5 Benefits of Buying a Tradeline Buying a tradeline offers ..

5 Benefits of Buying a Tradeline

Buying a tradeline offers a number of benefits. Here are five pros of purchasing a tradeline.

1. Improve your odds of getting approved for a loan

If you want to buy a home or a new car, the first thing potential creditors will do is pull your credit report. When your score is low, you might find it impossible to get approved for a loan.

By purchasing tradelines, you can add to your credit history enough to qualify for a loan. This can make it possible for you to buy your first home or get the upgraded car you need.

2. Score a lower interest rate

When you're taking out a large loan, such as a mortgage, you want your interest rate to be as low as possible. If your credit score is poor, however, you can expect to pay a much higher rate.

Adding a tradeline to your credit report can potentially help boost your credit history enough to qualify for a more favorable interest rate. This can save you thousands of dollars or more over the life of your loan.

3. Enhance your job prospects

Believe it or not, many potential employers screen candidates by looking at their credit score. This is particularly true in jobs where an employee is entrusted with money or management responsibilities.

To put it another way, companies want to know that you're reliable and trustworthy. If your credit history is thin, a tradeline might raise it enough to land you that new job you've been after.

4. Rent an apartment

Landlords often review a potential tenant's credit score to determine if they're a low or high rental risk. In this way, a bad credit score can make it tough to get approved for a new lease agreement.

You might be able to improve your chances by adding a tradeline to your credit report. For example, a tradeline with a long positive payment history might be all it takes to convince a landlord that you pay your bills on time.

5. Qualify for more favorable car insurance rates

Did you know your credit score has an impact on your car insurance rates? According to the Insurance Information Institute, data shows that people with poor credit scores tend to file more claims.

Car insurers know this, and they charge higher rates as a result. If you've been saddled with high car insurance premiums, buying a tradeline might improve your credit history enough to help you qualify for more favorable rates.