The American economy is built on one word: credit. This means that if you are going to enjoy everything that life has to offer when it comes to buying a home, vehicle, being approved for personal loans and more, you have to take your credit scores very seriously. For some of us, we may want to take out a new mortgage; some others may just want to get the latest iPhone. Whichever group you fall into, know someone is going to run your credit report. The great news for you today is that by the end of this article, you’ll discover the quickest way to increase your credit score.
But first, we’ll briefly discuss a few credit basics. You’ll see how all of it fits together and discover the quickest way to increase your credit score.
Why You Need a Good Credit Score
Some may think it is okay to just “get by” when it comes to a credit score. You know, somewhere around 650 where you are not exactly doing too bad but you are not doing that great either. At that level, you may convince some banks to give you a loan, but the rates are going to be a little higher than normal. Listed below are a few reasons why your credit score is so important.
- Your Credit determines where you live: Many property owners determine who to rent their houses to by running their credit scores. If you have a bad credit score, it will be more difficult to not just buy a house but rent one as well. Most mortgage lenders want to know that you won’t default on your payments before they will consider giving you loans. Your score will also determine how much interest you have to pay on your mortgage. I know you may be thinking, “Well I’m not looking to buy a house anytime soon.” However, bad credit can hinder your chances of renting a good apartment as well.
- Good Credit gives you more negotiating power: If you have a good credit score, you are better positioned to negotiate for lower interest rates. On the other hand, if your score is low, lenders will be less likely to negotiate lower rates.
- Good credit gets you higher limits: While good credit is not all you need to get approval for higher credit limits, it plays a large part. Your credit score is proof that you have a habit of paying your debts on time. This will give banks and lending houses comfort over your likelihood of paying back.
- Good credit means you may not have to pay security deposits on utilities: Establishing a new utility service may be a chore especially when you have to pay those outrageous security deposits. However, if you have good credit, you most likely will not have to pay a security deposit when you want to register for a new service or transfer your service to a new location.
Quickest Ways to Increase Your Credit Score.
Now that you have all the info on why you need good credit, you may be thinking, “But my credit score is already messed up, how can I fix it?” Well, you are in luck because that is exactly what we are going to be discussing in this post.
One thing to know before we get right into it is that bad credit does not go away overnight. It is not built with one late payment and it cannot be fixed by making one timely payment. However, there are a few things you could do to bring your credit score up.
- Clear out your credit: To increase your credit score, you need to find out everything that’s making it low in the first place. So first things first: request a credit report from any of the big nationwide credit reporting companies. When you receive it, you can choose to print it out or have it saved on your computer so you can have easy access to it. Now get to work: Search for any payment default or late bills. If there are any discrepancies, you can raise a dispute with your billers. By clearing out all defaults, you’re already on your way to a better score.
- Pay your balance and reduce your utilization rate: If you have any outstanding payments on any of your credit lines, you can lower them to help your utilization rate. Thirty percent of your credit score is determined by how much you currently owe. Paying off your balances should help your credit score. In addition to that, you need to work on reducing your overall balance. If you have a credit limit of $6000, try not to max it out every month. If you are going to keep a higher credit score, you need to keep your utilization below 30%. That means, if you have a limit of $6,000 on your credit line, try not to charge more than $2,000 to it.
- Become an authorized user: This by far is the quickest way to increase your credit score. If you don’t already know, an authorized user is someone who has been added as an authorized user to another person’s account (usually someone with great credit). Once you are added to the account, you adopt the credit history of the account owner. Now if that history is a great one, it will dramatically improve your own credit rating. Here’s why: your credit report will show all the accounts on which you’re authorized. Being added to a tradeline with excellent credit history is a great place to start raising your credit. While it is more common to reach out to friends and family members to add you to their accounts, if you don’t have that option, you can always purchase a tradeline. By purchasing tradelines, you can in some cases boost your credit score by 100 plus points in no time.
