Addition of a good tradeline company to your credit history can do wonders.
Therefore, if you want to use this method to improve your credit standing then you should rely on some of the best tradeline companies in the market.
Why Are Best Tradeline Companies Important?
Tradelines on credit report are simple! This term in only used to refer to the list of accounts mentioned on your record.
Consequently, a tradeline could be anything for a new credit card that you just got or a finance loan you have been approved for.
This means people with good credit score would definitely have some nice tradelines to show off their on their credit report!
In contrast, customers dealing with poor credit score might have pending payments, debts, or even a bankruptcy in their tradelines.
So what makes best tradeline companies so necessary?
Well, if you currently have a low score then you would also know that there is nothing that you can do to improve it overnight.
All financial experts would suggest you to improve your spending habits, pay off loans, make payments on time, etc. However, the effect of these would reflect on your FICO score after a couple of months only.
Tradeline companies are relevant since many of us don’t want to wait for months! If you are looking for a short-cut to improve your score right away then these are your only answer!
Here’s the catch.
Purchase of a tradeline means that your name will be added as an authorized user to another owner’s credit report temporarily. It is like you would be buying good credit from someone to appear as part of your credit history.
Doesn’t this sound interesting? If you want to give it a try, we have compiled a list of 3 best tradeline companies below that you can put your trust in!
Best Tradeline Companies
Using the trick of buying a tradeline only works if you do it with a reputable company. We always suggest readers to do thorough research before relying on any tradeline company. Keep in mind that in this case, good reviews and trustworthy customer feedback is very important.
Tradeline Supply Company
Tradeline Supply Company was launched in 2017 so customers often view it as a newbie in the world of finance.
However, you can’t underestimate its fully automated and impeccable online system that has swiftly taken over other competitors in less than 4 years.
The company operates completely online which allows them to keep their prices low.
Considering that other tradeline companies are quite expensive, you can not overlook this option especially with outstanding customer reviews that it is gathered in recent days.
Why Should You Choose Tradeline Supply Company
- 4.3 stars on Google reviews
- Majority of the customers have shared trustworthy and happy remarks
- It offers some of the lowest prices that you would find in the market
- The company introduces different deals from time to time such as “buy 2 tradelines to earn 10% off on second”
- It reports to at least 2 of the 3 major credit bureaus and can therefore be a tool to improve your credit score.
CreditPro was launched back in 2007 and therefore it is considered to be one of the oldest businesses in town.
The company carries a good reputation of having worked with thousands of credit reports over time.
CreditPro can’t do much to improve your credit score as it does not report to any major credit bureau.
However, it does hosts a good collection of tradelines with at least 3 minimum years and good payment history.
Most of the tradelines here also have less than 10% of the available credit utilization ratio making them a good choice for boosting credit score.
Why Should You Choose CreditPro
- The tradelines will be posted in less than week from the date of purchase
- Most tradelines offer less than 10% of available credit utilization ratio
- The tradeline will stay on your credit report for more than 3 months
- It is one of the older and therefore most reliable tradeline company in the market
- They have worked with thousand of credit reports over the years
BoostCredit101 offers full transparency in their service. Moreover, you can look through categories for the tradeline that suits you best. They have been classified by price, limit, lender, and statement day.
One of the best advantages of choosing BoostCredit101 is that the company is quite committed to keeping your data safe. It uses encrypted servers to ensure that all the information you share is kept confidential and it is automatically removed after 3 months.
Why Should You Choose BoostCredit101
- The tradeline will be posted to you within 2 weeks
- The company reports to at least 2 major credit bureaus
- It thoroughly verifies the tradeline that it is selling to ensure you don’t land into any fraud
- You can have access to a professional team that would help you decide the kind of tradeline that you need
- It has 5 star rating on Google reviews
Benefits Of Working With Best Tradeline Companies
You can already see how useful it is to work with one of the best tradeline companies. If you still need more reasons to look into this then here are top 4 benefits of purchasing a tradeline.
Better Chances Of Getting Approved For a Loan
Getting approved for a reliable loan program can be the answer to most of your financial problems. Since lenders always take a look on your credit report before you rent a new car or home, you have to keep this record in best of shapes.
Tradelines can help you do just that! They would add to your credit history and help you get approval for a loan or even a good credit card.
Higher Odds of Scoring a Lower Interest Rate
Customers with poor credit score often complain about only being able to apply for high APR credit cards or large loans with unexpected interest rate.
If a tradeline can boost your credit score, it can eventually help you score lower interest as well. You will be saving thousands of dollars by getting the loan you needed on favorable terms.
Makes It Easier To Rent An Apartment
Similar to getting a loan on good terms, tradelines can also help you rent an apartment easily. The landlord may be scared to look at your low score and determine you as a risky tenant but with right tradelines, you can make just the impression you need to get the deal done.
