In the simplest terms, “tradelines” are credit accounts. If a tradeline is “seasoned”, the credit account has been in existence for more than 2 years. If you have many seasoned accounts on your credit reports and those accounts have clean repayment histories and high credit limits, then you likely have a high FICO score. Having a robust FICO is essential for securing credit at favorable rates of interest.
However, if you don’t have a number of seasoned accounts, or if those accounts have poor repayment histories, your credit score will be negatively impacted.
Fortunately, there is a way to add seasoned authorized user tradelines to your credit history. The process is simple, safe, legal, and widely used by people who are looking to boost their FICO scores. It will cost you some money, but the long-term gain is well worth it.
How Can I Add Seasoned Authorized User Tradelines To My Credit History?
By using an intermediary like TopTradelines.com, you will be connected with someone who has healthy seasoned authorized user tradelines. That individual will list you as an authorized user on one of his credit card accounts. By being listed as an authorized user, the complete credit history for that account will appear on your credit report. So within a little more than a month of being listed as an authorized user of an account, you will have account’s clean repayment history and credit limit posted to your credit reports. In most cases the immediate result is a score increase, and sometimes the increase is quite dramatic.
Will The New FICO 08 Formula Include Authorized User Accounts?
After considerable debate, the decision has been made by the creators and managers of the FICO formula to include the authorized user accounts in the new FICO 08 formula. This is great news for people who use the technique of using seasoned authorized user tradelines to increase their credit scores. This decision to include authorized user accounts was ultimately made because so many lenders complained that it would be a violation of Regulation B of the Equal Credit Opportunity Act of 1974.