Why You Should Buy Tradelines Before Financing Anything
Each and every time you decide to finance something, you should buy tradelines first. There are many reasons as to why and we'll explain those shortly - but it's something you definitely don't want to forget.
For the sake of clarity, if you decide to finance something with only a few payments or to finance certain types of items like home goods, then this rule probably doesn't apply to you. With that out of the way, in exactly what situations do you need to buy tradelines before financing?
- Taking out a personal loan
- Applying for a home mortgage
- Financing an automobile
- Applying for a business loan
- Applying for a new credit card
The 5 items mentioned above are some of the most common examples - however, depending on the cost of the purchase or the amount of the loan, the need to buy tradelines before you finance can apply to almost anything. If you're going to buy a new motorcycle, a boat, a yacht, an RV, a small business, a vacant lot, or even take out an educational loan, you can almost always benefit in the long-run by correctly using tradelines.
To give you a better understanding of the bullet points listed above, let's dive into each of them. But first, let's touch very briefly on how buying tradelines works at the core level. It's truly very simple. Basically, you always want to have a great credit score and this is especially true for the moment you're going to finance something. Even if your credit is really nice and clean, pushing your actual score up can always benefit you (unless you already have a score of 800 or higher). Buying tradelines results in your credit report showing a new, powerful credit line which helps push your score higher than before without taking any other action. In addition, it happens very quickly which allows you to plan strategically. Remember that part, because planning is everything when you need to buy tradelines.
Buy Tradelines Before Applying For a Personal Loan
Yes, personal loans are a prime example of the need for this precious and powerful product we know as a tradeline. The situation here is two-fold. First, you'll be more likely to be approved for the loan. Secondly, you'll be able to get a larger loan (if needed), lower interest rates on repayment, and have an easier time with the general approval process as a whole.
The better your credit, the less you'll require to prove your worthiness of the loan. Signing a contract after providing simple identification and showing proof of employment is much easier than dishing out months or years of bank statements, digging up your most recent income tax filings, and being asked if you have proof of any additional assets which can and may be required as collateral for the loan if the lender determines it's necessary.
Our favorite part about personal loans is they're a great way to strengthen your credit profile through a simple display of installment loans. They can be particularly helpful for those of us who are new to credit, or don't have a broad credit history. Many times a potential lender will want to see a variety on your credit report, and if you only have two or three credit cards for example, you're not showing them that you have a proven history of making on-time payments for any type of installment loan. In the industry, this is considered to be a "thin profile", meaning the breadth of the credit you maintain is not much. The more the merrier, especially as you move on into the future acquiring bigger and better loans. a great way to easily obtain your first installment loan is to aim for a very small loan for no other reason than to pay it back. The first one or two can actually cost you money on interest, however, it's an investment that's well made to strengthen your profile as a whole. In order to help yourself, you may decide to buy tradelines to boost your score before applying, therefore eliminating some of the hassles and making it easier to get the quick approval.
Buy Tradelines Before Applying For A Home Mortgage
Home mortgage loans are not always difficult to get, but the term "difficult" depends on your definition. Without a doubt, getting a home mortgage is one of the more painstaking financing processes you'll deal with. There is endless paperwork, a seemingly never ending game of back-and-forth regarding documents and additional requirements, and all of this has to happen while you're trying to find that perfect home and/or get approved before someone else buys it first. Plus, buying a home is a big deal, so there's already a lot of anxiousness and stress that come naturally with all the important decisions that this purchase brings into consideration (i.e. how far is the travel to work, what are the schools like, how is the noise level, what will your annual property taxes cost, who are your neighbors...and the list goes on and on).
Things were not always so stressful when buying a home but the real estate market is quite a wild place in recent years and things are subject to change on a moments notice. Your dream home can disappear from the market the same day you decide to make an offer on it, or after all your hard work in getting approved, the seller could back out in favor of another buyer or simply because they changed their mind. This these happen with more frequency right now than we've ever seen, so being prepared is a must and every additional point on your credit score truly can make a difference for you.
The decision to buy tradelines before applying for a home mortgage are mainly based around your ability to bargain, to be approved, to achieve a lower interest rate, to pay a smaller down payment, or to receive flexibility in the loan terms that are not always available to people with lesser credit scores. The better your paperwork looks, the more options you'll have and there's no arguing that. Even if we spoke of interest alone, imagine knowing that purchasing a few tradelines saved you a total of over a hundred thousand dollars. With that type of money you can make other financial moves that will continually help you go in the direction you want to go in life, so don't only think about the purchase at hand, but consider the compounding effect that can occur if you play your cards right. The decision to buy tradelines today can be a life-changer. Do you really want to look back with regret and think "If only I'd had a better credit score when financing this home!"??? No, you don't.