Strengthens Your Image In Front Of Potential Employers
Employers also take a look at credit reports to determine if a future employee can be entrusted with the job or not. A good job can be difficult to score with a thin credit history. Tradeline can be of huge help in this case.
What Makes a Best Tradeline Company Stand Out?
Similar to choosing the right credit card, the decision of a good tradeline company is not easy. So many options can further complicate the final choice.
If you are having trouble deciding which company to rely on, here are a few pointers that you should keep in mind.
Trained and Knowledgeable Staff
Fixing the look of your credit report isn’t the only task that tradeline companies are entrusted with.
They also have they job of guiding you to ensure you make the right choice. For this purpose, their staff needs to understand what you are looking for.
Trained staff can get the job done quite easily. Moreover, a dedicated customer support team should also be present to make sure that each applicant is dealt with successfully.
Reliable Contact Information and Address
In some of our articles where we have talked about reliable credit cards issuers, we clearly mentioned that any website that lacks proper contact information is not worth trusting.
Similarly, best tradeline companies always provide contact address and numbers so that their customers can easily reach out to them in time of need.
If a website fails to do this then it must have something to do with how disreputable it is.
Years Of Experience In The Industry
Although there are a few exceptions, like Tradeline Supply Company, most trustworthy companies are made after years of experience in the industry.
This can be observed by looking at how long they have been in the market and how many customers they have served so far.
Such statistics provide good insight into how successful a tradeline company is and if you can trust them to enhance your credit report.
Transparency and Authenticity
Good credit cards, loan companies, and tradeline companies ensure that their websites are as transparent as possible.
They list openly about their available accounts and prices as well as loan terms and interest rates.
If you can see that a company is not inclined towards hiding anything then that is some guarantee about how reliable they are in business.
How to Add Tradelines To Your Credit Report In 5 Simple Steps
Although the process of purchasing a tradeline and adding it to your credit report varies from one company to another, it is always as simple as updating your records.
Following is a step by step guide on how you can complete this task without any hassle.
Select The Tradeline You Wish To Add
First of all, you have to choose the tradeline that you wish to add. Keep the points that we discussed above in your mind before making this decision.
Older tradelines are somewhat expensive but they are also more reliable and useful. Furthermore, you can buy as many tradelines as you need (or want!) keeping your budget in mind.
Go Through The Contract
It is obvious that your bad credit score is in need of help but that does not mean you should overlook the terms of agreement.
This document is prepared to highlight the terms and conditions associated with purchasing the particular tradeline.
As a temporary authorized user, you would have to keep these in mind. Read them carefully before finalizing the contract.
Choose Payment Method
The next step is to pay for contract. In most cases you complete money transfer online through your bank account and some even let you pay over phone.
Share The Required Documents
You have to provide certain documents before your credit report is updated. This might include your driver’s license and social security card along with some personal contact information.
You can upload these documents directly to tradeline’s official website. However, make sure you perform the act using a secure internet connection.
Update And Check Your Credit Report
Now what? You wait! The tradeline would appear on your credit report but it can take some time so be patient.
Typically, tradeline company will update you itself once the information has been added and your credit history improves. Nonetheless, you should always keep an active check by yourself.
Mistakes To Avoid When Buying a Tradeline
There is no doubt that tradelines can be quite effective in boosting your credit score.
However, this is most beneficial when you know some basic mistakes that must be avoided in their purchase.
Understanding How Tradeline Works
Most customers are not aware of how tradelines actually work. They are under the impression that tradeline might be a permanent solution for their credit situation when that is not the case!
You must understand that purchasing a tradeline means you will be temporarily renting somebody’s records.
They will not stay on your report for a long period of time therefore they can not be considered as a permanent help for bad credit score.
Relying On Disreputable Company
You won’t enjoy the experience unless you choose a reputable company who knows how credit repair works. There are many frauds and scammers out there so you need to learn how to choose the right tradeline company for your needs. Take your time!
Not Understanding Their Credit Report
You are buying a tradeline to fix your credit report but if you haven’t had a good look at it and figured out the parts that need to be improved then not even a really nice tradeline can help you.
According to a research, 4/10 US citizens do not have a copy of their credit report.
This means that they will not be aware of how their score was calculated and how it can be improved. Before you purchase any tradeline, make sure you have gone through your report thoroughly.
Choosing Quantity Over Quality
Buying multiple cheap tradelines might not do you any good. In fact, it is better to find a few tradelines, that may be expensive, but more reputable and helpful. Good tradelines are typically pricey because of their stable, long history.
Considering Them As Substitute For Credit Repair
As we discussed above, tradelines are not a permanent solution for your poor credit score. They help temporarily boost it but will only stay on your report for some time.
