When you’re working to build your credit, learning new terms might be of interest to you. One question we get asked a lot here at Boost Credit 101 is,
What are updated tradelines?
Before we dive in and explore the term, let’s make sure you understand what a tradeline is.
A tradeline is simply a credit account that is in your name or an account that you are an authorized user on.
Whenever there is a change in a credit account, the change will get reported to you through the credit monitoring company. The change can be anything from a change in account status to a change in address. When you close an account, you might get an update notification.
Why Am I Receiving Updates?
To keep your credit report accurate at all times, updates are necessary. Most updates that you get won’t ever affect your tradeline at all.
Debt Repayment
When you submit your very last payment on a debt to a lender, the installment loan will automatically close. The official closing might take as little as a few days or as long as a few weeks depending on how long the process is. At one point or another, you will likely get an update letting you know that the account has been closed
Work
Whenever you change jobs, your credit report might update to reflect your new employer. Credit bureaus will often pull this information from credit applications, meaning the update might not actually come during the time of your job transition.
New Accounts
Your credit history will update with a new account whenever you have an application accepted by a lender. Make a note that the start date of your actual loan and your credit history might not necessarily line up.
Delinquencies
If you have one or more accounts that become delinquent accounts, you will get a notification from your credit monitoring company. Some credit monitoring companies go as far as letting you know one of your accounts is on the brink of delinquency.
Generating Tradeline Updates That Boost My Credit Score
If you’re looking to get updates that benefit your credit score, you will need to make sure that you manage all of your accounts responsibly. Becoming an authorized user is a great way to get that potential extra boost. By becoming an authorized user on an account with a good credit history, you can improve your own credit history.
If you are unable to find a relative or friend that wants to add you to their account as an authorized user, you always have the ability to go with a company like Boost Credit 101.
Here at Boost Credit 101, we specialize in helping people like you potentially raise their credit scores with high-quality tradelines. Make sure to reach out to us with any further questions.
Your finances are a big part of your life and can make or break certain situations. When you’re ready to take the next step in your tradeline journey, make sure to get in contact with us!