So if you’re thinking your credit is too bad to fix it quickly, think again. There is an answer. All you might have to do is purchase a tradeline. Sign up for a free consultation to see if your credit can benefit from a tradeline.
With so many consumers confused about the legality of “authorized user tradelines,” Improve My Credit Fitness wants to set the record straight about how regulators and credit reporting agencies stand in relation to their use. This confusion stems in large part because they were put under the spotlight during the housing market crisis and financial meltdown of 2007-2010. While many people are under the impression that their use was banned as a result of the various banking-related reforms taken because of the crisis, regulators ultimately made no changes in their use. In fact, the use of such tradelines is perfectly legal as long as specific provisions are met when they are added to your credit report. Credit scoring companies continue to accept the addition of authorized user tradelines and the Federal Reserve Board and Federal Trade Commission did not enact any new regulations to prevent them from doing so.
What Is a Tradeline?
A tradeline is basically the specific line-item information about each credit account, with details about the name of lender, type of account, payment status, payment history, and other information highlighting the relationship between the lender and creditor. Credit reporting agencies use tradelines to establish FICO scores and assess credit risk. The addition of authorized user tradelines allows a creditor to “piggyback” on another creditor’s account in order to receive the benefits of that account holder’s good credit. Authorized users receive a copy of that new tradeline in their credit report when the bank or creditor reports to the credit reporting agencies. For example, when a parent adds children to their account in order to boost their credit when they enter the working world, or when a person adds their spouse in order to boost the overall household’s credit rating.
Who Can Benefit From Authorized User Tradelines?
There are three types of customers that can benefit the most from tradelines: 1- Customers who have little credit history; 2- Customers that are just getting started and have no credit; 3- Customers that might have gone through a rough time and have some derogatory items on their credit report. If you filed for bankruptcy or have had lots of delinquencies within the last two years, tradelines will not help you. Please sign up for a free consultation with us to ensure you qualify.
Creditors have long followed the practice of furnishing credit information about all authorized users to credit bureaus without distinguishing whether or not authorized users are spouses and/or children. Over the past decade, federal regulators have examined this practice to determine both whether such information should be disclosed, but also if authorized user tradelines should be omitted from FICO scoring completely. In 2007, as the mortgage crisis and subsequent financial crisis of 2007-2010 was heating up, Fair Isaac Corp., the developer of FICO scoring, announced that it was going to eliminate authorized user tradelines from its scoring system. However, after consulting with the Federal Reserve Board and the Federal Trade Commission, Fair Isaac decided to retain them, as their omission might be contrary to law.
For their part, regulators determined that omitting authorized user tradelines from FICO would be in violation of Regulation B of the Equal Credit Opportunity Act. Regulation B prohibits discrimination in any aspect of credit transactions on the basis of age, gender, ethnicity, nationality, or marital status. Regulators also decided that the non-disclosure of authorized user status does not violate Regulation B. Thus, no changes were instituted by the government. At the time, FTC spokesman Frank Dorman said that FTC legal staff had determined that technically the addition of authorized user tradelines “appears to be legal,” a sentiment that continues to hold to this day.
Is It Legal?
The end result as of today is that adding an authorized user tradeline to your credit report is not in and of itself illegal, but if you were to use such tradelines for the purposes of fraudulently obtaining a loan you have no intention to repay then it would indeed be illegal. Such nuances explain why the FTC spokesperson characterizes it as “appear[ing] to be legal,” and why the use of tradelines is authorized by federal regulators and accepted by credit reporting agencies.
In other words, utilize authorized user tradelines to boost your credit scores and improve your credit fitness, but don’t commit outright fraud with them. The addition of a fake authorized user tradeline, say from a false front company with a fake account; would constitute fraud. As might the use of false credit information in conjunction with securing authorized user tradelines, or the use of tradelines to secure a loan with the intent of never paying it back.
