Tuesday, September 7, 2010

Three Trade Lines

July 14, 2008 by Eleanor  
Filed under About Scores and Credit

telephoneWhat’s a trade line???  It’s a line of credit that is (preferrably)reported to all three credit bureaus.

Credit cards, Car Loans, Personal Loans from finance companies are all tradelines.  Some are better than others – for instance, personal loans from Beneficial will not help you get the highest score.  A loan with Best Buy is easier to get than one at Bank of America.  This means that if you have poor credit – apply for cards at chains like Best Buy and Jewelry stores.  If you have GREAT credit – these are the ones that you want to pay off and stop using!

If you do not have credit – you want to apply for an FHA loan and use your cell phone company and insurance as “non-traditional trade lines.”

Considering a home purchase, or just want to increase your credit score – please call Steve and Eleanor Thorne with FFSi, 919-649-5058

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Comments

41 Responses to “Three Trade Lines”
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  9. I found your topic “How to Improve My FICO Score » Blog Archive » Three Trade Lines” when i was searching for trade insurance and it is really intresting for me. If its OK for you i would like to translate your topic and post it on my german blog about trade insurance. I link back to your topic of course!

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  15. Pam Brown says:

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    I found this information very interesting and I am looking forward to more posts!

  24. Bodda says:

    Believe you have to consider all aspects in the current economic climate – personally do no think we have seen the full extent of the recesssion, so would be cautious in considering.

  25. Good one, Tradelines are typically seen as the key to fast credit to the majority of people

  26. Thanks for This Good Post I have found Credit Free Report is a great site to get my credit report and get my score 4 free. Has anbody else used it?

  27. loan finder says:

    i’ve been trying to get a mortgage for since november, and my mortgage officer said that i lacked sufficient number of tradelines. I don’t know if “buying” a tradeline is legal or not, but I had to look up online to quicky add them to my credit.
    i’ve actually tried two different sites…and like everyone who warned me, i’ve got my money taken by http://www.apexcreditservices.com , no such tradeline got reported on my report.. the other one i tried, http://www.tradelinesdirect.com, they promised 700+ score, but it only went up to 690 from 580. but at least the two tradelines they promised showed up.

    if i were you guys, becareful of all the scams out there. do your study, and remember that the cheapest is probably not the best. there can be a happy ending if you do your study.

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