Tradelines are an amazing way to build and boost your credit score fast. Through a method known as “credit piggybacking,” We add you as an Authorized User (AU) to another individual who has great credit card history, which drastically improves your credit score. This extreme increase on your credit report gives you the biggest possible FICO® score boost .
Yes, Tradelines are legal. The equal opportunity Act of 1974 made the act of being an authorized user and getting a score increase from it is legal.
Realtors, Auto Brokers and others have used these to help their clients qualify for credit and or financing for years.
In a study by the Consumer Financial Protection Bureau (CFPB), they concluded that nearly 25% of all consumers with credit files initially established their credit through some form of piggybacking.
Additionally, in the FRB study, they found that over one-third of the credit files that could be scored had at least one authorized user account in their credit profile.
The conclusion here is that piggybacking credit is an extremely common practice. This is not isolated just to the small industry of companies who help people sell and buy tradelines.
A Good Credit score can save you money and makes your financial life much easier.
Bad Credit can make your life more difficult and much more expensive.
Lower Monthly Payments
The higher your credit score, the lower your interest rates can be meaning that your payments can be lower each month. If you have a good great score, your chances of qualifying for the best interest rates are much higher. This will save you money on interest fees.
Better Chances For Loan And Credit Card Approvals
Apply for credit with more confidence. A great score will help you present the best possible version of credit. However having an excellent credit score doesn’t guarantee approval, because lenders still consider other factors like your income and debt.
More Negotiating Power
A good credit score gives you leverage to negotiate a lower interest rate on a credit card or a new loan. If you need more bargaining power, you can take advantage of other attractive offers that you’ve received from other companies based on your credit score.
We know that untangling your credit can be both stressful and confusing. Send us a message today, and we can get you started on a path to financial confidence.