Im sure you’ve heard old cliché: if it sounds too good to be true, it usually is. This is no exception. Of course there is mis-information out there also, so let's get the facts straight. (blog reposted from Nov 2014)
First of all any advice from the credit bureaus is false, unless it is legal rights which are mandated by the
federal government. For example, they advised you not to use credit repair, but of course they don’t want you to do this because then they make no money once the illegally posted items are removed. Credit bureaus do not like tradelines either. They are constantly trying to remove posted tradeline information. This is the problem with many tradelines, unless they are bank backed like ours.
The concept of a seasoned tradeline is that you pay a stranger hundreds or thousands of dollars to add
you as an authorized user or joint account holder on their credit card. The goal is to get the score high
enough to qualify for a new loan, or better interest rates.
There are several problems with this concept. One is if the joint holder adds more debt doesn’t pay on
time it will negatively effect your credit. The scheme works, but the goverment says it is illegal,
although they do not regulate the practice. The other problem is that once an underwriter sees
this or someone who has already pulled your credit, they are going to ask, how did this show up
so fast, yet be aged? Also, depending on the type of loan, the seasoned tradeline may not even
be considered and may have to provide written documentation that she/he has been the sole
payer of the account for the past 12 months via checks, or payment receipts. Lastly this type
of activity could be viewed as fraud by the bureaus, the lender or the Federal Government.
What do we offer?
We do not offer any kind of seasoned tradeline for these reasons, as we have been in the
credit business for many years and our experts advise against this.
We do offer tradelines from an FDIC Bank. A tradeline is a term used in the finanical industry,
for example: Our Unsecured Revolving Line of Credit thru our FDIC Bank (not a finance company)
reports all new active accounts every 3 business days to all 3 major credit bureaus. This
Revolving line of Credit is frequently referred to a "tradeline."
This type of tradeline will become seasoned as you keep the account in good standing. Because the bank gives you some amount of credit, by law they must give you a way to access it. Our tradeline cards give you access to online shopping clubs, that's how the banks stay legal, and are able to report this on the bureaus.
We offer our Unsecured Revolving Line of Credit thru our FDIC Bank (not a finance company)
reports all new active accounts every 3 business days to all 3 major credit bureaus.
+75% of our customers are in the process of trying to qualify for a mortgage or loan, and all of them that follow our guidelines are being qualified because of the credit and the credit score increase this line of credit provides.
We also offer other types of tradelines and credit cards / loans.
The Problem: Without enough credit (to offset debt and balance the debt - credit ratio)
the credit score suffers significantly. (debt-credit ratio effects 30-40% of the score). Many people start to fix their credit by disputing negatives first by themselves or through a professional repair company. When accounts are in dispute status it is difficult to add new credit, because of the risk. But also the scores drop after disputes without sufficient credit, sometimes people lose the score totally.
The solution: Add this tradeline or some of our other credit tradelines first to boost the
score before disputes are started and they will see significant score boosts. If the account is already in a repair service then they must wait until the service is complete and un-mark any accounts in dispute. If they don't qualify for this tradeline, we have other
The Platinum Tradeline Card:
· No upfront deposit required
· Minimum Equifax Score 500 (FICO)
· Reports to all 3 Credit Bureaus
· Limit Ranges between $1,100 and $6,500 depending on your qualifications
This is an unsecured card for people with challenged credit scores, financed by an
FDIC bank, and with your payment history being reported monthly to the BIG 3 bureaus.
· You must have a positive open Revolving account for great credit scores
· Limit 1 card per person
· Cards are only individual, not joint accounts
Processing Fee: $125-only charged if approved
Up-front Deposit: None – this is an unsecured card and your credit limit is determined
by your credit score and debt-to-income ratio
Annual Fee: $100 per year- billed @ $25/month for first 4 months
Credit: Limit Ranges between $1,100 and $6,500 depending on your qualifications, however after sometime you can ask to increase your credit up to $10,000.
Reporting: Reports to all 3 bureaus (Equifax, Experian, TransUnion) within 2 weeks
Interest Rate: 21% APR on purchases only (not fees)
· Credit pull – Minimum Equifax score of 500 FICO
· Debt-to-income ratio
· Must have a valid Social Security Number and pass FRAUD CONTROLS (#1 reason for decline).
· Fraud Alerts/Freeze acceptable as long as contact number has been added. Call Equifax
Live Customer Support at 800-846-5279 to add contact number and please allow 48
hours for them to make the changes before applying.
· Follow our online stores instructions pay the non-refundable access fee on our website
· Follow the instructions, you will be directed to the banks application. You will be notified immediately whether you’re approved.
· If declined you will be offered a Secured Credit Card instead.
· Make a small purchase at the online shop to activate your card & credit reporting. (One purchase
financed of any product of any amount (no min). Products are as low as $5.)
· Account will report to your credit within approx. 1 week of purchase
· Will need to pay $25/mo for 4 months to pay off the annual fee
· You are not required to use the card after that for it to report. It would be a good idea to
make some small purchases during the year to keep it active, however.
We are looking forward to helping your credit, so click here to get