What is a Tradeline Package and When Do You Need One?
Posted on 02 April, 2021 by Miranda Bottas in Boost Credit Score
Tradeline Packages: What They Offer & When You Need Them
When you purchase two or more tradelines bundled together, this is considered a tradeline package. The decision to buy a single credit tradeline or buy multiple tradelines will depend on your individual needs, goals, and requirements - as well as your budget.
There are some cases where pairing tradelines into packages can be extremly beneficial and other cases where a single powerful tradeline can be more effective. The reasons behind this can vary from person to person and depend entirely on the situation at hand, so let’s find out more.
When Do You Need a Tradeline Package?
- In most cases, if your credit accounts consist of a mix of revolving accounts (credit cards, retail store cards, etc.) and installment credit accounts (mortgage, auto loans, etc.), a tradeline package will positively affect your credit score. So if your credit file is thin and with only a few accounts, or, for example only consists of credit cards, buying multiple tradelines will help you achieve better results.
- Suppose you have negative remarks on your credit report such as missed or late payments, collections, or foreclosures. In that case, you would benefit from a few tradelines with strong history to outweigh the derogatory accounts that are damaging your score.
- If your credit score is already relatively strong, adding several strong tradelines will maximize the outcome.
- If you want to increase your chances that the tradelines you purchase post to all three (or any specific) credit bureau, several tradelines can provide more certainty and confidence.
- In time-sensitive situations. For example when you're relying heavily that a tradeline purchase will reflect on your credit report by a specific date, a tradeline package is definitely a more prudent choice.
When is a Single, High-Quality Tradeline the Best Solution?
- If you have a limited budget, it’s better to focus on buying one tradeline account with significant potential. In other words, you should select the most aged tradeline you can afford since age is one of the most heavily weighted factors when calculating your score.
- If your credit file is relatively thick and has lots of accounts, it will be rather difficult to achieve significant improvement with multiple, low-to-mid-level tradelines. Instead, you should concentrate your efforts on adding a single premium line of credit that outweighs the previous accounts and adds more value to your profile.
- If your strategy is to obtain tradelines with a higher credit limit, a single tradeline will generally be the best choice.
- When you don't have a lengthy credit history, a single tradeline with a longest age you can afford will help increase the average age of your credit immensely.
As you can see above, tradeline packages can be an excellent choice for some, but they're not always ideal.
If you're still unsure about what to do or need more answers, visit our FAQ section to find great tips on selecting tradelines. You can always contact GFS Group for more advice when you feel that you might be ready to buy. We're here to help you and provide expert advice on your purchases at any given time.
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