How can I add a (legitimate) Trade Line?

Question

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

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

Thanks

Account Closed · Answer

add a couple trade lines your fico scores shoot up like a sky rocket

Wayne Qualls · Answer

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

Stephen McKee · Answer

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

Josh Green · Answer

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.

Tom Wills · Answer

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

Frank White · Answer

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

Joshua D. · Answer

I was talking to the other Frank, Frank.

Frank Kriticos · Answer

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.

Joshua D. · Answer

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.