How can I add a (legitimate) Trade Line?

I have a timeshare that I have been paying for since 2003 and have not missed a payment nor have I been late. I am sure this will boost my credit score dramatically and I would like to know if there is a way to add this account to my credit. The company says their policy don't allow them report to the credit bureaus but they will send documentation of the account.

Does anyone know how to get a legitimate tradeline added to their credit file legally?

Thanks

Edited: 06/26/2010 at 07:09AM

Frank Kriticos

· San Diego, California

26 posts
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Mar 26 '09, 02:10 PM

The only LEGAL way is to find somebody such as a good friend or family member to add you as an authorized user. They tried to do away with this but after a court ruling, they realized dropping the authorized user from getting credit for the account negatively affected woman more than men. So, it's still a go and can do wonders if you lack credit.

Make sure the person who is adding you onto their account never has been late and also make sure their balance to limit ratio is no more than 35%.

Also, when adding you they must give your SS # otherwise you won't get credit for it!

You may also look at your closed accounts and call the creditor to see if you can REACTIVATE the account. You DON'T want to create a new account.

Credit is all about history. If a parent adds their child onto their credit card as an authroized user, the child instantly gets the same length of time that the parent has. Yes, even if the credit account is 20 years old and the child is 18 years old, they will get 20 years of credit.

The bureau's don't use logic, it's just a bunch of score cards.

Hope this helps,

Frank

Edited: 06/26/2010 at 07:44AM by Frank Kriticos

Frank White

Real Estate Investor · Chicago, Illinois

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May 05 '09, 05:15 PM

cliff,

there are other legitmate ways to increase your credit score. if you have some time, PM me and I will be happy to explain.

Edited: 06/26/2010 at 08:08AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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May 06 '09, 01:21 AM

Frank - Why don't you reply here so everyone can learn about these other legitimate methods?

The point of the forums is so people can share information for the benefit of all in the community.

I look forward to learning more about what you've got to show us.

Edited: 06/26/2010 at 08:09AM

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Frank Kriticos

· San Diego, California

26 posts
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May 08 '09, 04:42 AM

Read my post above. If anybody tries to sell you tradelines, it is categorized as identity theft. I know the loopholes and also know why they don't work if questioned.

Edited: 06/26/2010 at 08:10AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

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May 08 '09, 04:47 AM

I was talking to the other Frank, Frank.

Edited: 06/26/2010 at 08:10AM

Frank White

Real Estate Investor · Chicago, Illinois

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Aug 20 '09, 05:07 AM

See Josh, that's why I like to explain things person to person. Sometimes people believe that what they know is all there is to know and in my case that's simply not true. Besides being a RE investor I work with a reputable attorney and company who purchase debt. Legally this debt can be assumed by anyone as long as the debt is cancelled/forgiven by the creditor. At this point the creditor is free to assign the debt to anyone who wants to assume that debt.

It is perfectly legal and above board for an individual to assume a note just as compaines are able to.

The creditor benefits because the note otherwise non performing becomes a performing not and as long as the new debtor can afford the monthly payments they benefit from a "tradeline" that reflects positively on their credit.

Of course, if they miss a payment then it reflect negatively on the report.

it's really as simple as that.

Frank

Edited: 06/26/2010 at 09:25AM

Tom Wills

Developer · Charlotte, North Carolina

1 post
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Sep 15 '09, 07:50 AM

frank, you mentioned the ability to purchase debt and add it as a trade. Can you explain in greater detail?

Edited: 06/26/2010 at 09:43AM

Josh Green

Banker · Tampa Area, Florida

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Sep 15 '09, 08:39 AM

from my understanding, it IS infact legal...ethical? well, u decide.

HOWEVER, the winderful people at FICO have picked up on this practice and are changing how authorized users are rated.

NOW, back to your original question cliff, many lenders will accept alternative tradelines (meaning tradelines that show payment history that does not show up on your report). if u were to apply for say a mortgage and be declined for lack of tradelines, i would certainly provide this alternate tradeline to satisfy their requirements. i've seen phone bills, electric bills, satellite tv bills, etc all work.

Edited: 06/26/2010 at 09:43AM

Wayne Qualls

Commercial Real Estate Broker · Birmingham, Alabama

33 posts
50 influence

Sep 17 '09, 02:44 AM

To All,

You can go down to your local bank, (make sure this bank actually reports to the bureaus). Take out a loan for, lets say $500.00. You put up that $500.00 for collateral. Have them make an INSTALLMENT LOAN on that for at least 6 months. At the end of the loan you get your collateral ($500.00) back. They report, and you have some credit at least.

This is one simply way.

Hope this helps,

Wayne

Edited: 06/26/2010 at 09:44AM

Stephen McKee

Real Estate Agent · Redlands, California

320 posts
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Sep 17 '09, 03:07 AM

If you do what Wayne said with 5 or 6 banks your score will shoot through the roof upon pay off.

Edited: 06/26/2010 at 09:44AM

Joe Lieber

Real Estate Investor · Cleveland, Ohio

10 posts
1 award
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Sep 29 '09, 06:23 AM

It's simple go to http://www.reportrent.com they will be able to add it to the credit bureau for you. They will confirm payment with the creditor, have them sign a servicing doc, and be reporting your payment. they can go back two years.