A lot of clients ask how many tradelines to add for optimal credit score results. So, we wrote this article and published the video regarding the same thing to answer that question. The basic concept is that if you add tradelines to a credit report , your credit scores will increase. This is true. Add three? This usually happens at about three tradelines. In can happen with even less than three tradelines depending on the circumstances of your credit report. So, there is a significant chance that you can and likely will waste your hard earned money if you purchase more than 4 tradelines.
Also, it causes a larger problem. Banks generally allow authorized user tradelines through underwriting. But, did you know that they do not have to consider non-spousal authorized users?
This entire industry only works because banks simply let it happen. But, they simply allow non-spousal lines as well. Although this is anecdotal, it is based on a decade of tradeline experience: Banks will usually flag anything more than 3 tradelines as authorized user abuse. We did a study that looked at the credit score increases for over participants that added tradelines. That adding three tradelines does usually yield a higher credit score increase than two lines, and two lines usually yields a higher increase than 1 line.
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When this occurs, the financial institution will, at the very least, refuse to take into consideration all accounts on which you are listed as an authorized user. In many cases, this will result in the underwriters denying your loan or credit application. Banks and financial institutions take credit reports very seriously. Per Experian, one of the leading credit agencies, you may open yourself up to charges of bank fraud by purchasing too many tradelines.
This is because a credit report is supposed to represent your true and honest creditworthiness. While there is no specific idea number of purchased tradelines, there are some rules of thumb that may help.
Anecdotal evidence shows that many banks will flag a credit report that has more than three tradelines. Having more than three authorized user tradelines may cause your financial institution to discount the impact of all authorized user tradelines, purchased or not.
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