If you have good or bad credit, it’s still important to understand, what are tradelines? To maintain a healthy credit score, it helps to understand how tradelines are one of the biggest factors to achieving an excellent credit score.
A tradeline is a credit card account that has its own value based on the age of the credit card, payment history and the amount of available credit. For best results, you’ll want to have a tradeline with an old history, perfect payment history, and high credit limits. if you need to quickly raise your credit score, becoming an authorized user to boost your credit score is one of the easiest and fastest ways. Let’s dig deeper into what are tradelines and how much will they improve your credit score.
In this post we’ll cover every detail regarding how tradelines work so next time you can help other people when they ask, “what are tradelines?” But first, let’s discuss why you should consider buying a tradeline.
The Poverty Premium: If you’re not angry, you should be
If you have bad credit, it’s likely that you are currently experiencing the poverty premium. Banks and lenders use your bad credit score to charge you higher interest rates to borrow money. Even though a higher interest rate may seem like an insignificant difference, they intentionally market your loan rate that way so you don’t see how much MORE you would be paying in interest.
Of course, people may argue that people with a bad credit score are a higher risk. Sure, that makes sense. But, if the person with bad credit makes all the payments, why not refund them their own money? The bank already got more than what they lent and made money on the interest while holding that extra money. Banks want to make a profit which is why they have a Poverty Premium.
Take a look at this chart that shows you how much more money someone with bad credit is paying for a loan:
|Credit||Loan Type||Length||Loan Amount||APR||Monthly Payment||Total Payment||% Paid over Principle|
|Bad Credit||Credit Card||12 Months||$5,000||24%||$467||$5,607||12.10%|
|Good Credit||Credit Card||12 Months||$5,000||0%||$416||$5,000||0%|
|Bad Credit||Car Loan||60 Months||$10,000||16%||$243||$14,580||45.80%|
|Good Credit||Car Loan||60 Months||$10,000||3%||$180||$10,800||8%|
|Bad Credit||Home Loan||30 Years||$100,000||5.50%||$903||$325,080||225%|
|Good Credit||Home Loan||30 Years||$100,000||3.50%||$785||$282,600||182%|
Beating the Poverty Premium
Bad credit is common for areas with poor education, bad public services and places with limited opportunities. The system is designed for poor people to pay more. Don’t despair, there is hope!
The first step to getting good credit is working on your financial literacy. If you’re reading this, you’ve taken the first step to improving. But if you have good credit already, then share this post with someone who needs it.
You can beat the Poverty Premium by getting a credit boost before applying for a loan or credit. If you have a pretty decent credit history with no bankruptcy or collections, it works like this:
- Buy a tradeline to become an authorized user on a credit card
- Your credit score will go up while you are an authorized user on a tradeline for at least 2 months
- Apply for any home loans, auto loans or credit cards after you confirm your credit score has improved.
A Credit Boost Is Like Super Mario Picking Up A Star
When you buy credit tradelines for sale, you’ll have the “power” of someone who has good credit. That is based on the level of the tradelines for sale. It gives you a temporary boost to your credit score so you can quickly raise your credit score when you need to apply for a loan or credit card. I highly recommend getting a credit card if you’re also getting a loan, so you can start building up your own credit score. I know it’s a lot of information and you probably have a lot of questions and I have most of the answers:
- Is it illegal to purchase tradelines?
- No, it is not illegal to purchase tradelines.
- How much will buying a tradeline increase my credit score?
- The amount your credit score increases varies based on your situation and the purchased tradeline
- Can I pay someone to fix my credit?
- Yes, you can pay someone to fix your credit. Just not us. We only facilitate you becoming an authorized user to boost your credit score and build your credit. You can find some Credit Repair Services on our Resources Page.
- Do authorized users build credit?
- Yes, temporarily though. Becoming an authorized user to help your credit will temporarily report new tradelines to your credit profile.
That’s just the quick answers to all your questions on how do tradelines work. Now let’s get into the DEEP details.
Everything you need to know about tradelines
What is a tradeline?
A tradeline (aka “trade line”) is a line of credit someone has with the bank, which is just a fancy way of saying a credit card. Tradelines are used by credit reporting agencies (Equifax, Experian, Transunion) to determine someone’s credit score. Credit is credibility. The more available credit you have represents more credibility, which then causes your credit score to improve with the credit reporting agencies.
What is a seasoned tradeline?
A seasoned tradeline is a credit card that is at least 2 years old. “Seasoned” just implies that it has an established history. If you want to quickly raise your credit score, you will want to become an authorized user on a credit card that has a seasoned tradeline. The older, the better.
What is a paid tradeline?
A paid tradeline is when you pay to become an authorized user on a credit card. It’s not illegal to pay someone to become an authorizer user on a credit card. That’s why you can get credit tradelines for sale here at Sly Credit. Becoming an authorized user is a way for you to build your credit score and also known as “credit card piggybacking.” Getting a paid tradeline can quickly raise your credit. Sly Credit has tradelines you can to quickly boost your credit score. The financial results of becoming an authorized user to help build your credit can be in the THOUSANDS of dollars you will save in having lower interest loans.
What is a good tradeline?
A good tradeline is a seasoned tradeline (at least 2 years of history), has never missed a payment, stays under 10% credit card utilization and has a high available credit limit. With credit card age, the older it is the better. As for available credit, if you’re trying to get your credit score up quickly, you’ll want an available credit limit that’s higher than anything you have. That just means, if you have a credit card that has a $5,000 limit, you should rent a tradeline with a higher limit. To sum up:
- At least 2 years old. The older, the better.