To help ensure the legality of the practice, make sure the actual addition of any authorized user tradelines is conducted by a reputable credit repair company, such as Improve My Credit Fitness. Make sure the company handling this for you is bonded with a $10,000 surety bond and that any payment you make will be protected in a trust account as required by Section 817.7005.
—Disclaimer: Improve My Credit Fitness cannot give legal advice and none of the above information should be construed as legal advice.
Ever thought about getting a side hustle or an extra gig to add a few hundred dollars to your monthly income? Well, you’re not the only one. As a matter of fact, these days there are a wide variety of options to try. You could become an Uber driver, deliver for Door Dash, just to name a few. But if you’re like most people; those picking up extra work is – too much work! The great news for you today is that there is a much better way: selling tradelines.
Never Heard of Selling Tradelines for Extra Cash?
If this is the first time in your life hearing about selling tradelines, or if you’ve heard of it before, but never quite understood what it is and how it works, then today is your lucky day, because in the paragraphs that follow, you’ll discover the ins and outs of selling tradelines to bring in $500 to $1,000 plus per month. And the best part about it is that it doesn’t require any hard labor or hours of your precious time. In fact, if you have good credit, selling tradelines is perhaps the quickest and easiest way to make extra cash without doing any actual work. We’ll go in more detail in a minute, but before we do, that burning question of what exactly is a tradeline is probably rolling around in your mind.
What’s a Tradeline?
If you do a Google search, you’ll find dozens of complicated answers on what a tradeline is. But in simple terms, it’s what banks call a line of credit. Your credit card is a tradeline. Simple enough? Well, do you remember in the previous paragraph we noted that if you have good credit that selling tradelines could result in you receiving the extra money you want without having to pick up a side hustle or gig? Well, here’s your chance of a lifetime.
If you have what banks classify as a “seasoned” credit card account, which is simply a credit card account at least two years old with no late payments, whether you know it or not, you’re in high-demand. It is something the law has classified as legal, yet not many people actually know about it.
Here’s what we mean: for every credit card that you have, there is a list of authorized users. Of course you’re an authorized user of the card, but to make money, all you have to do is add someone as an authorized user and your unblemished payment history will be added to their credit.
With all of the security issues, such as identity theft and hacking going on, the natural question is to wonder if this is actually safe. The short answer to this question is yes, it’s safe. But just to ensure that your mind is free or worry, we’ll explain how your identity, as well as your credit card is safe and secure.
No. 1: Let’s start with your credit card. When you allow someone to be an authorized user as a way to make money selling tradelines, the person won’t have access to your actual credit card. You see, reputable tradeline companies that you sign up under, are the go in between you and the person wanting to purchase a tradeline. The person looking to purchase a tradeline is normally doing so in an effort to boost their credit score to help them qualify for a home loan, new vehicle loan, personal loan, etc. But in any case, that person never knows your name, your account number, or any of that information.
Let’s say for example, you have a credit card that’s two years old with no late payments and you want to sell this tradeline to a tradeline company. The tradeline company will make you an offer. You accept the offer. Then the tradeline company will make this tradeline available for purchase to anyone looking to purchase a tradeline. Once the person purchases the tradeline, all you have to do is either add them online or call your credit card company to add the person to your credit card account as an authorized user.
However, this person does not receive a card, nor have any access to your account information. You’re still in control of that. So basically, it’s a win-win for everyone involved. You make quick and easy money by selling your tradeline. The person looking to purchase a tradeline receives a positive payment history on their credit report to help them improve their credit in order to get the loan for whatever it is they’re seeking.
No. 2: It is important to note that the way tradeline companies make money is by limiting the length of time the authorized user has per tradeline. This is also good for you too. For example: a tradeline can be purchased for $600 for a term of two months. What this means is that after the two months are up, you can remove the person as an authorized user. If the person wants to go longer, he or she will typically have to renew or make a new purchase of the tradeline. Once the time allotted for the tradeline has expired, your tradeline company will send you an email letting you know to remove the person as an authorized user on your tradeline.
