The Top 5 Reasons to Buy Tradelines in 2023
Posted on 01 October, 2022 by Miranda Bottas in Tradelines
Buying Tradelines in 2023. An Excellent Idea for The Future.
In our opinion, the act of buying credit card tradelines is one of the best kept secrets in personal finance and credit improvement. By purchasing a spot as an authorized user on the card of a complete stranger for just a couple of months, it's possible to see your already good (or even great) credit score shoot up to new highs in record time. They're safe, easy to buy, and require little to practically no work on your behalf.
If you aren't familiar with what they are or how the process works, we recommend doing some research before buying. You can find plenty of information on the web about tradelines and how they work, or you can go direct to a complete and comprehensive source like The Ultimate Guide to Authorized User Tradelines and learn everything there is to know from one simple resource.
As with any type of financial instrument, there are risks invovled when you're not completely informed, and that's why we always encourage you to educate yourself about the functionality of tradelines and the buying process. There are many benefits to be had, but there are 5 that really stand out about buying tradelines.
- Rapid improvements in credit score and overall utilization rate
- The actual credit is not yours; so there are no spending worries
- The ability to buy exactly what you need, when you need it
- Today's economy is unpredictable, and it's always good to be prepared
- The price to value ratio makes it an excellent investment
Once you're familiar with everything, you'll know if it's the right decision to make for your financial future. In the meantime, we'd like to give you the top 5 reasons to buy tradelines in 2023.
1.) Buying Tradelines Can Provide Rapid Improvements To Your Credit Score
When you buy a credit card tradeline in 2023, it's no different than any other year. What's going to happen is that the card issuer will report your name to the credit bureaus as a user of the line of credit that you've purchased. Since it will be a tradeline with older age, higher limit and better credit utilization than the card(s) you already hold, it will increase your averages across the board. You'll suddenly have a much more seasoned credit profile and naturally, a much higher score.
The amount of impact you'll see depends on your situation and the credit tradeline you've bought. As long as you've covered the basics and your credit is clean before beginning the process you'll get an impressive raise in your score in just a coupe months, or even as quick as a few short weeks.
2.) You'll Never Owe a Penny Because You'll Never Receive a Card
When you buy an authorized user tradeline, you'll never receive a physical credit card. The secondary card will always and only be sent to the primary account holder. This means you'll know nothing about that card. You won't have the card number, expiration date, or the PIN. You'll never owe a penny because you won't actually be using the card for any purchases. The sole purpose of being an authorized user on the card of a stranger is to increase your score, not to gain purchasing power with their line of credit.
In other words, there's never any temptation to spend because it's impossible to do so. You'll never run the risk of racking up extra debt. You'll simply benefit from the addition of the extra card to your credit profile.
3.) You Can Choose Exactly What You Need
Buying tradelines is a bit like shopping for clothes. You can pick whatever you want, and there are various options available to you. However, instead of choosing something based on its color, style or size, you'll be choosing something based on factors such as the age of the card, the limit, and the card's history and utilization rate.
As an example, if you have several credit cards and they're all under 3 years of age, you'll want to buy a card with a very old age. This will bring your average account age up many years, thereby displaying a longer credit history. In another example, you may have held one or two cards for the last 10 years, but their limits are very low. In that circumstance buying a tradeline with a very high limit will make your total credit limit rise greatly while drastically drop your credit utilization dramatically. As a result, your score will show an impressive rise.
In terms of choosing, you can also decide to purchase multiple tradelines all with high limits. Or, maybe a mix of high limit cards and aged (or seasoned) cards to achieve the most powerful (and sometimes downright incredible) results for your overall profile and, of course, the big factor - your credit score.
You'll literally be able to choose from a long list of cards and know their exact age, limits, and issuing banks. Again, it's kind of like shopping for clothes except you're choosing the credit lines that fit you perfectly instead of pants or a dress. You'll also note that the timing is important and completely under your control - buy them only when you need them.
4.) Today's Economy is Very Unpredictable
The economy is always unpredictable, but sometimes it's more predictable than others. In today's financial setting, the global economy is very volatile and that means that both risk and uncertainty are higher. Inflation, interest rates, the stock market, and the buying power of currency is much less predictable than recent decades. When you have great credit, you're less likely to be affected by these external factors.
Would you prefer to hold 5 or 6 credit cards with revolving balances as interest rates continue to climb and attempt to pay those down as quickly as possible to ensure that you can acquire a home mortgage or refinance an existing loan? In some certain circumstances you might find it to be impossible. But with the leverage of one or more authorized user tradelines that you have no balance on, there's only 1 thing that can happen - you'll benefit.... and hopefully be able to achieve what you need, exactly when you need it.
5.) The Price-to-Value Ratio is Excellent
High-quality tradelines are not cheap. In fact, buying a tradeline with a very high limit (let's say $60k) or a very old age (25+ years) you could be looking at spending upwards of $1,000 per card. But the investment is sound and the long-term benefits greatly outweigh the initial cost. Remember, this is an investment that can help determine your entire financial future.
Imagine spending two or three thousand dollars on credit card tradelines and then being able to use your newly improved score to acquire your own high-limit cards, a home or loan with a 50% lower interest rate, or walk off a car lot with a brand new truck that required no down payment.
The best use - if properly planned for - is to setup your tradeline purchase to coincide with your mortgage or credit card applications so that you'll have the highest level of creditworthiness at the time of applying. Asking your credit card company to raise your current card's limit by $5,000 or $10,000 is much easier to achieve when they see that you utilization rate is low, your overall limit is high, and your average age is much older.
If done correctly and intelligently, buying tradelines strategically can be the most important thing you ever did for your credit.
The Time To Get Started With Tradelines Is Now
If you could spend $1,500 once a year to buy a high limit tradeline and in-turn get your own limits raised on your personal cards by higher-than average-amounts, wouldn't that be a wonderful long-term value to you as a responsible cardholder? Of course it would be, just do the math!
We've already shown you the top 5 reasons to buy tradelines in 2023 and they're highly unlikely to change any time soon. This is just one definitive way (of several) to aid in the diversification and security of your financial future. It's up to you to take action, get educated, and begin using these tools to empower yourself.
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