20 Point bump? 60 Point bump? Money you pay for a seasoned trade line is gone the minute you it leaves your account. Gone forever. Take the money and pay down your debt to lower usage that way. You actually get some real benefit out of the money you spend. Much better economic choice.
Oracle: With all due respect, you're not factoring the history one can add. That is going to last long after the money spent for the account addition is gone. Moreover, you don't know the amount of money this person may need in order to pay down the debt to a reasonable threshold. It may not be feasible when compared to what it will cost to purchase an account addition. In addition, a point increase is a real benefit if it accomplishes the ultimate goal. However, there are many undetermined variables here that we need to examine. If it comes out in the wash that this gentlemen could use an account addition or two, great. If he can accomplish the same thing through simply paying down his current accounts, even better. I would agree that this would be ideal but, it may not be possible.
And you're not factoring in that you stand to make money on the deal. You're viewpoint is clearly biased. Sorry, Counselor. Objection!
the amount of money i have in credit card balances is @$9500 with about 75% utilization. I know its high but its all from college expense etc.. not from needless over-indulgence, so fator that in as well. Once I graduate I will be able to pay down my bills rather quickly but I thought the extra boost might be what I need to get a decent deal on a car.
Not that it is material to anything that is being discussed here but, who is to say that we're making a dime from the OP? They can go anywhere they like "if" they choose to proceed with purchasing an account addition. They sell these things on eBay for lower than we do thus, I say to the OP . . . go to eBay!!! Save some money! Go to Instant Credit Builders or Seasoned Tradelines or wherever. Makes no difference to me. We just lost a whopping $399.99!!! Am I still biased? Seriously, I've already stated that if the OP could pay down his existing accounts that would be better. How much more objective can I be? You're just opining that they shouldn't do it. Why? Again, logic dictates that if they can pay down the balances on their own accounts that is better insofar as it is killing two birds with one stone. However, what if they can't but, can purchase a few lines which will raise their scores to a threshold sufficient to make the purchase or at a lower rate? Should they still not do it?
Kind of what I thought but, my judgment is just so clouded by all the big dollars we could make off of you : )
I have to agree with Biz and Apex. It's going to take a while to get your scores up with paying balances down and letting the history build up. You have to look at what it would cost you against the difference in the interest rate on the car, among other things. I must admit that I'm not a big fan of buying tradelines. However, there are times that they are advantageous. When you're young and getting out of school is one of them.
Myself being in the market for a tradeline for a car purchase in May or June, when would be the best time to do so? Sooner rather than later is my guess but I am unsure. I have to say that APEX has helped me a few times and in my opinion he seems to propagate his information as a public good rather than a private one. If the secondary effect of APEX's infomis profit than good for APEX. I also have to say that APEX has helped me before without me mentioning i was in the market for tradelines. I aslo appreciate the other members trying to look out for me as well.
Sooner is better than later in most respects. Allow yourself about 45 to 90 days for any tradeline to hit all three (this is a protracted estimate but, a safe one). By all means select the company which gives you the best price and which will give you a money-back offer should the lines not appear. Make sure whoever you go with is reputable; i.e., licensed, registered, bonded, and a member of the BBB. Check their record. In addition, if you have someone that will add you on to their accounts do it by all means. Free is better than paying in any context. With that said, I thank you for the kind words.
Apex: I'm sort of stealing the OP's thunder here, but when would anyone expect TLs to hit EQ? If you remember, my dad put me on two of his old, high limit, low usage TLs. Due to your sage advice I was able to get them on TU and EX, but they still aren't reporting on EQ. Your suggestion (and a very good suggestion it was) was to add my dad's address as a previous address on my credit reports. That has the added bonus of being true, my dad's address was an old address of mine (how old we won't say). Anyway, I was able to get it on TU and EX by adding it via Truecredit. EQ has no such way of adding addresses. Even when I called EQ and asked them to add the address they wouldn't. The phone monkey sez: "We aren't allowed to add previous addresses to your history" (as opposed to EX that adds all sorts of weird tranpositions and permutations of addresses to your credit report). Any thoughts on how to add the address (and hopefully these TLs) to EQ? Adding the address seemed to do the trick with TU and Ex, will it do the same thing for EQ? Help!!! Thanks for your consideration now and in the past. Mag
EQ usually takes while to pick it up. The way it usually works is that EX picks it up, then TU, and then ultimately, EQ. Unfortunately, there is no way to add the address but, that is usually inconsequential with respect to EQ. It just typically comes on board a week or two later. Are you updating your TC reports every 24 hours?
That does happen as well. It is best to stick with the typical subjects; i.e. BOA, Citi, Chase . . . etc.
No, these are Chase and Discover. My own Chase has reported to EQ. I would assume that Discover would as well. Unfortunately, I got kicked to the curb when I applied for Discover. Guess my scores still aren't good enough.
Call EQ, I bet they split your file in light of the address the new accounts reported. Have them merge the files if that is indeed the issue. While rare, it does happen on occasion.
With your circumstances, the $399.99 package would give you roughly 30 to 50 points. The more expensive package would yield probably 60 to 80. This of course if contingent upon your overall history. If a younger account would substantially reduce your history, then the effects may be mitigated. Conversely, if the more expensive account package would significantly increase your history, then the opposite applies. In either event, you want to have someone evaluate your reports rather than just blindly adding something to it.
do you guys evaluate reports in these sort of cases because school starts on the 23rd of Jan. within a few weeks of school starting I wanna make a move on this so i will be ready in may or june.
