Tradeline Management
The term tradeline is used by credit reporting agencies to describe a credit account. Credit accounts are lines of credit with creditors. They are typically broken down into credit cards, vehicles loans, and mortgages. Tradelines are an entry on your credit report provided by a credit grantor to add to and/or establish credit history. The information reported includes financial records, dates accounts were opened, credit limits, types of accounts, balances owed and payment histories. Creditors look at tradelines to determine if you are creditworthy or not. Adding positive tradelines that each have a good payment history to your credit profile can help you improve it by increasing your scores and demonstrating positive financial decision making. Secured & Unsecured Credit Card Companies
A secured credit card requires a security deposit. Secured credit cards are generally given to consumers with poor credit profiles or who have no credit history at all. On the other hand, an unsecured credit card is one that does not require a security deposit. Unsecured credit cards are typically given to consumers with excellent credit history. They offer consumers reward programs and incentives including cash back, miles and points. Secured credit card companies do NOT offer these types of rewards or incentives.
Many of the companies we've listed may approve you for one type or the other, with good or bad credit. The criteria used by the credit card industry vary by each company. They all are usually driven by your credit worthiness or credit history. A secured credit card if managed properly is supposed to convert to an unsecured card with good payment history.
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Tradeline Sources
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The time frame for conversion is supposed to be about one-year. The actual time-frame could be much longer as each credit card company uses different criteria for determining when you are eligible to get your deposit back and get better terms.
Some secured credit cards report to the credit bureas as unsecured. This makes that particular tradeline more attractive because an unsecured credit card will have a greater impact on your credit scores.
Our goal is to provide you with a list of credit card companies that you can hopefully complete an application with and launch a tradeline. It tends to be more difficult to get approved for unsecured credit cards if your credit profile is poor. This is especially true for credit cards from the major banks and from other top-tier credit card companies. The secured credit card companies have been organized into three different tiers. The top tier is reserved for credit card companies that have the best terms, but those great terms are reserved for those with better looking credit profiles. If you can't qualify for a top tier credit card, don't worry, get a middle or lower tier card and later on after we've cleaned and built up your credit profile, you can go back and secure a top tier credit card or maybe two.
Start with the top tier credit card companies. They are in a ranked order to help you determine which ones to apply with first. Don't pay so much attention to the number ranking as much as focusing in on the tier. For instance, a #4 in the ranking isn't going to be that much better than a #5 credit card, especially considering they're both considered top tier cards. But, if you can qualify for a #4, that would be better than a #5 or #6.
The key differences from the top tier to the lower tiers is a mix-up between higher fees, difficulty to obtain (eligibility), and interest rates. The top tiers will have lower fees, be easier to obtain and have lower interest rates. The lower tiers will have higher fees, be more difficult to obtain and have higher interest rates.
The objective is to use these credit cards properly to improve your credit profile. If you can't seem to secure a top tier card and have to go with a lower tier credit card, it's ok. It is a means to an end. The end being a better credit profile. Do what is necessary and deal with the higher costs and poor terms until you don't have to.
The APR ranges from 8% if you have great credit to as high as 30% if you have extremely poor credit. The annual fees also range from as little as $0 fees per year if you have great credit to as high as $375 per year if you have extremely poor credit.
Some secured credit cards report to the credit bureas as unsecured. This makes that particular tradeline more attractive because an unsecured credit card will have a greater impact on your credit scores.
Our goal is to provide you with a list of credit card companies that you can hopefully complete an application with and launch a tradeline. It tends to be more difficult to get approved for unsecured credit cards if your credit profile is poor. This is especially true for credit cards from the major banks and from other top-tier credit card companies. The secured credit card companies have been organized into three different tiers. The top tier is reserved for credit card companies that have the best terms, but those great terms are reserved for those with better looking credit profiles. If you can't qualify for a top tier credit card, don't worry, get a middle or lower tier card and later on after we've cleaned and built up your credit profile, you can go back and secure a top tier credit card or maybe two.
Start with the top tier credit card companies. They are in a ranked order to help you determine which ones to apply with first. Don't pay so much attention to the number ranking as much as focusing in on the tier. For instance, a #4 in the ranking isn't going to be that much better than a #5 credit card, especially considering they're both considered top tier cards. But, if you can qualify for a #4, that would be better than a #5 or #6.
The key differences from the top tier to the lower tiers is a mix-up between higher fees, difficulty to obtain (eligibility), and interest rates. The top tiers will have lower fees, be easier to obtain and have lower interest rates. The lower tiers will have higher fees, be more difficult to obtain and have higher interest rates.
The objective is to use these credit cards properly to improve your credit profile. If you can't seem to secure a top tier card and have to go with a lower tier credit card, it's ok. It is a means to an end. The end being a better credit profile. Do what is necessary and deal with the higher costs and poor terms until you don't have to.
The APR ranges from 8% if you have great credit to as high as 30% if you have extremely poor credit. The annual fees also range from as little as $0 fees per year if you have great credit to as high as $375 per year if you have extremely poor credit.
How to Apply
Start by locating the source tradeline through google. Simply visit google.com and enter in the name of the tradeline we've provided in the list above. Once you've googled and found their website, try to locate a phone number to call and apply with. They will typically give you an answer right away. Sometimes they will tell you they have to physically send your approval or decline notice by physical mail. If they indicate they have to mail it out, then you've most likely been declined. Go to the next source and apply, repeat until you secure the recommended number of tradelines your Advisor gave you.