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Tradelines for Rebuilding Credit!

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New Member

Tradelines for Rebuilding Credit!

I am currently in the rebuilding phase. Adding tradelines has increased my score 45 points in 30 days! So I just wanted to share with my fellow rebuilders some excellent ways to add tradelines to get credit utilization’s down in return boosting your score!

Horizon Gold Card $500
I recently applied for this retail card and was approved for a $500 credit limit. It is $29.95 a month but I called to cancel it because I thought it was a credit card and they not only lowered my monthly payment to only $6.95 but increased my limit to $1250! They report to Equifax only I believe. It has yet to hit my credit because it does so after you make your first monthly payment so 45-60 days. I will keep you all informed to the wonders it makes after it does so.

My Jewelers Club: $5000 credit limit NO CREDIT CHECK reports to all 3 bureaus...but you must order $100 pay half and pay the $99 membership fee only a investment of $150...and I believe payments are about $30 a month

Ox Publishing: Credit line of $2500 reports to Equifax only...gives you the option of opening two lines of credit totaling $5000!

Hutton House: Credit line of $1500 reports to Equifax and TransUnion... they also give you the option of opening two lines of credit

I believe for Ox Publishing and Hutton House they have a fee of $30. That is a total of around $13500 in open lines of credit for only an investment of $250! I thought this was very helpful because it is very difficult for someone with a credit score of under 640 to get approved for that much credit!
Starting Scores: January 2018 EX 540 EQ 465 TU 495
Current Scores: August 2018 EX 594 EQ 526 TU 564
Goal Scores: 750 across the board FICO
Credit One bank $300 Fingerhut $300
Horizon Gold Care $1250 First Premier $300
Message 1 of 16
15 REPLIES 15
Valued Contributor

Re: Tradelines for Rebuilding Credit!

Welcome to the forums! Smiley Happy I am so glad you are here.

 

You are making progress so far. I like it. Smiley Wink

 

I would advise you getting the Open Sky secured Visa card. It has pretty decent rates and only one fee (an annual one). Plus, there is no credit check. Have you checked Discover's pre-qualification page? You may be able to snag yourself a pretty darn good card that can graduate with responsbile use. Smiley Happy

 

I would close the Horizon Gold card. It is not worth paying money for if it's going to report to Equixfax only, which is not used often by lenders. 

 

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Starting Score: 490
Current Score:EX: 590
Goal Score: 620


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Message 2 of 16
Highlighted
New Member

Re: Tradelines for Rebuilding Credit!

Well the Horizon is only 6.95 a month and as I said I’m waiting to see what wonders it’s gonna do once it hits later this month...and I live in North Carolina and most of our lenders look at Equifax and report to Equifax that’s why it is my lower score so I care more about my Equifax that’s why I don’t mind the only reporting to Equifax...but thanks though
Starting Scores: January 2018 EX 540 EQ 465 TU 495
Current Scores: August 2018 EX 594 EQ 526 TU 564
Goal Scores: 750 across the board FICO
Credit One bank $300 Fingerhut $300
Horizon Gold Care $1250 First Premier $300
Message 3 of 16
Valued Contributor

Re: Tradelines for Rebuilding Credit!


@Muashay_ wrote:
Well the Horizon is only 6.95 a month and as I said I’m waiting to see what wonders it’s gonna do once it hits later this month...and I live in North Carolina and most of our lenders look at Equifax and report to Equifax that’s why it is my lower score so I care more about my Equifax that’s why I don’t mind the only reporting to Equifax...but thanks though

In that case, you are fine. I forgot that reporting varies by state. 

Would you mind updating the community once it reports? A lot of people here are interested in the card but don't know if it actually reports. Smiley Happy

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Starting Score: 490
Current Score:EX: 590
Goal Score: 620


Take the myFICO Fitness Challenge




Message 4 of 16
New Member

Re: Tradelines for Rebuilding Credit!

