What are Tradelines
Experian: Entry by a credit grantor to a customer’s credit history continued by a credit reporting agency. A trade line defines the consumer’s account status and activity. Tradeline info comprises names of businesses where the applicant has financial records, dates accounts were opened, credit limits, types of accounts, balances owed and payment histories.” Equifax: "concisely defines trade lines as “A credit industry term for an account recorded on a credit report. Tradelines is a well-known secret, Tradelines used by broker's, real estate agents, etc. Tradelines can boost your score fast (30-60 days) and can help you to be qualify for credit cards, loans, cards, etc. Today tradelines are the faster process to boost credit score.
Main Two Types of Tradelines Primary Tradelines Primary tradelines are accounts that under your name or you’re a cosigner. With primary tradelines you’re responsible for all debts basically because you’re the Primary Account Holder.
Authorized User Tradelines With authorized user tradelines your basically an authorized user inside other ”Primary Account" that belong to someone else. Now with authorized user tradelines you’re not financial responsibility on this account, even if it is clear that the charges were made by you.The history of the account is reported to the credit bureaus, so if you and the Primary Account Holder pay is bills on time and use less than 30% of is balance it will boost your personal credit score.