topic Primary Tradelines '4 Sale' in Rebuilding Your Credit

Primary Tradelines '4 Sale'

Anonymous — Tue, 15 Jul 2008 23:57:56 GMT

Some companies are now offering Primary Tradelines vs Authorized Tradelines.

Essentially, they take whatever credit-line you want reported, say $50k, and open a secured account with it in your name. You do NOT have access to it. You then make payments on it, for 6 mos minimum. If you want to cancel at any time, you do so and is closed as Paid.

So essentially it is a Secured Loan where someone else is putting up the secured principal for you.

Cost is around $250 per month for a $50k Line and $300 or so to set-up.

I know, I know everyone is going to say 'shady', I don't see how it is different then opening a secured loan/card in order to establish payment history. I'll still be making monthly payments on it. Is it an expensive way to develop credit? Yes. Do I need serious lines of credit in the near-future? Yes.

Has anyone does this, heard of it, known anyone who has done it?

Re: Primary Tradelines '4 Sale'

Anonymous — Wed, 16 Jul 2008 00:57:27 GMT

I see what you are saying. You are paying for a service. To some, it wouldnt be worth much, but to others, alot. It would definitely boost my scores, I know but I dont think it would fit my situation though. If I were looking to borrow money for some reason in the near future on my personal ,I would definitely consider.

Re: Primary Tradelines '4 Sale'

MattH — Wed, 16 Jul 2008 01:37:08 GMT

@Anonymous wrote:
Some companies are now offering Primary Tradelines vs Authorized Tradelines.

Essentially, they take whatever credit-line you want reported, say $50k, and open a secured account with it in your name. You do NOT have access to it. You then make payments on it, for 6 mos minimum. If you want to cancel at any time, you do so and is closed as Paid.

So essentially it is a Secured Loan where someone else is putting up the secured principal for you.

Cost is around $250 per month for a $50k Line and $300 or so to set-up.

I know, I know everyone is going to say 'shady', I don't see how it is different then opening a secured loan/card in order to establish payment history. I'll still be making monthly payments on it. Is it an expensive way to develop credit? Yes. Do I need serious lines of credit in the near-future? Yes.

Has anyone does this, heard of it, known anyone who has done it?

http://www.bankrate.com/brm/story_content.asp?story_uid=22679&prodtype=pfin

http://www.bankrate.com/brm/news/DrDon/20071030_authorized_users_score_a1.asp

Re: Primary Tradelines '4 Sale'

Anonymous — Wed, 16 Jul 2008 02:08:48 GMT

While this topic is borderline Credit repair-

Don't get 50K as it Will NOT count in UTL !!!!!!!!!!!!!!!!

I think we really need to fix our credit the right way - time and energy can provide the same results.

Re: Primary Tradelines '4 Sale'

Anonymous — Wed, 16 Jul 2008 05:03:28 GMT

I'm not certain they would be worth the money.

If you already have installment, it won't help your mix.

If you have any positive accounts already, it isn't going to help your history.

You'll get a ding for a new account.

The only way I could see it helping is if you have absolutely no history, but then getting a secured CC or a secured loan from a CU or bank you have a relationship with would help just as well.

Re: Primary Tradelines '4 Sale'

Anonymous — Wed, 16 Jul 2008 05:13:40 GMT

@Anonymous wrote:
While this topic is borderline Credit repair-

Don't get 50K as it Will NOT count in UTL !!!!!!!!!!!!!!!!

I have a sad story about that. I got this call about 4 years ago from a gentleman that was wondering why, when he was added as an AU on a persons CC his scores didnt go up at all. I pulled up his report and then checked out the new account. I noticed that the limit on the CC was 65k. I proceeded to explain to him the reason why this card wasnt counting against his rev UTIL. At this point he was furious and cursing up a storm. When I calmed him down he eventually told me that he paid some company around $500.00 to add that one card and in his greed he just paid them another $200.00 for another to add him as a AU and there was no way he could get his money back.

All this and he had a 710 score, but I think he was chasing 720 to get a better rate on his refi..

Re: Primary Tradelines '4 Sale'

Anonymous — Wed, 16 Jul 2008 05:50:46 GMT

Hmmm, a few things;

1) I'm not looking to help utilization at all, so I don't care about the line for that reason

2) If I had installment in the mix (I probaby will anyway vis a vis a 2k secured/unsecured 12 month note

3) I want the note to display a $50k line, I think it IS fair to say lenders consider you for higher lines when you have a higher line.

As I see it, it is a $1.500 investment to try to develop $100k lines (it will go on corp credit)

Re: Primary Tradelines '4 Sale'

Anonymous — Sat, 11 Jan 2014 19:04:44 GMT

want to know more info looking to get a tradeline thanks

Re: Primary Tradelines '4 Sale'

Shogun — Sun, 12 Jan 2014 06:08:13 GMT

@Anonymous wrote:
want to know more info looking to get a tradeline thanks

Really old post. This "piggybacking" method was popular years ago, but everyone caught on to it. Tons of those accounts got shut down and there were plenty of upset people concerning it.