Are you an authorized user? 5 facts you need to know!
- Choose a good tradeline.
If you have purchased a tradeline make sure that its holder has an excellent reputation and that all its payments are perfect and low credit utilization.
- Take into account the credit limit.
The credit limit is very important as it may or may not affect your credit utilization ratio. Having too high a utilization rate can greatly affect your credit, so it is advisable to have a low utilization.
- The bank informs about your tradeline.
Indeed, the bank informs the credit bureaus about your tradeline and this happens at the same time of each corresponding payment.
- Number of trade lines you need.
Each person has a different credit history and different problems, so it is up to each person depending on his or her situation to see how much tradeline he or she needs and that it is of quality.
Eliminate incorrect information.
You should verify if you have any fraud or credit freeze information, if possible before purchasing a tradeline. To remove this information, you should contact a credit bureau to correct it.
One of the many doubts a person has before purchasing a tradeline of credit is the following:
If my credit is damaged, should I repair it before buying a tradeline?
The answer is yes! The fact that you buy a tradeline does not mean that it will eliminate incorrect or negative information in your credit history. In this case you should opt for credit repair who takes care of that procedure.
Once this happens, your credit score is going to be very low, so this is when you can invest in a tradeline to help your credit report score and start having a credit history.
The important thing is not only to repair your credit, but also to build it by adding positive accounts, in this case, commercial lines which go hand in hand with credit repair or restoration.