My lender said I need to have 3 tradelines, will adding three authorized users meet this requirement?
According to most credit experts, authorized user tradelines are designed to be used in conjunction with other types of open accounts.
There are no steadfast rules, but the most common ratio of primary accounts should be 2 to 1 over authorized user accounts.
To effectively add authorized user accounts for the optimum results, many seek the advice of expert brokers who specialize in credit repair using them as one of their tools.
Too many authorized tradelines compared to primary accounts can cause more harm than good when attempting to bolster a credit score.
For those who have a minimal credit history and few tradelines the boost can be significant if the addition of authorized lines is coordinated carefully with new credit.
Those having the most to gain from the repair may well have the most to lose since multiple credit accounts will not provide much of a cushion by flooding the bureau with only authorized user tradelines.
Key factors to understand are:
* New credit files are the most volatile due to limited information.
* Most experts feel two primary tradelines as a minimum should be open for each authorized user account.
* Coordinating the credit building process with authorized user tradeline experts may be the best answer to avoid mistakes.