Adding Positive Tradelines

chadwick · ‎08-10-2013

Hi everyone! I'm walking down the same road as a lot of you, and I have some questions along the way! I'm in the process of getting my baddies removed and I'm looking for ways to improve my score in the meantime with some positive tradelines. Currently my "goodies" are a $5k USAA secured card and a $250 revolving line with Fingerhut. I'm not in a position to get a mortgage or auto loan. What other positives could I add to my credit report? I want to keep hard pulls at a minimum.

I've heard others mention getting a personal loan and paying it off over time. Problem with that is USAA doesn't do loans for less than $2500. Would a credit union offer a smaller loan?

Also have read about buying positive tradelines. Has anyone had any success with this lately? I know that supposedly it is no longer going to be effective at some point, however the article I read questioned it. Does this still work? I don't have any friends to piggyback on, so I would need a reputable place to purchase.

Are there any other ideas out there for me?

PS - What's the difference between fako/fico/real credit scores? How can you tell the difference between what you're getting?

Thanks!

bigblue7722 · ‎08-11-2013

I would suggest looking at a local credit union to get a secured loan and another secured credit card to add to your mix. My credit union in ct did one hard pull for me to open up my savings account with them and they used the same pull to get my secured loan and credit card so basically it was one hard pull for three products. Many people may say a secured loan may not help that much but It will add to your credit mix as well as build a relationship with a credit union which is great for later down the road if you need a real loan like an auto loan. I would do the loan for atleast 1 year.

As for fico/fako scores- fico scores are your "true" credit score that lenders use. However, their are different versions of these scores most of which only lenders have and consumers can not buy. However, the eq score that is sold on here seems to be the one most lenders use. The same can not be said for the TU score and EX score however, they should be closer to your real score than a fako. Fako scores are just for educational purposes and no lenders use them. My fako scores are like 100 points different than my real score. I would suggest buying the score watch found on here it has worked pretty good for me.

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Anonymous · ‎08-11-2013

Get a secured loan. Anyone that says it doesn't help doesn't know what they are talking about. First off, it helps your fico because it shows you have a mix of credit (revolving, installment), plus it helps you build a stable history by adding a new tradeline that gets paid off. And third, a local credit union is better most of the time for auto and home loans than the large banks. Like the previous poster stated, start with a local credit union.

Burned2manybridgesB4 · ‎08-12-2013

@chadwick wrote:

Hi everyone! I'm walking down the same road as a lot of you, and I have some questions along the way! I'm in the process of getting my baddies removed and I'm looking for ways to improve my score in the meantime with some positive tradelines. Currently my "goodies" are a $5k USAA secured card and a $250 revolving line with Fingerhut. I'm not in a position to get a mortgage or auto loan. What other positives could I add to my credit report? I want to keep hard pulls at a minimum.

I've heard others mention getting a personal loan and paying it off over time. Problem with that is USAA doesn't do loans for less than $2500. Would a credit union offer a smaller loan?

Also have read about buying positive tradelines. Has anyone had any success with this lately? I know that supposedly it is no longer going to be effective at some point, however the article I read questioned it. Does this still work? I don't have any friends to piggyback on, so I would need a reputable place to purchase.

Are there any other ideas out there for me?

PS - What's the difference between fako/fico/real credit scores? How can you tell the difference between what you're getting?

Thanks!

OP, are you just trying to get "mix" points, or are you purposely trying to get a better CC limit, or using a starter loan for the purposes of lower loan rates down the road?

Anonymous · ‎08-12-2013

OP... What kind of scores do you currently have? What is your AAoA? how many & what kind of baddies are your CR?

Sonic98 · ‎04-29-2014

@chadwick wrote:

Hi everyone! I'm walking down the same road as a lot of you, and I have some questions along the way! I'm in the process of getting my baddies removed and I'm looking for ways to improve my score in the meantime with some positive tradelines. Currently my "goodies" are a $5k USAA secured card and a $250 revolving line with Fingerhut. I'm not in a position to get a mortgage or auto loan. What other positives could I add to my credit report? I want to keep hard pulls at a minimum.

I've heard others mention getting a personal loan and paying it off over time. Problem with that is USAA doesn't do loans for less than $2500. Would a credit union offer a smaller loan?

Also have read about buying positive tradelines. Has anyone had any success with this lately? I know that supposedly it is no longer going to be effective at some point, however the article I read questioned it. Does this still work? I don't have any friends to piggyback on, so I would need a reputable place to purchase.

Are there any other ideas out there for me?

PS - What's the difference between fako/fico/real credit scores? How can you tell the difference between what you're getting?

Thanks!

By any chance do you know USAA's minumum requirements for a loan? I have Wells Fargo account, but I'm sure they'll be a headache. I was thinking of joing this credit union that has loans smaller than 2500.

Barneygirl · ‎04-30-2014

FYI - If you have a BMO bank in your city, go see them!!! They have what they call a "credit builder" loan. What it is is actually a certificate of deposit-backed "loan". You can choose the amount (I think it was $1000, $2500, or $5000) and the length of time to "pay" on it.

I did a small, 12-month, $1000 "loan".... I pay $44/month towards the "loan", which actually builds the value of the CD.

They do one hard pull on your credit report (all three CRs) but you don't have to have a minimum FICO score to get approved, and you can pay it off early without penalty, and at the end you have have a $1000 CD (+ whatever interest you build while paying).

As far as the authorized user tradelines.... they're hit or miss. I just did this, with my sister's account (older than 2 years, very low balance, large CL).... we live in the same home and have the same last name. My EX score jumped by 39 points... TU only moved 11... and EQ NOTHING!!!!! So, it can definitely help, but may not help much. And I think will all the new "safe guards" they've put in place to stop the AU madness, the days of seeing huge increases with this may be coming to an end. Definitely not something I would do unless you really need the points, and definitely not something I would EVER pay for!

Current FICO Scores: EQ749; TU732; EX733

Shogun · ‎04-30-2014

Authorized user of credit card

Every generation of the FICO score formula has included authorized user credit card accounts when calculating a person's score. FICO 8 score continues that policy. This can help people benefit from their shared management of a credit card account. It also helps lenders by providing scores that are based on a full snapshot of the consumer's credit history.

To protect lenders and honest consumers, the FICO 8 formula substantially reduces any benefit of so-called tradeline renting. That's a credit repair practice that entices consumers into being added to a stranger's credit account in order to misrepresent their credit risk to lenders.

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

baller4life · ‎04-30-2014

I was AMAZED when I saw that people actually do that. Charge strangers to make them AU on their cc. That is just ludicrous to me!! IMHO!

Sonic98 · ‎05-14-2014

I have a little bit of positive information to report. Both my cards have always been showing on Innovis and TransUnion. They were not reporting to Equifax and Experian. Finally they're both reported to Equifax on the last time they reported to the other two. They were still not reporting to Experian. Finally I called Wells Fargo two days ago and told them they needed to do a re-insertion because they had it removed, and the person in the disputes department said "Oh you need us to submit an update." Finally someone got it. He had mfax them something with the subject: State Not Reporting For Credit History with my Social, Address, Card Number, and the Credit Bureau that was in question. I'm going to check on this in a few days, and see if I need to do anything else or if I'll get some type of information from Wells Fargo. I'm actually speaking with Capital One now. All they're saying is they're going to submit disrecpancies to the bureaus. I'm not sure they're getting what I'm saying. I e-mail Wells Fargo, and they person said they're not showing notes about a fax, so I'm about to call the person I spoke with and see