Will a Seasoned Tradeline help someone with a Chapter 13 Bankruptcy?

 

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Jan Meriss Alfonso
Assistant at Ascent Law LLC

Adding a seasoned tradeline to your credit report after a Chapter 13 Bankruptcy can have a positive impact on your credit score. It will increase the average age of your accounts, and the positive accounts will outweigh the negative ones. But there are risks.

Using a third-party's credit history to improve your credit score

While a Chapter 13 bankruptcy can help you recover financially, it can also affect your credit score for up to seven years. It's also important to note that you can still fix the negative information on your report before the seven-year mark.

In order to improve your credit score after bankruptcy, you must take steps to improve your money management skills. You should avoid taking on more debt than you can afford and make all payments on time. In addition, don't use credit cards with higher interest rates.

Using a third party's history can help you target your improvements. It can also help you identify errors that are lowering your score. In addition, reviewing your report can confirm that the bankruptcy has been removed from your credit history, which happens after seven years for Chapter 13 and 10 years for Chapter 7.

Risks of using a seasoned tradeline to improve your credit score after bankruptcy

While most people would like to improve their credit score after bankruptcy, using tradelines to improve your credit score may not be the best option. The best solution to a poor credit score is to repair your credit. However, it is important to remember that your credit report will retain negative data even if it is completely cleared. Negative data remains on your credit report for up to seven years after bankruptcy.

In addition, many banks are not in favor of tradeline purchases, as they argue that they are a form of artificial manipulation of credit. However, a low credit score can hinder your ability to qualify for loan applications. Having a higher credit score can help you secure a better interest rate, which means lower payments and a lower overall cost. Using a tradeline can make meeting loan requirements easier and be worth the risk.

If you have any questions, you can get a free consultation with Ascent Law LLC:

Ascent Law LLC:

8833 South Redwood RoadSuite C

West Jordan, UT 84088

(801) 676-5506

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