The Quickest Way to Build Credit Scores with Tradelines

There exist many ways to build and improve your credit score, but most of them take time and patience to come into effect. However, there is a quicker and easier way to this - making use of another person’s tradelines to build or better your credit score. You can do this by two means.

Becoming an authorized user

Often, you have a friend, a family member, or a significant other who has a long history of positive credit scores and paying bills on time. By being added as an authorized user to such a person’s credit card, their tradeline gets shared with yours and impacts your credit score in a positive manner. You don’t need to possess or use this person’s credit card to reap the rewards of being an authorized user. All you need to do is ensure that the primary cardholder, i.e. your friend or family member, reports the activity of all authorized users to the credit bureaus. Else, it can be a waste of time as non-reporting won’t help with credit building at all. It is advisable to come to an agreement with the primary cardholder before the exercise, especially if the person expects you to pay your share to him/her for giving you such access to their credit history.

Buying third-party tradelines

Not all people are fortunate enough to have friends or family with positive credit history, and even if you do, these members may not be willing to give you authorized access for a variety of reasons. In such a situation, the quickest way to build credit scores is by buying tradelines from a reputed and legitimate company. The tradeline purchase is made by a third-party agency or company who specializes in the same.

Professional companies buy tradelines from people who have a long history of positive credit card or loan payments and offer them to you at a fee. The advantage of this method is that you can choose one or more tradelines that help offset the not-so-great information on your credit report. You can also make a choice based on your goals - whether it is to obtain a higher limit on your existing credit or to secure a large sum of loan for a new house or car. The effect is typically visible in anywhere between 45 to 90 days.

However, when opting for this method, be wary of the company that you choose to work with. There is an exchange of sensitive information, including identity proofs with the third party and tradelines sales company. So, be absolutely sure that you avail the services of a legitimate organization lest your identity gets stolen or misused.

Also, remember that buying tradelines as the quickest way to build credit only works for a short term. You are usually removed as the authorized user once your goal has been achieved. Post obtaining a new credit card or loan, you need to continue making payments on a timely basis lest your credit score topples again, sending those hundreds or thousands of dollars you spent buying third-party tradelines down the drain in no time.