It is not all too uncommon for people to get a bad credit score. And yet, this is not the end of the world because you can still turn your bad credit score around and make it better. Contrary to popular belief, there are actually a lot of ways to repair your credit. Take, for instance, tradelines for credit repair. This website will help you understand how season trade lines for credit repair work.
How does tradelines work and why are they able to help repair your credit? Prior to understanding tradelines better, you have to know that companies such as Superior Tradelines can give you these services. 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. Basically, FICO has come up with a mathematical equation to help analyze your credit history that is stored on file from credit reporting agencies. Starting from the scores of 300 to 850, your credit history is defined in three-digits.
Most of the time, banks will give you better interest rates and approve your loans if your score falls closer to 850. Your credit card balance and limit matters in getting 30% of your scored based on FICO. A higher credit score is often the result of a bigger difference between your combined limits and combined credit card balances. When there is the appearance of season trade lines on your credit report, there will immediately be a recalculation of your credit score. Just like that, you can see an improvement in your credit score. If you want to get an idea of credit piggybacking, it is having at least 40 years of perfect payment history with $100,000 present in your credit.
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. If you become an authorized user, you can use the said account but you cannot make changes to it. The main purpose of an AU position is for the cardholders to add other people to their account so they can access their credit line. This is dual purpose because the account history of the credit card that you have used as an authorized user will be reflected into your credit report. You can look at this in a way where the history of the credit card has been there ever since the first opening of the account. This allows a great boost to your credit score if it is currently bad. Though you have no ability to use this credit line, you will still benefit from having the credit card record pasted into your credit report. In less than two months, your credit score will increase. If you want to read more about tradelines, click here for more.