Should I buy a tradeline?

Knat · 09-20-2007, 09:22 PM

I currently have a credit score of 550 because of a limited credit history, Im considering purchasing a trade line for 400 dollars to try to get my score high enough to get a decent credit card. The company I'm planning on buying it from is very reputable. I have heard though that Fair Issac is changing the way your FICO score is calculated, so that the purchase of trade lines wont work anymore. Is this true?

Qtip · 09-20-2007, 09:27 PM

Quote:

Originally Posted by Knat

I currently have a credit score of 550 because of a limited credit history, Im considering purchasing a trade line for 400 dollars to try to get my score high enough to get a decent credit card. The company I'm planning on buying it from is very reputable. I have heard though that Fair Issac is changing the way your FICO score is calculated, so that the purchase of trade lines wont work anymore. Is this true?

I would avoid purchasing a trade line, build your credit the old fashion way, use your credit wisely and in no time you should have decent credit lines. One of the reasons that Fico is trying to change the scoring company is to take this companies out of business.

hannah · 09-20-2007, 09:42 PM

At this time there is nothing illegal about purchasing a tradeline. FICO '08 is supposed to disregard authorized users. Depending on the creditor, no one has any way of knowing whether or not or who will use FICO '08 to determine your credit worthiness. While Qtip has a valid argument for building your own credit, as I said, there is nothing illegal (and IMHO nothing unethical) about buying a tradeline.

centex · 09-20-2007, 09:49 PM

A 550 suggests that there is more of a problem than limited credit history. The money spent on a purchased tradeline would be better spent on a secured card. At least then you still have something to show for your money when the scoring model changes take effect...

kaxmaII3 · 09-21-2007, 02:12 PM

You can PURCHASE a TL?

How does that work?

jlynn · 09-21-2007, 02:26 PM

You pay somebody xx amount of dollars, for them to add you as an AU on a high limit positive status credit card. You don't get an actual card, just the benefit of the TL reporting.

jlynn · 09-21-2007, 03:37 PM

Quote:

Originally Posted by Knat

I currently have a credit score of 550 because of a limited credit history, Im considering purchasing a trade line for 400 dollars to try to get my score high enough to get a decent credit card. The company I'm planning on buying it from is very reputable. I have heard though that Fair Issac is changing the way your FICO score is calculated, so that the purchase of trade lines wont work anymore. Is this true?

Regardless of the legal, ethical, and moral arguments both pro and con, I would have to agree with Centex.

Save your money and "buy" a secured card, or put it in a savings at a credit union, and get a small installment loan against it to assist you in the building process.

Some of the secured cards are decent, some will even unsecure the card after a period of time. Just do your homework. Installment loans, when paid correctly add to your mix, (installment, revolving, charge, etc), which is also a component of FICO.

How FICO 08 will effect all the scoring models in use, is an unknown - but we are all sure that the finance industry is working diligently to take the AU trick out of the equation. If it were me, knowing what I know now, I wouldn't risk pooping $400 away on a maybe, when, without a doubt, pretty much any credit card you own, will, with time and diligence on your part increase your score.

yoursalesreptom · 04-22-2008, 10:37 PM

I would recomend buying a Authorized user. I work with a guy who is on the inside of a credit bureos he informed me fico '08 is coming out this October, and only will wipe out the experian AU's.

Hedwig · 04-22-2008, 10:52 PM

Our own Apex also does this. If you're going to use a service, check them out thorughly with the BBB and other regulatory agencies. For example, if it's a law firm, check with the bar association to see if there are complaints against them.

drivel · 04-23-2008, 09:27 AM

I'm sure a great majority of the membership here would be willing to dispense with some of their tradelines at bargain basement prices.

roybean · 04-23-2008, 09:44 AM

Quote:

Originally Posted by drivel

I'm sure a great majority of the membership here would be willing to dispense with some of their tradelines at bargain basement prices.

The corner is calling you Drivel.....BEHAVE!

drivel · 04-23-2008, 12:36 PM

Quote:

Originally Posted by roybean

The corner is calling you Drivel.....BEHAVE!

jlynn · 04-23-2008, 02:07 PM

You look surprised?

apexcrsrvc · 04-23-2008, 11:54 PM

Buy the tradeline but, have the company look at the report first. You need to ensure you're getting what you need.

As for doing it yourself stuff, have fun waiting a few years for the scores to top 620.