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| Credit Score |
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| Wednesday, 09 June 2010 22:36 | |||
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One of the most powerful ways to increase your credit score is to add seasoned trade lines to your credit report. For years, this strategy has been known as shadowing or mirroring. As of late, it has become big business both on and off the net.
The technique of adding seasoned trade lines consists of having a person with a revolving line of credit (credit card) add you as a personal user to their account. When the credit card company reports to the credit bureaus the next time (they report every month), it will show that you now have that line as well. This trade line showing on your account now increases your credit score (sometimes dramatically). What most people should be aware of is that you can not and should not just add yourself to anyone's credit card. There are a few factors that you should consider 1. Be sure that the credit card is at least two years old 2. Be sure that the balance is below 20% of the limit on the card. For example, if the card has a limit of $5000, the card holder should NOT have used more than $1000 3. Be sure the limit on the card is a minimum of $5000. The higher the better.
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