FAQs
FREQUENTLY ASKED QUESTIONS FOR LEGACY BUILDER TRADELINES
1. What are tradelines?
Tradelines are the credit accounts listed on your credit report, such as credit cards, loans, mortgages, or lines of credit. They help determine your creditworthiness and influence your credit score.
2. How can adding tradelines improve my credit scores?
Adding positive tradelines with a long history of on-time payments and low credit utilization may increase your credit scores. This is because it shows responsible long-term credit management and adds more available credit to your profile, which lowers your credit utilization ratio.
3. Can I buy tradelines to improve my credit score?
Yes. You can buy Authorized User tradelines to help improve your credit score. This involves being added to another person’s credit account with a strong payment history, which can boost your credit profile.
4. Whose account will I be added onto?
We have a pool of professional cardholders who allow individuals access to their credit accounts for authorized user reporting. We match you based on the credit type needed, the credit limit, and the length of credit history required. You will not meet the cardholder or have access to spend on their account; you are added only as an authorized user for the agreed-upon time period.
5. I am trying to buy a house. Will the tradelines negatively impact my DTI?
Our cardholders are required to keep their usage balances between zero and a minimal dollar amount. As a result, tradelines have very little impact on your debt-to-income ratio. Many first-time homebuyers have benefited from leveraging added tradelines.
6. When will my tradeline post to my credit report?
Tradelines typically take 7 to 10 days from the payment date to appear on your credit bureau reports.
7. How long will the tradeline stay on my credit report?
As an active authorized user, the tradeline will report for approximately one month. During this time, it appears as an active account. If needed, the reporting period can be extended.
8. Is using tradelines legal?
Yes. Using tradelines is legal, as no laws prohibit their use. It is important to use tradelines responsibly and accurately represent your credit history to lenders.
9. What happens after my purchased reporting term ends?
When the reporting term ends, the tradeline will shift to a closed authorized user status and may remain on your credit report for up to 7 years. If needed, you can request removal of the closed authorized user tradeline from your credit reports, though many clients allow it to remain because it can continue to positively influence their profile.
10. Can I extend my tradeline term to remain active?
Yes. If you want the tradeline to remain active beyond the standard reporting cycle, you can purchase extensions in increments of two months. Each extension is offered at a discounted rate of 65 percent off the original cost.
11. Will tradelines still help my credit score when my time has expired?
Closed tradelines will have some positive impact on your credit score. It’s important to know that with Authorized User tradelines that are open accounts carry more weight than closed accounts. Tradelines can be a powerful tool now and may continue benefiting your credit profile later.
12. Can I get a refund?
Refunds are NOT available for tradelines. Once a purchase is made, the order is submitted immediately, as outlined on the Terms and Conditions page.