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anybody buy tradelines?


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23 hours ago, dp4266 said:

it says on google that its legal?

Just because something does not always directly run contrary to a statute does not mean it is not fraught with substantial risks.  It ALSO does not preclude the issue of effective fraud being in play.  You need to look big picture, to include what that other person is going to do with your protected personal information.   

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On 11/28/2020 at 7:01 PM, dp4266 said:

has anybody bought a tradeline ? if so what site and how was the experience ? explain your situation ..

I cannot fathom why you'd want to purchase something you could obtain yourself through an application or authorized user status.

 

Do you have credit report issues preventing you from obtaining credit from prime lenders?

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5 hours ago, Toast73 said:

I cannot fathom why you'd want to purchase something you could obtain yourself through an application or authorized user status.

 

Do you have credit report issues preventing you from obtaining credit from prime lenders?

my credit it 0.. how long would It take to get to a 700 credit score say if I did everything right and payed all bills on time?

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11 hours ago, dp4266 said:

my credit it 0.. how long would It take to get to a 700 credit score say if I did everything right and payed all bills on time?

With a credit score of 0, you are:

 

  • 18 years old and somehow avoided your parents using your SSN to turn on electricity or other utilities. Kudos to you.
  • A person who has paid cash all of their life for literally everything, and now you want to work on your credit profile. Nothing wrong with that.
  • A person who never paid a credit card, loan or car note in their life despite having thousands in credit extended to you. If this is you, I cannot help you.

 

So as to not waste your time, let's go with either Option A or B since they are similar.

 

Nobody on here can predict when, or if, a 700 score will be achieved.

 

I CAN tell you, however, that if you have zero credit, you may want to start with a secured loan from your bank. After 2-4 payments, a FICO score will be generated on all three reports.

 

It will not be an astronomically high score, but it will be a score nonetheless. Call it a "baseline", if you will.

 

Once you pay that loan off, go back to your bank and get a secured credit card. Put it to use and PIF prior to statement cutting (may take a billing cycle to see when statement is cut).

 

Keep this up for 6-12 months (I would say 12 is better), and you now have a paid off secured loan and secured credit card reporting, and 2 inquiries that will now be roughly a year or so old.

 

Go back to your bank and ask them to graduate your secured card to unsecured status and see if they will give you a boost on your credit limit. If they do, put your lowest monthly bill on it, and keep paying it off before statement cuts. You are essentially paying cash for that bill by virtue of avoiding finance charges. If they do NOT, open another savings secured loan and pay it off as you did before.

 

I would guesstimate at the 14-18 month mark, provided you never missed a payment on your secured products, your score will be mid-600s.

 

Bank of America may let you into their $99/$500 program around then, or outright approve you for an unsecured card.  Use this card and PIF before the statement cuts every month, or at worst, allow 5-9% of your credit limit to report (If balance owed is $100 out of a $500 limit, pay $51-$75 to keep this card reporting less than a 10% utilization).


Finally, after two years of perfect card/loan payment history, you COULD be at/over 700.

 

However, It could happen after 1 year of payment history. Or six months. Or six days after you generate a score.

 

Truth is, that magical 700 you seek happens at random times.

 

So why did you go through a spiel taking me on a two-year journey?

 

Because a FICO number is useless to a lender who wants to see responsible use over a period of time. Honestly, if you had a 700 score but only three months of payment history on one account on your credit report, I would probably not lend to you.

 

A 700 score is NOT going to happen overnight, and it WILL NOT happen any faster using whatever nefarious methods people on Craigslist try to peddle to you. So tell that bozo who wants you to buy a Green Dot Reload Pack and send him the numbers to kick rocks.

 

A side note.

 

AVOID FEE HARVESTERS / USELESS LENDERS:

 

  • First Premier Bank
  • Credit One
  • ANYTHING from Continental Finance
  • Nearly every Google search result for "bad credit credit cards"

 

 

Edited by Toast73
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6 hours ago, Toast73 said:

With a credit score of 0, you are:

 

  • 18 years old and somehow avoided your parents using your SSN to turn on electricity or other utilities. Kudos to you.
  • A person who has paid cash all of their life for literally everything, and now you want to work on your credit profile. Nothing wrong with that.
  • A person who never paid a credit card, loan or car note in their life despite having thousands in credit extended to you. If this is you, I cannot help you.

 

So as to not waste your time, let's go with either Option A or B since they are similar.

 

Nobody on here can predict when, or if, a 700 score will be achieved.

 

I CAN tell you, however, that if you have zero credit, you may want to start with a secured loan from your bank. After 2-4 payments, a FICO score will be generated on all three reports.

 

It will not be an astronomically high score, but it will be a score nonetheless. Call it a "baseline", if you will.

 

Once you pay that loan off, go back to your bank and get a secured credit card. Put it to use and PIF prior to statement cutting (may take a billing cycle to see when statement is cut).

 

Keep this up for 6-12 months (I would say 12 is better), and you now have a paid off secured loan and secured credit card reporting, and 2 inquiries that will now be roughly a year or so old.

