, banks keep your loans approved and give you better interest rates when your scores are near 850. According to FICO, 30% of your score is calculated from the ratio of your credit card balance and limit. When the difference between your combined limits and credit card balances is bigger, you will get a higher credit score. When there is the appearance of season trade lines on your credit report, there will immediately be a recalculation of your credit score. You will be quick to see a boost in your credit score. To know how credit piggybacking works, just think of having $100,000 present in your credit with 40 years making a perfect payment history.
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. The main purpose of having this AU position was to add other people to the accounts of the cardholder so they can enjoy 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. This would appear as if the credit card history has been around since the account was created. This appearance has the power to give a good boost to your credit score. Despite the fact that you do not get the ability to take advantage of the credit line, you benefit in a way that the credit card will appear in your own credit report. In less than two months, your credit score will increase. If you want to read more about tradelines, click here for more.