Yes I will!
Starting Scores: January 2018 EX 540 EQ 465 TU 495
Current Scores: August 2018 EX 594 EQ 526 TU 564
Goal Scores: 750 across the board FICO
Credit One bank $300 Fingerhut $300
Horizon Gold Care $1250 First Premier $300
Message 5 of 16
Valued Contributor

Re: Tradelines for Rebuilding Credit!


@Muashay_ wrote:
Yes I will!

Thanks! Smiley Happy

Image and video hosting by TinyPic
Starting Score: 490
Current Score:EX: 590
Goal Score: 620


Take the myFICO Fitness Challenge




Message 6 of 16
Senior Contributor

Re: Tradelines for Rebuilding Credit!

Why do you need that much in open credit lines that may or may not be used? I realize that the trade lines are already open but hopefully, you consider the cards that the poster above mentioned - mainly because they report to all 3 bureaus and can graduate to cards that would fit your lifestyle down the road.

 

Also, is there anything else holding your scores down that could be addressed?

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 7 of 16
Valued Contributor

Re: Tradelines for Rebuilding Credit!


@Muashay_ wrote:
I am currently in the rebuilding phase. Adding tradelines has increased my score 45 points in 30 days! So I just wanted to share with my fellow rebuilders some excellent ways to add tradelines to get credit utilization’s down in return boosting your score!

Horizon Gold Card $500
I recently applied for this retail card and was approved for a $500 credit limit. It is $29.95 a month but I called to cancel it because I thought it was a credit card and they not only lowered my monthly payment to only $6.95 but increased my limit to $1250! They report to Equifax only I believe. It has yet to hit my credit because it does so after you make your first monthly payment so 45-60 days. I will keep you all informed to the wonders it makes after it does so.

My Jewelers Club: $5000 credit limit NO CREDIT CHECK reports to all 3 bureaus...but you must order $100 pay half and pay the $99 membership fee only a investment of $150...and I believe payments are about $30 a month

Ox Publishing: Credit line of $2500 reports to Equifax only...gives you the option of opening two lines of credit totaling $5000!

Hutton House: Credit line of $1500 reports to Equifax and TransUnion... they also give you the option of opening two lines of credit

I believe for Ox Publishing and Hutton House they have a fee of $30. That is a total of around $13500 in open lines of credit for only an investment of $250! I thought this was very helpful because it is very difficult for someone with a credit score of under 640 to get approved for that much credit!

I really hate these kinds of "credit cards" that are really just bilking you to establish credit. (Mod Cut-Not here please-thanks) Yeah, it works but you don't feel too good about yourself.  (meant to be funny).

From a FICO perspective it works, but wouldn't it be better to open three secured credit cards with credit unions that will either graduate or at least establish a relationship to later get an unsecured card or an auto loan?

There's many ways to get to the goal line and this way will work, but I would hate to have to see those tradelines on my reports for 10 years after I close the last turd.

FICO 08: EX-698, EQ-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [8/2/2019]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | CapOne Savor 30K | Barclay Aviator MC 12.5K | Discover It 32K | Alliant 3% Cash Back Visa 25K | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 8 of 16
Contributor

Re: Tradelines for Rebuilding Credit!

The problem with opening tradelines with high fees like that is that eventually you'll get your scores up to a point where you could get better cards and you'll realize it's not worth paying $30 or more a month in fees for substandard cards. Then you'll close those accounts and your AAoA will take a hit, lowering your scores again.

 

I'm glad these are helping you (for now) but I wouldn't recommend this approach to others.

Message 9 of 16
New Member

Re: Tradelines for Rebuilding Credit!

I made this post for people who are in the rebuilding phase! Everyone doesn’t have $1000+ to get secured cards so this another option! People with excellent credit usually have $15k-$50k+ in tradelines people with bad credit most of the time cannot get approved for big amounts like that you can call these companies and have them lower the monthly payment as I said I did...what’s $6.95 a month! That’s nothing with 0%!
Starting Scores: January 2018 EX 540 EQ 465 TU 495
Current Scores: August 2018 EX 594 EQ 526 TU 564
Goal Scores: 750 across the board FICO
Credit One bank $300 Fingerhut $300
Horizon Gold Care $1250 First Premier $300
Message 10 of 16
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