- Has never missed a payment.
- A credit utilization of 10% or less.
- Has a high available credit limit. The higher, the better.
How does a tradeline work?
When you purchase a tradeline, you become an authorized user on a credit card. Although you will not have access to the credit card or any information regarding the tradeline seller, being an authorized user will help you build your credit score fast. That’s because, you benefit from the purchased tradelines history, perfect payments and high credit line. When the tradeline shows up on your credit report, it shows that you are trusted by the main account holder which gives you “more credibility.”
What is a tradeline on your credit report?
A tradeline on your credit report shows all your individual credit cards and loans. If you purchased a tradeline to improve your credit fast, you will see an additional tradeline appear on your credit report.
How can I quickly raise my credit score?
The fastest way to raise your credit score is to become an authorized user on a credit card. This type of technique has several names; (1) Credit Card Piggybacking (2) Purchasing a Tradeline (3) Paid tradeline.
How does becoming an authorized user help your credit score?
If you have no collections against you, no bankruptcy, and an existing line of credit, becoming an authorized user on a good tradeline can significantly increase your credit score fast. By purchasing an authorized user slot (tradeline), you are essentially renting another person’s good credit. You get all the benefits of their good credit line instantly: Credit age, perfect payment history, low utilization, and high credit limit.
How much will a tradeline boost my credit score?
Unfortunately, I can’t give you an exact number of how much your credit score will increase from a tradeline. I don’t think anyone can give you an exact number on that. It’s all relative estimates that take into consideration your current credit situation in relation to the added tradeline. A tradeline with a big limit and old history will bring up your overall scores and it will give you’re a temporary turbo boost on your credit.
How long will a tradeline boost my credit score?
Every purchased tradeline from Sly Credit will keep you as an authorized user for 2 months. You’ll have a higher than usual credit score for 2-3 months and in that time you should get any loans or credit cards you’d like to apply for. Adding a tradeline doesn’t permanently bring up your credit score, it’s a temporary boost so you can apply for more lines of credit, such as credit cards and loans.
With more available lines of credit, aka your own tradelines, you’ll be able to build your own credit history, and your journey to excellent credit begins.
How long will I be an authorized user on a credit card?
Purchased tradelines from Sly Credit will have you as an authorized user on a credit card for 2 months. You will not have access to the credit card or any other information regarding the account, because you don’t need it. When you buy a tradeline, you’re paying for the tradeline to appear on your credit report to boost your credit score. Essentially, you will be renting a tradeline.
How much does it cost to buy a tradeline?
Prices to buy tradelines to Sly Credit begin at $250. Feel free to search for competing companies that sell tradelines and buy tradelines. Most of them start at $500 per tradeline. Sly Credit isn’t cheaper, we just charge less and have more affordable tradeline to buy so you can become an authorized user to help your credit.
What happens when you buy a tradeline?
You can quickly raise your credit score temporarily when you buy a tradeline. This is because you become an authorized user on a credit card with an excellent history. A new paid tradeline on your credit report will bring up your total available credit, credit history age, credit utilization, and payment history resulting in a credit score boost.
The credit boost isn’t permanent and you should use it to apply for any home loans, car loans, or credit cards with low interest that you may need. Additionally, when you have a high credit score, you are eligible to get credit cards with higher available credit limits.
Is it illegal to buy tradelines?
No, it is not illegal to buy tradelines. This is known as credit card piggybacking and has been around since the dawn of credit reports. Sure, banks frown on this type of service because they can’t charge you the Poverty Premium. Basically, banks charge people with bad credit more money and it’s a system designed to keep many people in poverty while keeping the wealthy people, wealthy.
What are the benefits of buying a tradeline?
The benefits of building your credit score can save you a significant amount of money in loans and credit card interest. If you’re high interest loans or want to figure out how to get 0% APR credit cards, you just need a good credit score to start saving money.
With a good credit score, you can qualify for low interest loans, get better credit cards with lower interest, get 0% APR credit cards and get all those good bank bonuses where you can actually make money from banks!
Where can I buy tradelines to become an authorized user to help my credit?
There’s actually a lot of different online services where you can find the best tradelines to buy. Most of them say they are the best tradelines for sale, but it’s all the same. Most of the posts for buying tradelines Reddit will have people advertising their own tradeline renting business. Each one of these businesses are just brokers, like Sly Credit. They have people buying and selling their personal tradelines while taking an 80% or higher cut.
Lessons Learned: Why does Sly Credit Have the Best Tradelines For Sale?
I used to work for one of these “best tradelines for sale” businesses and they pay was pretty bad, so I started Sly Credit. To add an authorized user to improve your credit has very low operating costs. Basically, it’s a game of supply and demand. Most places that advertise tradelines for cheap still start at $500 each, while giving you a low-quality tradeline.
The most valuable thing you can actually get from Sly Credit is credit literacy. You need to understand how credit works so you can use it more responsibly (in accordance with the Credit Bureaus: Experian, Equifax, Transunion) so you understand how to raise your credit score. Your first step to improve your credit score is to check your credit report and understand what you’ve been doing wrong and what you need to do right. If you can stop making these common credit mistakes, you can get a good credit score in a few years.
Sly Credit was created to either help you with your credit and a place that has the best tradelines to buy. Personally, I was in debt just over a decade ago and had awful credit. Getting out of debt was a year-long journey and I learned everything related to how credit works and building my credit quickly. With a good credit score, I ended up getting over 100 different credit card bonuses and banks were paying me money. I’ll get into that more in a future post.