Boost Your Credit Score with Tradelines
Having a bad credit score is becoming more and more common for people across the world. And yet, this is not the end of the world because you can still turn your bad credit score around and make it better. Contrary to popular belief, there are actually a lot of ways to repair your credit. Take, for instance, tradelines for credit repair. You can read more here on how to repair your credit score with season tradelines; so, make sure to click here for more.
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. To boost your credit score, these companies utilize the well-known method of credit piggybacking. 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.
Most of the time, banks will give you better interest rates and approve your loans if your score falls closer to 850. 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. Once season trade lines will be used on your credit report, your credit score will be calculated once again. Your credit score will immediately be boosted just like that. With credit piggybacking, actually, your score can go up just like that with having an available credit of $100,000 and 40 years of having a perfect payment history.
If you seek the help of Superior Tradelines, your name will be included as an authorized user with perfect payment history and having a low balance and high limit credit cards. 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 dual purpose because the account history of the credit card that you have used as an authorized user will be reflected into 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.