How to Add Tradelines to a Credit Report
The absence of credit report tradelines often proves to be an obstacle in the path of obtaining credit. This is especially salient within the realm of younger consumers who face the Catch 22 of not being able to qualify for a loan until they have established sufficient tradelines on their credit bureau report. According to Maxine Sweet of Experian, one of the big thee credit bureaus, adding quality tradelines will help convince potential creditors that you are a good credit risk.
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Things You'll Need
- Social security number
- Proof of employment and income
- Personal references
Instructions
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Instructions
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Apply for department store credit cards with low balance limits. Take advantage of offers which give a substantial discount on your first purchase if you use a newly issued store card.
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Qualify for a gas station affinity card. Focus on gas cards which provide for a discount or cash back on your purchases.
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Apply for a student program major credit card if you currently are in school. Ensure that the cards you apply for report to all three major credit bureaus.
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Convince a family member or friend to cosign for a low-balance-limit major credit card in your name. Remove the cosigner from the account after you have established sufficient payment history.
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5
Elect for a secured credit card if all else fails. Review closely all fees and terms attached to the secured credit card you select.
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Tips & Warnings
Make timely payment of the full balance on all new cards in order to establish a sterling initial credit history. Having both installment and revolving trade lines helps establish your credit profile.
According to CNN Money, applying for too much credit at once can hurt your credit score. Some secured credit cards can entail fees which equal greater than 20 percent of the amount of credit issued.
