Credit Report Seasoned Trade Line – Using Someone Else’s Credit Card, Legally!
People with bad credit ratings can use the credit report seasoned trade line as a method of getting a credit card using someone else’s good credit ratings – for a fee. This is a wholly legal scenario and a good way to begin repairing your bad credit history. This process is also called ‘piggyback riding’ and is a very useful method of obtaining a credit card even with bad credit ratings.
The benefit of this system is that a person with a very bad credit history will begin to improve their credit score when they start using the credit card so obtained through the credit report seasoned trade line system, should they keep up with the timely repayment that is. what-are-tradelines/ The credit report seasoned trade line will cost you any where between 500 to 2000 USD and this depends on the new accounts credit history. The person allowing you to use his or her good credit history report will gain between 100 to 150 US dollars from this process. The rest of the cash goes to the agents and middlemen who set up the account for you.
Now the person who is allowing his or her credit history to be used runs a risk of damaging their credit ratings as well as people with bad spending habits and even worse repayment integrity are the ones who will be applying for a credit report seasoned trade line credit card. This means they may not be good repayment masters even for this new account. The brokers who provide the new account and accompanying services sometimes wash their hands off the entire scenario leaving the ones with the good credit history fending for themselves.
Now there is lot of controversy surrounding the credit report seasoned trade line system. Some say it is an illegal way to obtain a credit card and that the credit history of the bureaus is being manipulated through this system. The FTC claims that their legal department assures them that the process is ‘technically’ legal and that there are no hitches in the system. What they fail to state is whether the credit report seasoned trade line is ‘entirely’ legal.
Whatever the arguments and counter arguments of the credit report seasoned trade line, the fact is that it is helping many people settle their credit history and ratings. If a few are taking advantage and misusing the system then these people need to be brought to book and stop any misuse of the credit report seasoned trade line system.