Seasoned tradelines are lines of credit that have been kept in good standing for a relatively long amount of time, such as at least a couple of years. You can pay to have seasoned tradelines added to your credit report. Although there are other ways that you can boost your credit score, adding seasoned tradelines is often considered worth it for these reasons.
Boost Your Credit Score
Many people have low credit scores and are bothered by the impact that their low credit scores have on their lives. There are a lot of things that you can do to improve your credit score, such as making sure that you pay all of your future bills on time, having inaccurate information removed from your credit report and opening up new lines of credit. If you have taken steps to improve your credit score but still don't have the score that you want, adding seasoned tradelines can help you achieve your goal.
Get Higher Credit Limits
Along with boosting your credit score and increasing your chances of getting approved for lines of credit, you can also make it easier to get higher credit limits on the loans and credit cards that you get approved for by adding seasoned tradelines to your credit report. Basically, having seasoned tradelines on your credit report -- particularly if they are for higher credit limits and loans -- helps show lenders that you are capable of handling large amounts of credit responsibly.
If you have had problems with getting the credit limits that you need in the past, adding seasoned tradelines can help with that. For example, if you want to purchase a more expensive house and have the income to afford the payments, you can help increase your chances of getting approved for the mortgage that you want. If you are able to get approved for credit cards but are tired of getting approved for low credit limits, then adding seasoned tradelines to your credit report can help you get approved for credit cards with higher limits. You may also be able to purchase a newer and more expensive car and more, too.
Adding seasoned tradelines to your credit report might not seem like a conventional way to improve your financial situation, but for many, it's a good idea. Naturally, as with any financial decision, it's wise to do your research before doing this. It can help you improve your credit score and report and can impact your life in positive ways, though
Share29 December 2018
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.