Tradelines are a hot topic when we discuss the financing sector. They are in demand from the moment they were introduced, but with each passing day, their worth is increasing. But for those, who are still new to the topic, we are here to answer your query of whether or not buying tradelines is worth it.
What are Tradelines?
While searching for finance solutions or credit scores, you often encounter terms like tradelines for sale or boost your credit score with tradelines, etc. The first question that comes to mind is what are they? Well, in simple terms, they are just another name for credit accounts.
Having multiple tradelines means you are managing multiple credit accounts that increase your trustworthiness to creditors. That’s why tradelines are quick tickets to enhance your credit score.
Buying Tradelines
If you are a business owner and looking for financing, or someone who is looking to have a loan for a mortgage, tradelines are your answer. They are a quick way to boost your credit score and increase your chances of getting your loan approved.
The most common way of buying a tradeline is reaching out to someone with a credit card or a credit account and asking them to make you an active user of their credit card. It is a piggyback method, in which you can have the credit history of someone.
Of course, you won’t be allowed to use the credit card, the only benefit you get is the credit score from your sponsor.
Benefits of Purchasing Tradelines
Some of the benefits you can enjoy that justify their cost are;
Credit Worthiness
The most prominent benefit of having tradelines is your enhanced creditworthiness. If you purchase a tradeline from someone with an old credit account and a strong credit history, you can easily achieve your desired status. This creditworthiness will allow you to score a good loan amount without any problem.
High Credit Score
Whether you are planning to have your credit account, or just want to improve your chances of a loan, getting a strong tradeline can boost your credit score. It will increase your chances of having your desired outcome. This increase in the score can be beneficial for your overall credit health in the long run.
Strong Credit History
Even if you close your tradeline, you can still enjoy its fruit. The type of tradelines you take will help you create a strong credit history, which will be helpful in your future credit matters.
Chance to Get a Credit Card with a High Limit
With a strong credit profile, you can apply for credit cards with a high limit. You can achieve this with a good payment history, and low debt utilization (below 30%). It will help you have a strong credit score. This score will raise your chances of having a credit card with a higher limit.
Final Say
All things considered, purchasing tradelines is a quick and effective way to boost your credit score. The investment you make on tradelines is far minute compared to the benefits you reap with it.
