At Credit Boost Source, we are sophisticated, we keep an eye on the searches people do regarding our industry. It’s fascinating to see what people are looking for when it comes to tradelines. We imagine it’s likely pretty interesting work to be a Google Search expert, and do whatever it is they do with our data.
But when it comes to tradelines, do people want old ones, primary ones, big ones…well, yes, but the the thing that search engines can’t tell you, and the question you’re really asking: Can tradelines get me to a spot where I can do what I want to do?
For an answer to this question, you have to talk to a human. Why? Because credit isn’t simple. Your situation isn’t simple. It’s unique to you. So instead of trying to find a cheap tradeline, we always recommend getting the line that works best for you.
If that line is outside of your budget range, should you still buy one? Perhaps, we have to look at your reports to answer that question. But a general rule we would suggest following:
WHEN IT COMES TO YOUR CREDIT, WE RECOMMEND GETTING AFFORDABLE TRADELINES
We’re going to have to get into a theoretical situation here, because talking in vague generalities just doesn’t work that well. Let’s take one of the biggest (and most prudent) financial goals people have in this country: buying a house.
If you’re on the prowl for the cheapest tradelines, and you say you’re looking to get a mortgage, we might question your priorities.
Here’s the thing with a mortgage. That is a major, major commitment. You think marriage is a commitment? If you mess up your marriage, yes it could be bad, it could be uncomfortable, it could be expensive.
If you mess up your mortgage, you could lose the place you live. You could destroy your credit, your finances, for years and years to come.
Probably best to do your best not to mess up either marriage or a mortgage now that we think about it.
We get a lot of people who call us asking about credit tradelines for sale because they are under the minimum score to qualify for a mortgage (620 in most cases).
Mortgage rates fluctuate quite a bit, but even then, they are still at historically low prices. Now is definitely the time to get a mortgage if you can swing it. But if you’re sitting down at 560 and are just thinking you can grab some au tradelines to get you over the minimum mark and you’ll be good…might want to rethink that.
Why?
Well, right now the rate on a 30-year fixed rate mortgage is 3.750%, pretty good. If you pay a mortgage of $250,000 over the full term, that’s $166,804 in interest across the entire loan.
But if you are just over or at 620 on your reports, then your rate won’t be at that 3.750% it will be much higher, something like 5.250% (which could even be low).
If you get that rate, then the total interest of your mortgage loan is $246,983.
CONGRATULATIONS! YOU IN ESSENCE BOUGHT THE EQUIVALENT OF TWO HOUSES.
You don’t want to be in that boat. You want to boost credit across all three bureaus. Just getting to the minimum approval score is an expensive idea.
As you can see from the example. The difference in the amount of interest you pay is nearly a hundred thousand dollars. And if you utilize authorized user tradelines, correctly, they can produce this amount of savings for you, or something similar.
This is why we talk about affordable vs cheap. It’s better to do something the right way for the most benefit, rather than try to pay the least amount of money for something to save a few hundred dollars.
Even if you pay several thousand dollars when getting credit lines for sale, clearly you can see that amount is justified in the long run if you are indeed looking for a mortgage.
Now, that’s not to say that you have to start shelling out thousands. Most of the time that is not necessary, and we have plenty of opportunities for tradeline sales throughout the year.