There will moments in your life where your credit score is not something that you can be proud of. This does not mean, though, that there is no way to repair a bad credit score. You have to understand that there are also strategies that would help you get a good credit score back. Tradelines for credit repair are one example. This website will help you understand how season trade lines for credit repair work.
What are these so-called tradelines and how do they work? Before knowing more about tradelines, you have to know that there are actually a lot of companies that offer these services such as Superior Tradelines. These companies make use of a credit piggybacking method that helps you boost your credit score faster. The FICO scoring model has become the basis for banks these days. In a nutshell, FICO analyzes your credit history based on your file stored by your credit reporting agencies with the use of a mathematical equation. Starting from the scores of 300 to 850, your credit history is defined in three-digits.
As a loan applicant, when your credit score is closer to 850, you will have better loan approval and interest rates. In accordance with FICO, 30% of your score will be calculated based on your credit card balances and limits. A higher credit score is often the result of a bigger difference between your combined limits and combined credit card balances. Once season trade lines will be used on your credit report, your credit score will be calculated once again. Just like that, you can see an improvement in your credit score. To know how credit piggybacking works, just think of having $100,000 present in your credit with 40 years making a perfect payment history.
While Superior Tradelines will establish low balance, high limit credit cards and a perfect payment history for you, they will be adding your name as an authorized user to them. As an authorized user, you will be able to use this account yet you are not allowed to make changes to it. The main purpose of having this AU position was to add other people to the accounts of the cardholder so they can enjoy their credit line. This is beneficial for the authorized user such as yourself because the account history of the credit card that you have used will appear on your credit report. This would appear as if the credit card history has been around since the account was created. This appearance has the power to give a good boost to your credit score. Even if you have no power over the credit line, you can have this credit card copied into your own credit report. In less than two months, your credit score will increase. To discover more about tradelines, check this website.