If you wish to wish to improve your score over time then you have to adopt permanent, long-term methods such as real commitment to better money management, timely payments, and less credit utilization ratio.
What Are Some Alternatives To Best Tradeline Companies
Purchasing a tradeline is just one way of improve your credit history. There are other hacks and tips that you can follow as well that will be quite effective. Some of them don’t even require you to spend money.
Take Care Of Your Pending Debt
Debt on your credit card can pull down credit score quickly. If you want to give your record a boost, consider paying off debt in full. Getting rid of pending debt will also save you from high interest rates.
Another approach is to keep credit utilization ratio as low as possible. Financial experts suggest that you should never use more 30% of the available credit if you wish to keep the score in good shape.
Dispute Credit Report Errors and Mistakes
There are not many things that you can enjoy with low credit score and some even wish to give it a boost as quickly as possible. Besides buying a tradeline, you can also scrutinize your credit report and see if there is a negative item that can be disputed.
Each user is allowed to obtain one credit report for free in 12 months. This is a good way to keep a check on the data quoted here and dispute any if needed.
Apply For a Secured Credit Card
If you have an extremely low score then it would be difficult to get approval for unsecured credit card.
Your best bet here is to apply for a secured card, make an initial deposit, and start building your credit history with good spending habits.
The money that you deposit as security won’t completely go to waste.
In most cases, it is used as the credit limit for your account. If you are successful in building a good standing then you may eventually upgrade to unsecured credit cards with epic rewards programs.
Try Credit Builder Loan
Another strategy is to try out credit builder loan. This basically lets you borrow money but the funds won’t be transferred to you directly.
You are required to send money to savings account every month. Once the loan term has ended, you will get the amount along with any interest on your balance.
More About Best Tradeline Companies
There are a few more things that many readers have been interested in finding out about.
Below we have summed up all the extra information related to purchase and use of tradeline so that you don’t have to waste your time surfing the internet!
Is It Difficult To Buy a Tradeline
For somebody new? Maybe!
Customers who are just about to try this for the first are often intimidated by the process. However, once you know your options and the purchase protocol, you would realize there is actually nothing to worry!
Your most important job is to find the right tradeline for your credit report and, obviously, figure out which company can help you best in this regards.
There is a long list of tradeline companies available online so never skip reviewing them prior to finalizing your choice.
Are These Legal?
‘This has to be one of the most frequently asked question related to tradeline and their use.
What is the answer? Yes! Tradelines are completely legal and legit.
There is no federal law or any rules and regulations in the state that prohibits the use of tradeline to improve credit score.
Nonetheless, one thing that you need to confirm is that you are working with a reputable and trustworthy company.
There are scam sites on the internet and many frauds have been reported in credit repair industry.
It is extremely important to know the worth of the tradeline company that you are relying on.
Some dishonest companies may take money from you but never deliver what they had promised in the deal.
How Long Do Tradelines Appear On Credit Report
Well, this largely depends on the company you choose and the tradeline that you add to the report.
Typically, tradelines stay on the credit report for 2 to 3 billing cycles but this can be anywhere up to 6 months.
In some cases, accountholders have pointed out that tradelines remained on their credit report long after the deal had been closed.
How Much Will It Cost To Purchase Tradelines
This again depends on the type of tradeline that you are buying.
It may just be hundred dollars if you have chosen a cheap tradeline with short credit history to up to $5,000 for those with long, stable credit standing.
Well-established accounts are the one that have a long, good payment history, low balance, and a high credit line.
Such tradelines can be quite expensive but they are most beneficial if you wish to boost your credit score fast.
Are Credit Limits Affected By Tradelines?
Tradelines not only affect credit limits but also have impact on your credit utilization ratio.
Many customers purchase tradelines that can help that cash higher credit limit.
It is still debatable if this is a good move. When bank offers you a credit line, it does so keeping in view your credit standing and income. A tradeline would temporarily improve these factors but it won’t be there for a long time.
On the other hand, purchasing a tradeline that can help you improve credit utilization ratio is always more beneficial.
Buying a Tradeline vs Authorized Users
When we had talked about good credit cards in our previous articles, we explained some benefits of getting yourself added as authorized user on somebody else’s reports. If you are new here, read the following quick recap.
Authorized users are like co-partners for a credit line and can remain in that position as long as the main accountholder permits. It is also effective in boosting credit score fast.
In contrast, buying a tradeline is useful for a short period of time only. Since it is a temporary arrangement, you have to be careful about what you purchase.
Working with one of the best tradeline companies can boost your credit score quickly and help you get the loan, apartment, car, or even the credit card that you always wanted. Since now you know what your best options are how purchase of tradeline works, hopefully you get your credit report fixed right away. Best of luck!
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.