Should I purchase Good tradelines?

[cstyles]

I am hearing that you can purchase tradelines that will increase your credit score tremendously . The thing is that they are very costly. And before I shell out that type of money I want to make sure. I rather be safe than sorry. PLease help me if I should or should not. Also if so where is the cheapest place to go. I need to raise my score ASAP

[Anonymous]

Can you explain what these are????

[cstyles]

Tradelines are basically everything that is on your credit report that has balances such as ( car loan , credit cards, mortgage) So I was asking about good tradelines that some companies are selling. They put it on your credit reports like a Amex with a credit limit of $10,000 report 3 years of good credit standings

[Anonymous]

They put a tradeline that you don't have on your file with a 3 year history on a account you don't own? Sarcastic Question: So when they take your money and run; will you call the police and advise them the company you were using to defraud the CRA stole your money?

[Anonymous]

Good question...that why I was wondering what it was...I know what a tradeline is...but never heard of buying one...well I guess all things are possible...

[Anonymous]

Isn't this the reason that the whole AU thing is all messed up? I came to this forum for honesty, i firmly believe that purchasing tradelines is not an honest thing. That's just my opinion. I'm working hard to ESTABLISH my OWN tradelines.

[cstyles]

LOL This is why I am asking But I heard this works. How it is done puzzles me Must be someone on the inside

[Anonymous]

I gotta agree. Just the thought of this doesnt sit right. Sounds like something fraudelent to me. Like buying someone elses tradeline.

[Anonymous]

that's exactly what is. all these companies claim they can repair your credit quick. all they do is add you to someone's credit that is established as an AU and you're off. It is very costly and it still doesn't seem right. I'm sure a Mod or someone will come along and explain this whole touchy situation.

[Barry]

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cstyles wrote:
I am hearing that you can purchase tradelines that will increase your credit score tremendously . The thing is that they are very costly. And before I shell out that type of money I want to make sure. I rather be safe than sorry. PLease help me if I should or should not. Also if so where is the cheapest place to go. I need to raise my score ASAP

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What these companies that "sell" tradelines do is make you an authorized user on someone else's account.  You can't actually use the account nor are you responsible for it but it will appear on your credit report and you'll get the benefit of the credit history associated with it.  That is, after you pay them lots of $$$$$.

One problem, other than the cost, is that within the next few months, a new FICO scoring model (FICO 08) will start to be used by lenders that will exclude such tradelines from your score.  Once this happens these purchased tradelines will do you absolutely no good.  So, bottom line, this method of raising your score is not recommended.

As for other ways of raising your score, you've come to the right place -- the FICO Forums -- although there may just not be the quick fix you're looking for. For starters, what are the main reasons why your score isn't higher?  Late payments?  If so, how recent is the most recent one?  High credit card utilization?