But the great thing about utilizing tradelines to make money is that the more seasoned tradelines you have and the more authorized users you have, the more money you can make. But be aware that most credit card companies have a limit on how many authorized users you can have per credit card. Every credit card company or bank has their own rules. And now that you have an overview of how to make money selling tradelines, feel free to give it a try, or learn more about your options as it relates to you making money selling tradelines.
If you plan to purchase a home, vehicle, furniture, or even rent an apartment, there’s one thing you’ll need in order to be approved: good credit. However, according to a recent study of 220 million people conducted by VantageScore, more than 68 million people have bad or poor credit. The great news for you today is that if you’re looking for the best way to build credit fast, there is a tested and proven way to do it: authorized user tradelines.
What Are Authorized User Tradelines?
An authorized user tradeline is the process of adding revolving accounts – in good standing – to your credit report in order to increase your credit scores. All of your credit cards are tradelines, your car loan is a tradeline and so is your mortgage. This method has proven to be the best way to build your credit fast. As a matter of fact, according to the Federal Reserve, 30 percent of people with a scorable credit score have at least one authorized user account on their credit report.
And in case you didn’t know it, a credit score of:
- 580 to 669 is considered fair credit
- 670 to 739 is good credit
- 740 to 799 is very good
- 800 to 850 is excellent
So now that you have the numbers in terms of what’s good credit and bad credit; what all of this means is that many people with good credit had a little help taking their low credit score to a higher credit score by being added as an authorized user of someone with good credit. And if you’re like most people, the question you may be asking yourself right now is:
Is It Legal?
The short answer is yes it’s legal. You’ve probably heard of the FICO score. Well, FICO stands for the Fair Isaac Corporation. Just to provide you with a little background, in 2008, this organization, which is the creator of the FICO score, along with the Federal Trade Commission, went to Congress in an effort to have authorized user tradelines removed from being a factor on credit scores.
During the hearings, the Fair Isaac Corporation consulted with the Federal Reserve Board and the Federal Trade Commission, but in the end, changed their stance on authorized user tradelines thereby making authorized user tradelines legal, and since that time has proven to be the best way to build credit fast.
Why Waiting It Out Won’t Work
If you’ve ever had a credit card or loan charged off or go to collections, it is common knowledge that after seven years of no activity the account will fall off of your credit report. This is both good news and bad news. The good news is that the negative account is no longer on your credit report. The bad news is that it may or may not increase your credit score. A clear-cut way to increase your credit score is to have a revolving account that’s at least two years old and in good standing. So waiting it out for seven years for a negative account to fall off a credit report for most people is not the best strategy.
However, when you buy authorized user tradelines from a reputable company, you’ll be able to add a tradeline or account from someone else with good credit in order to boost your personal credit score, quickly and easily. In fact, statistics from a study of more than 1 million people conducted by the Consumer Financial Protection Bureau, shows that being associated with someone else’s credit accounts via authorized user tradelines is the best way to build credit fast.
Credit worthiness can be one of the single most impactful tools that people can use to improve their quality of life. A low credit score, in the long run, can make you lose hundreds of thousands of dollars and depending on your situation, millions over the course of your life.
How? Let’s start with some of the things you might have to give up. For instance: Let’s say you want to move to a nice house or condominium located inside a community. Most of these communities these days require a minimum of a 630 credit score. If you fall below, you will likely be declined. In addition, should you need a short term loan to make it through some rough times or even start a business, the door might be closed if you don’t meet a minimum score requirement. More recently, some national banks started declining new checking accounts due to low or no credit score. If the trend continues, how are you going to operate in an increasingly digital world?
How about the things you’ll pay more for? Consider your car insurance cost, electricity & phone companies asking for deposits, credit card, auto, mortgage and the long list goes on and on.
The question now is: What are you going to do? Are you going to let a number take all the amazing things you can enjoy today away and settle for much less while you pay ridiculous interests, or are you going to take action and change that number now?
If your answer was ‘take action’, keep reading.
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