How big of a boost can I expect from piggybacking tradelines?
The boost is different for everyone. It all depends on what is currently in your credit report and what you choose to purchase from us. The easiest way to answer this question is to say that there are three “Truths” to boosting your credit score through this method.
The more credit cards we add to your credit report, the bigger the boost will be.
The fewer the number of credit cards that you currently have in your credit report showing as open, the bigger the boost will be.
The higher the limit, and the longer the history for the card(s) you choose to add to your credit report, the bigger the boost will be.
What Happens to My Credit Score if I Max Out My Credit Cards?
Is it Worse to Max Out Your Credit Cards or Pay Late?
A while back we were playing with a credit score simulator on CreditKarma.com and found some interesting things.
What Happens to My Credit Score if I Miss a Credit Card Payment?
First, we did a simulation of “if I were to pay EVERY account on my credit report late by 1 month” and the results are below:
Ouch…160 points lost in 1 single month. Honestly, not as bad as we were expecting. Don’t get me wrong, 160 points is a big drop, but we honestly expected to see worse results for being late on EVERY account on our credit report.
What Happens if I Max Out All My Credit Cards?
Now, we ran the simulator for a comparison to see what would happen if, instead of going late, we maxed out all our credit cards to 100% utilization....drum roll……
DOWN 271 POINTS!!!!!!!!! Obviously maxing out credit cards is far worse than paying late in terms of the negative results to your credit score. However, you must keep in mind that the late payments are going to negatively affect your credit score for several years, whereas the maxed-out cards, once paid down, will be like they never existed to the credit scoring model.
What Happens When you Carry a Balance on Your Credit Cards at Different Levels?
The reason for this experiment was really to see what maxing out cards can do to a score.
We decided to see what effect the utilization ratio has on the credit score at 10% intervals. We did 90%, 80, 70… all the way to 5% and the results are VERY interesting! Take a look:
90% = down 235 points… going from 100% to 90% increased the score 36 points:
80% = down 167 points…dropping it down to just 80% was 104 points difference versus 100% utilization:
70% = down 163 points…4 point gain
60% = down 160 points…3 point gain
50% = down 152 points…8 point gain
40% = down 93 points…turns out that dropping below 50% is a real big turning point.
30% = down 82 points
20% = down 69 points
10% = down 32 points
5% = down 7 points
Improve your credit almost instantly with a tradeline from BoostMyScore.
Thousands of people enjoy the benefits of a lower credit utilization ratio with the help of a tradeline account form BoostMyScore. The results are almost immediate, and our services are guaranteed. If you are tired of paying higher interest rates and are ready to see what life is like with good credit, call one of the highly trained specialists at BoostMyScore today at 1-800-531-1472.
Primary or Authorized User Tradelines?
Years ago, several online companies advertised the ability to add “Seasoned Primary Tradelines” to your credit report. These tradelines could look better on your credit report to a mortgage underwriter than a “Seasoned Authorized User Tradeline”. Since the account would appear in a credit report as being individually managed by the borrower (Primary), and because it showed several years of credit history (Seasoned), it had the potential to boost the credit score AND trick underwriters into believing it belonged to the applicant. As you can imagine, the "Seasoned Primary Tradeline" practice appeared to be fraudulent to many in the law enforcement community. Several businesses advertising that service were quickly sought out and shut down.
Bear in mind that, as opposed to a “Seasoned Primary Tradeline”, a “New Primary Tradeline” (a new credit card account, for example) will most likely cause a drop in your credit score. Your score will typically recover, once the New Primary Tradeline has aged for a couple years.
For these reasons, BoostMyScore does not assist clients with adding "Seasoned PrimaryTradelines" to their credit report. We also do not assist our clients in applying for "New PrimaryTradelines."
To be clear, BoostMyScore specializes in the addition of “Seasoned Authorized User Tradelines,” which continue to deliver an astonishing boost to your credit report, just as they always have.
Now that my credit score is boosted, what do I do?
Go out and apply for your loan, apply for the job you wanted, or for premium car or home owners’ insurance! Start your own business! But whatever you do, remember one thing, this is not a ticket for a shopping spree. Be responsible with your new credit score. Be smart. Plan ahead and stick to your plan. It is very easy to succumb to the temptations of the credit world, but it is those of us who can manage our emotions with self-control and logical reasoning who will become masters of our financial future.
Remember, a good credit customer is one who can pay off their ENTIRE balance in full every month. Practice this and it will repay you for the rest of your life.
BoostMyScore is not affiliated with or endorsed by any bank, financial institution, or credit card company. Any reference herein to a particular bank, financial institution, or credit card is not intended and shall not be construed to imply any endorsement, sponsorship, association, approval, or affiliation.