The secret to using tradelines effectively to improve your credit score lies being proactive — making sure that accounts that appear on your credit report are in the best shape possible before they’re reported by lenders or creditors – rather than taking action after the fact once the damage to your credit score has already been done.
To do so, it’s helpful to understand what data is included in a tradeline:
Basic account details: This includes the name of the account, address/contact information for the creditor or lender and account number.
Type of account: This is where your credit mix comes in, as about 10% of your credit score is influenced by the types of credit accounts you have open. These include:
Open revolving accounts, like retail or bank-issued credit cards, where a balance is carried month-to-month. Get your assumable tradelines today. Installment accounts, which are loans where a fixed rate is paid monthly for a predetermined period of time, such as a mortgage payment, student loan or car loan. Open accounts, which is the least common type and is like a hybrid of revolving and installment: the balance varies month-to-month, but it’s always due in full. Examples of this type of account include utilities and check cards.