Buy Tradelines Before Financing An Automobile
While financing an automobile is one of the more straightforward lending processes, there's still a lot to be had from a better credit score. Obtaining the vehicle isn't always the only objective. While it's true that your credit score is very important for the financing you'll end up with, there are other aspects of auto loans that apply strictly to credit. Do you want to drive off the lot without paying a penny down? Do you want interest free payments for 24 months? How about no payments at all and no money down for a full year, plus an extremely low fixed interest rate? All of this can be done if your credit score is good enough.
Cars and trucks are not cheap, and the cost of financing a new vehicle is surely not an excellent investment. Buying a new car is usually a desire or a necessity. And the more power your credit profile shows, the better you'll be able to finance.
Auto financing is particularly interesting because most people want to get the absolute best deal they can get, and since you'll be using your car daily in most instances, you'll clearly want to have the ability to choose which vehicle fits your particular tastes. It would be a shame to settle for whatever you can get your hands on as compared to what you really prefer and can afford, simply because of the difference of the numbers on your credit report.
Don't get stuck in an economy vehicle if you really want or need something more spacious or comfortable. Why settle for whatever is on the lot when you can custom order your vehicle in the color of your preference, with the exact options you want? If you buy tradelines before you buy your car, the chances are much higher that you'll be very pleased with both the car you purchase and the financing terms.
Buy Tradelines Before Applying For A Business Loan
This is one of those situations where your credit is a huge factor. For the average person, getting a loan to start a new business in extremely hard. Even if you have one of the best business ideas in the world and a great presentation laid out for your plans, you're not going to get a single dollar from a traditional lender without displaying great credit. It's quite sad in many ways, because there are so many highly motivated entrepreneurs or regular people who never achieve their full potential - and it's for no other reason than a lack of funding.
In recent years, things like Angel investors and various other small groups of private and dedicated investors have appeared on the scene to take advantage of the opportunity of people with great ideas and the ability to turn those ideas into fully functional businesses that deliver great returns. Think of the TV show Shark Tank - it's exactly like that. However, not everyone knows who to contact or how to employ methods like these, and go direct to banks where the vast majority will be denied funding. But with the right tools available, it's possible to turn that loan application into an approval with a high enough credit score.
Even if you feel like you're fully prepared to approach your lending institution, there's no good reason (unless you already know for a fact that you'll be guaranteed an approval) to not buy tradelines as a way to assist in getting the money you need to make your dreams of being a business owner come true. If you already own a successful business - or more than one - you'll find it rather easy to obtain more money since you have a proven record of being profitable, and, because you can use your existing business assets as collateral if required. But for the people who require a simple $25k to open a hair salon or get rolling with their own plumbing service, it's often an uphill battle or flat-out denial. Any single thing that you can do to show financial responsibility can help you out greatly, and the choice to buy tradelines might just help you make the cut.
Buying Tradelines Before Applying For A New Credit Card
When you want to continually grow and expand your financial options, credit cards are an awesome tool to have. As long as you use them wisely, they can make a massive difference in how your future is shaped. A powerful credit profile is an awesome thing to have, and you probably clearly understand that. However, if you can't manage to get anything more than a couple low-limit cards with high interest rates and little-to-no benefits, the journey of building credit in a traditional fashion beginning with just a single card or two will be a long one. The good news is that this process is easy to speed up if you know what you're doing. Having a nice increase in your credit score can make it easy to get a quick approval on a card with a much higher limit than you'd ever expect.
Similar to the situation with personal loans, the fastest method for getting the credit cards you really want could require the investment of buying a tradeline or two, but in the long run, you're could be shaving an immense amount of time off of the period required before you'd normally be eligible. In other words, it's a sound investment if you don't want to wait.
When using this method, be sure you've done your research before buying. If you don't have a decent understanding of how credit scoring works, you'll need to spend some time to educate yourself. The power of buying tradelines rests in your ability to choose those which are most probable for delivering results for your particular situation. As an example, you don't want to buy a tradeline only to discover later that you knew nothing about the importance of your average credit age, total credit limit, or overall credit utilization. It's easy stuff to learn that you definitely don't want to ignore, and will give you the edge required to make the right decision. You might even decide that now isn't the best time to be searching for tradelines and instead choose to focus on methods for getting limit increases from your existing cards while gaining more experience.
Buy Tradelines Because They Work, But Know That Nothing Is Guaranteed
While tradelines can make a significant improvement to your credit score, they can't guarantee you a loan approval or financing. It's very important to understand this and speak with your lender first about where you stand financially, what your plans are, and discuss what they'd require from you before making any decisions. Only at that point will you be informed, confident, and ready to take the next steps.
If you're ready to buy tradelines now, simply visit our website today to view our large inventory of hand-picked credit lines. You'll be just as pleased with our customer service and the overall purchase process as you will with our products. If you have questions or require guidance to make the best choice, get in touch and we'll happily walk you through the steps so you can purchase what you need to begin moving forward.
GFS Group Is A Full-Service Tradeline Company