A bad credit record makes getting lender financing, landing a job, and renting or buying a home difficult. Thankfully, buying tradelines can help you improve your credit score within 30 days. Read on for six more benefits of adding tradelines to your credit report.
1. Improves the chances of loan approval
You may shy away from applying for a loan during an emergency for fear of being denied when you have a low credit score. However, you borrow another person’s excellent credit history by adding an authorized tradeline to your credit report. This, in turn, improves your credit score, boosting your chances of a credit card or loan approval.
You do not even have to rely on a family member or friend with a high credit limit or good history to improve your score. Pick a company after reading a superior tradelines review to boost your credit score to better your chances of credit approval.
2. Low-interest rate loans
A credit score indicates the probability of defaulting on your loan or credit card obligation. A person with a low credit score is a high-risk borrower compared to others with a higher score. If you qualify for a loan with a low credit score, the lending company will likely offset the risk by imposing a higher interest rate, increasing your debt burden. By adding tradelines to your credit report, you improve your credit score, enabling you to benefit from low-interest lender financing.
3. Lower insurance premium rates
Apart from your age, policy duration, occupation, and the type of plan you select, insurance companies also rely on your credit-based scores to determine your premium rates. The lower your credit score, the more you are likely to pay, and the higher your score, the lower your premiums. Boost your credit score by including tradelines in your report to pay less insurance.
4. Increases your chances of getting a job
Some employers, especially in the finance industry, will check your credit history when performing background checks during the hiring process. While a potential employer may not be able to view the full credit report, they can view your payment history to determine whether or not you are a responsible candidate. With a tradeline in your credit report, you create a positive impression about yourself in a prospective employer’s mind, increasing your chances of landing a job.
5. It makes renting an apartment easier
Most property owners and landlords often check credit scores to find responsible and reliable tenants. Adding a tradeline to your credit report improves your credit score, increasing the chances of getting a perfect apartment. While you can still get a landlord to rent your property with a bad credit score, you will have to pay a higher security deposit.
6. Prevents denial of cell phone contract
Cell phone companies often check your credit report before approving your application when signing up for service. Since the companies extend a month’s services, they have to establish that you have a reliable payment history, and adding a tradeline to your report can help prove this. Without a tradeline to boost your credit score, you have to settle for prepaid services, which are often more expensive.
Adding tradelines to your credit report can help your loans get approved, pay lower interest rates and insurance premiums, and enable you to rent an apartment. Contact a credit repair company near you to help you get the best tradeline to maximize the benefits.