Ninety nine percent of all working people have a credit report of some sort. There are certain keywords within the financial industry you must know and one of these essential keywords is called a “tradeline.” As you do business within the financial world, such as to open a department charge account or obtain a generalized credit card, mortgage, or car loan, sometimes this option is essential in order to boost your credit score. 

Each of these accounts offers to your credit report detailed information about that specific account. Put all of these accounts together and a history of your credit is clear. This option can decrease any noted deficiencies in your credit score. Personal accounts come in the form of at least four types including a mortgage, open account, an installment account, or a revolving account. 

What Is Considered Detailed Information? 

This option tells creditors what kind of account is being paid on and if debts are paid on time or are being paid consistently late from 30-180 days delinquent. This method brings to light any repossessions, charge-offs, and bankruptcies. A creditor can find out when an account was opened and the last time that the specific creditor reported any activity on the account. 

This detailed information includes the highest dollar amount the creditor offered or the credit limit. Balances are kept up to date monthly and reported as paid on time or late. Terms of each account are available. Delinquencies are reported as past due after 30-days late. This history remains for up to seven years on credit reports before being dropped, offering a detailed history of that account. 

The Difference between a One to Seven Year Report and a Seasoned Report 

When a debtor has open accounts and that show good payment history and completely payed off, this information is held for at least two years. Seasoned tradeline means Lines of credit that are at least seven years old have a history that is established in good standing, and simply put, is aged. A seasoned report affects your credit in a positive way. Your long-standing accounts decrease your debt to credit ration thus increasing your credit score. 

In your search for a seasoned credit line you can go through numerous companies but be aware of scams as they are out there. There is always a fee to attach a seasoned line of credit to your report. The company you hire must be experienced and know what they are doing. 

Attaching this method depends on what your credit report reads and what option does you the most good. Fees can start out at about $500.00, increasing to over $1000.00. There are different options available when adding a seasoned option to your credit report. These options depend greatly what is in your credit report and the score. This option used to increase a consumer’s credit score are not illegal to use and have been utilized for over 40-years by mortgage brokers, various lenders, and other financial institutions when a consumer needed a boost in their credit score.