$300.00 tradelines? No, not at all…

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Are you a wholesaler, a rehabber, a landlord, or even a turnkey investor? View all Local Real Estate forums. I have a timeshare that I have been paying for since and have not missed a payment nor have I been late. I am sure this will boost my credit score dramatically and I would like to know if there is a way to add this account to my credit.

The company says their policy don't allow them report to the credit bureaus but they will send documentation of the account. The only LEGAL way is to find somebody such as a good friend or family member to add you as an authorized user. They tried to do away with this but after a court ruling, they realized dropping the authorized user from getting credit for the account negatively affected woman more than men.

So, it's still a go and can do wonders if you lack credit. You DON'T want to create a new account. Credit is all about history. If a parent adds their child onto their credit card as an authroized user, the child instantly gets the same length of time that the parent has. Yes, even if the credit account is 20 years old and the child is 18 years old, they will get 20 years of credit.

The point of the forums is so people can share information for the benefit of all in the community. Read my post above. If anybody tries to sell you tradelines, it is categorized as identity theft. I know the loopholes and also know why they don't work if questioned. See Josh, that's why I like to explain things person to person. Sometimes people believe that what they know is all there is to know and in my case that's simply not true. Besides being a RE investor I work with a reputable attorney and company who purchase debt.

At this point the creditor is free to assign the debt to anyone who wants to assume that debt. It is perfectly legal and above board for an individual to assume a note just as compaines are able to.

The creditor benefits because the note otherwise non performing becomes a performing not and as long as the new debtor can afford the monthly payments they benefit from a "tradeline" that reflects positively on their credit. Can you explain in greater detail? NOW, back to your original question cliff, many lenders will accept alternative tradelines meaning tradelines that show payment history that does not show up on your report.

You can go down to your local bank, make sure this bank actually reports to the bureaus. They report, and you have some credit at least. If you signed up for BiggerPockets via Facebook, you can log in with just one click! Log in with Facebook. Full Name Use your real name. Password Use at least 8 characters. Using a phrase of random words like: Members Search overmembers across BiggerPockets Companies Explore over 19, real estate-related companies Jobs Browse real estate job opportunities in your area Events Find upcoming real estate events and meetups near you Hard Money Lenders Pinpoint lenders near you with our nationwide database.

Properties For Sale Buy and sell real estate deals or seek out partners, financing, etc. Get the book now. Real Estate Books Shop books covering real estate investing and personal finance. Real Estate Forms Leases and other legal documents for landlords. Log In Sign up. Does anyone know how to get a legitimate tradeline added to their credit file legally? Also, when adding you they must give your SS otherwise you won't get credit for it! The bureau's don't use logic, it's just a bunch of score cards.

Hope this helps, Frank. Frank - Why don't you reply here so everyone can learn about these other legitimate methods? I look forward to learning more about what you've got to show us. Podcast Guest on Show Of course, if they miss a payment then it reflect negatively on the report.

To All, You can go down to your local bank, make sure this bank actually reports to the bureaus. This is one simply way. Hope this helps, Wayne.

If you do what Wayne said with 5 or 6 banks your score will shoot through the roof upon pay off. Even better than the bank loan Join a local credit union. Put some amount of money that you don't need for the next year or two in a savings account and take a secured loan against it. Use the proceeds of the loan to pay the loan down in monthly installments.

Looks great on the credit report. I've done this a number of times over the last 15 years for various reasons, including credit repair. Log in Sign up. Log in Email Password Forgot password?

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A seasoned tradeline is a line of credit that the borrower has held open in good standing for a long period of time, typically at least 2 years. The "seasoned" part simply implies that the account is aged or that it has an established history.

The creditworthy borrower adds the third party as an authorized user of his lines of credit, but does not actually provide the third party with materials credit cards, account numbers, etc.

The benefit to the third party is an improvement in their personal credit rating—their credit score increases. However, this does not change their entire credit record, but merely increases their credit score as a result of the newly added tradeline. This may make the third party look like a better credit risk, and may improve the third party's access to new credit. However, a credit score is only one aspect of the lending process; that is, the borrower must pass all underwriting procedures, which include much more than the credit scores of the borrower.

There is no cut and dried answer regarding the many questions surrounding the legality of piggybacking, however, there are many sources that tend to indicate perhaps a general answer, such as:. The Fair Issac Co estimates there are approximately 50 million consumers who re-added as authorized users on other peoples accounts. While the legality of piggybacking tradelines seems to remain ambiguous, there is a potential clear violation of federal law, if for example, a piggybacking company takes up front fees from their clients.

While this is indeed much stricter, it appears to allow for up front fees if the company is bonded and uses a trust account. For example, Section The risk to the "donor" is that the other person might actually make charges against the account, and not pay it back. The brokers who provide this service claim that they do not reveal the entire account number to the recipient, or do not themselves have access to the account number. It is possible a recipient might learn the account number in some other way, for example if it appears on his own credit report.

However, this is often insufficient information to make use of the account - a PIN , expiration date, or security code is typically also required. These measures further lower the risk to the "donor". With an authorized user account the credit report clearly marks the account as authorized user; with this new practice, however, the lender is not alerted to the true status of the account history.

Authorized user accounts are legal and will be included into credit scoring; it's a violation of Federal law to not include ALL information in a credit file while calculating a credit score. While primarily discussing credit repair, the Federal Trade Commission has written facts for consumers to assist them in avoiding scams. Credit Where None is Due? From Wikipedia, the free encyclopedia. This article is written like a personal reflection or opinion essay that states a Wikipedia editor's personal feelings about a topic.

Please help improve it by rewriting it in an encyclopedic style. December Learn how and when to remove this template message. Archived from the original on December 22, Retrieved December 8, How to Help Yourself Consumer Information". Retrieved from " https: Wikipedia articles needing style editing from December All articles needing style editing.

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