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TRADELINE / CREDIT BOOSTER Q&A

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Without a tradeline, you can’t have a credit score!

What is A Tradeline / Credit booster Program?

 

A tradeline on a credit report is a credit account.1 Credit agencies build credit reports on individuals based on these tradelines. Each tradeline includes information reported by the creditor, including:

  • Creditor or lender’s name

  • Partial account number

  • Type of account

  • Date the account was opened

  • Date of last activity

  • Current balance

  • Credit limit or loan amount

  • Amount of the last payment

  • Date the account was last updated

  • Payment history

  • Current account status

 

There are two kinds of tradelines: revolving and installment. A revolving tradeline is a line of credit or a credit card account these accounts let the borrower use credit as needed over an extended time frame. An installment tradeline, such as a student loan, mortgage, or auto loan, is a loan for a set amount that is paid back in installments.

How Does a Tradeline Work?

 

Your credit score, the three-digit number that measures your creditworthiness, is calculated using tradeline information from your credit report. If you’ve made your payments on time, kept your balances low, and otherwise been responsible with your credit obligations, then your tradelines will contain positive information, and you’ll have a high credit score to show for your efforts.

Without a tradeline, you can’t have a credit score. For the credit scoring calculation to work, your credit report must have at least one tradeline that’s been open and active in the past six months.

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