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. You have to understand that there are also strategies that would help you get a good credit score back. Take, for instance, tradelines for credit repair. To discover more about boosting your credit score with tradelines, read on.
How does tradelines work and why are they able to help repair your credit? In order for you to get a better understanding of tradelines, know that there are companies such as Superior Tradelines that can help you in this regard. To boost your credit score, these companies utilize the well-known method of credit piggybacking. The FICO scoring model has become the basis for banks these days. Basically, FICO has come up with a mathematical equation to help analyze your credit history that is stored on file from credit reporting agencies. Starting from the scores of 300 to 850, your credit history is defined in three-digits.
As a loan applicant, when your credit score is closer to 850, you will have better loan approval and interest rates. 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. If you want to get an idea of credit piggybacking, it is having at least 40 years of perfect payment history with $100,000 present in your credit.
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. If you become an authorized user, you can use the said account but you cannot make changes to it. The main purpose of an AU position is for the cardholders to add other people to their account so they can access 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. Even if you have no power over the credit line, you can have this credit card copied into 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.