Bad credit can keep you up at night and affect your financial life. Buying, renting, and even finding a new job without good credit can create significant obstacles. Lenders look at your credit rating and determine your interest rates. Trying to correct all errors on your statements, you can still struggle to get your credit score where it belongs. To quickly increase your credit score you can add an Authorized User Tradeline to your report.
What Is an Authorized Tradeline?
Credit cards, loans, and bill payments are added to your credit report and called an Authorized User Tradeline. Tradelines are essential for calculating your overall credit rating. You can pay a merchant fee to add your name to an existing tradeline account in good standing and that will appear on your credit report. A balance in good credit will help you calculate your credit score.
Benefits of Adding an Authorized Tradeline
- Credit Approval: When you apply for a new loan with bad credit, you are at risk of being rejected. When you add a Tradeline to your report, it decreases the chances of this and increases the chances of being approved for a new credit card or loan.
- Lower interest rates: With a bad credit score, loans and credit cards can have a much higher interest rate. When having an Authorized Tradeline on your credit report, you can qualify for a loan with a lower interest rate.
- Qualify for the job: These days employers can get a version of your credit history and see how responsible you are. When you have an authorized User Tradeline, it increases your chance of getting a job.
- Rent an apartment: When you need to rent an apartment with a bad credit score, chances are the landlord will check your credit report. You can dramatically increase your chances of getting a perfect apartment if you have an Authorized User Tradelines on your credit report
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