Is “BUYING” tradelines truly helping you?
- Berley B, MS
- Feb 21, 2022
- 2 min read
Before buying tradelines, you must know WHY you are going that avenue in the first place. It is a temporary solution!
I wrote a piece last year about the pros and cons of authorized users/tradelines. The link is below:
Do I believe in tradelines, and would I recommend them?
This answer is not an easy yes or no, and I will tell you why when I break down the pros and cons of them.
AN EASY ANSWER IS THAT, I truly believe in being added as an authorized user from a KNOWN TRUSTED PERSON to help build your credit and all, however, buying a tradeline from these random companies/IG Gurus is not always the smart thing to do. You might end up out of money and disappointed.
What is the difference between a tradeline and authorized user account?
It is the same thing. The difference is where you get the tradeline from. Buying a tradeline from a company or someone is a quick temporary fix, and there is no such thing as a quick fix to credit building or repair. Being added as an authorized user by a family/friend helps you in the long run, as long as you remain on that account and the person continues to maintain the account in great shape-meaning no late payments, low balance usage.
Now that all the technicalities are out the way, let’s get to the good part.
What are the PROS of buying tradelines?
You get a quick boost on your credit scores if you are trying to get approved for something. It will positively affect your credit because it will help your utilization, payment history, and length of credit FOR HOWEVER LONG YOU’VE PURCHASED IT FOR.
When you buy a tradeline, it is usually for two months unless you choose to have an agreement to pay them month to month after the first two months, then they remove you from the tradeline, and close the account. Which will bring us to the cons of buying tradelines.
What are the CONS of buying tradelines?
It is a temporary fix to your credit issues (if you have any). Once your timeframe for the tradelines ends (how long you purchased it for), the account will close which will remove all the benefits that you were receiving. We all know that you lose way more points when something negative happens to your credit profile than you get points for something positive.
Now back to the previous question, do I believe in buying tradelines and would I recommend them?
I personally would not recommend them if you are attempting to fix your credit. I say focus on fixing and building/rebuilding your credit. IF YOU HAVE A KNOWN/TRUSTED family/friend, have them add you as an authorized user, and be sure they do not act on impulse where they will remove you if something goes wrong with the family/friendship. Well, that would be also on you to be a good human being!
Remember to always monitor your credit reports. You can do so below:
It is never too late in the year to say Happy New Year right?
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