 

Go back to your bank and ask them to graduate your secured card to unsecured status and see if they will give you a boost on your credit limit. If they do, put your lowest monthly bill on it, and keep paying it off before statement cuts. You are essentially paying cash for that bill by virtue of avoiding finance charges. If they do NOT, open another savings secured loan and pay it off as you did before.

 

I would guesstimate at the 14-18 month mark, provided you never missed a payment on your secured products, your score will be mid-600s.

 

Bank of America may let you into their $99/$500 program around then, or outright approve you for an unsecured card.  Use this card and PIF before the statement cuts every month, or at worst, allow 5-9% of your credit limit to report (If balance owed is $100 out of a $500 limit, pay $51-$75 to keep this card reporting less than a 10% utilization).


Finally, after two years of perfect card/loan payment history, you COULD be at/over 700.

 

However, It could happen after 1 year of payment history. Or six months. Or six days after you generate a score.

 

Truth is, that magical 700 you seek happens at random times.

 

So why did you go through a spiel taking me on a two-year journey?

 

Because a FICO number is useless to a lender who wants to see responsible use over a period of time. Honestly, if you had a 700 score but only three months of payment history on one account on your credit report, I would probably not lend to you.

 

A 700 score is NOT going to happen overnight, and it WILL NOT happen any faster using whatever nefarious methods people on Craigslist try to peddle to you. So tell that bozo who wants you to buy a Green Dot Reload Pack and send him the numbers to kick rocks.

 

A side note.

 

AVOID FEE HARVESTERS / USELESS LENDERS:

 

  • First Premier Bank
  • Credit One
  • ANYTHING from Continental Finance
  • Nearly every Google search result for "bad credit credit cards"

 

 

thank you for the information I appreciate it my case is I just never used my credit .. I just now really started learning about the credit world .. if I was added as a authorized user on a family members account would that boost me up to at least qualify for a unsecured credit card ? my plan is to revolve credit to build capital for real estate 

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1 hour ago, dp4266 said:

 my plan is to revolve credit to build capital for real estate 

Balance transfer arbitrage is not the great idea that it seemed 15-20 years ago...at some point, the piper WILL come calling and your house of cards crashes down.  And when it does, the real estate shell game goes away for you. 

 

Building credit is not an overnight thing.  Remember that score is ALSO not the be-all, end all.  There are people with scores in excess of an 835 on an 850 scale who get declined.  Further, young files and thin files are something in the current climate that have to be cultivated so that the loans make sense to the financier.  Again, it is NOT the era of easy credit. 

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1 hour ago, dp4266 said:

thank you for the information I appreciate it my case is I just never used my credit .. I just now really started learning about the credit world .. if I was added as a authorized user on a family members account would that boost me up to at least qualify for a unsecured credit card ? my plan is to revolve credit to build capital for real estate 

 

I trust you'll forgive the observation that a novice to credit intending to leverage credit card debt to invest in real estate is likely to meet with as much success as a new driver contemplating competing in the Daytona 500.

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There is no quick and easy solution to good credit. It's relatively easy, however it's a process. Think of it this way: you can't built a good home quickly. Everything good and long-lasting starts with a good foundation. I'm quite far-removed from the beginner's credit journey, so someone please feel free to jump in and correct anything that may have changed, but my first step was a simple credit card. In my case, it was a Discover More Student card sometime in 2005 I think. It had a toy limit of $750. In the time since, I've had almost 80K in student loans (which, IMO, don't really count), multiple prime credit cards (the crappiest card I have is the Visa from my bank, which I think is through First National Bank of Omaha or something?), car loans and leases, and multiple mortgages. I don't have hundreds of thousands in available credit like some do, but I don't want that. My scores are somewhere north of 825 on FICO8 depending on bureau, and what I earn on my rewards cards/taking advantage of new sign up bonuses adds up to an extra paycheck per year. The point of this is, don't expect an overnight solution. You'll get there, and the best time to start the process is now. Research your options, make calculated decisions, and you'll be exactly where you want to be. 

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For someone starting out with no baddies or, at worst, paid baddies over a year old, the steps for maximum FICO scores in the shortest time frame are:

 

1. Open a credit card. unsecured if possible, secured if not. Secured cards count as much as unsecured cards towards FICO.

2. Rinse and repeat and get at least 4 credit cards within the first 6 months. New cards on a thin, young, file increase your FICO score a lot. Nothing helps FICO scores near as much as credit cards so long as the reported utilization is below 5%. Reported utilization is the balance when the statement closes. You won't pay any interest so long as you pay the balance in full by the next payment date. 

3. Consider re-financing your car then pay down the bulk but not all  of the car loan within a few months. A new loan will lower your score but as soon as the remaining balance is small relative to the initial loan amount it will help FICO scores. But these loans are not as effective at bumping FICO as getting the first 2 or 3 credit cards.

 

Along the way getting someone to add you to an AU CC account helps a lot. Best if it's a spouse or family member you know that handles their credit responsibly. The problem with purchasing a line is that you buy them from a broker who is paying someone else for using their CC AUs. The AUs they buy are often from people that have financial stress and are trying to find ways to scrape together a buck. So you can often get screwed on the utilization when they run up their cards.

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