It is not all too uncommon for people to get a bad credit score. This does not mean, though, that there is no way to repair a bad credit score. Contrary to popular belief, there are actually a lot of ways to repair your credit. Take, for instance, tradelines for credit repair. You can read more here on how to repair your credit score with season tradelines; so, make sure to click here for more.
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. When you look at banks, you will learn that the FICO scoring model is what they rely on. Basically, FICO has come up with a mathematical equation to help analyze your credit history that is stored on file from credit reporting agencies. Using a three-digit score, your credit history will be defined starting from 300 to 850.
Usually, banks keep your loans approved and give you better interest rates when your scores are near 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. Once season trade lines will be used on your credit report, your credit score will be calculated once again. You will be quick to see a boost 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.
Superior Tradelines work by adding your name as one of its authorized users on their low balance, high limit credit cards with perfect payment history. If you become an authorized user, you can use the said account but you cannot 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. Despite the fact that you do not get the ability to take advantage of the credit line, you benefit in a way that the credit card will appear in your own credit report. It takes less than 60 days to get your credit score right. To discover more about tradelines, check this website.