We all knew that is was coming. As FICO 08 came and made using Authorized User reporting obsolete, the credit companies are finding these “Seasoned Accounts” and are deleting them from credit reports. How where these seasoned accounts working? Well, the first step would be to find a company that would sell them. Nowadays they are a dime a dozen and you could probably find them in a Google search.
After you spend your hard earned money to these companies, the only thing they can do is back date when the account was opened. The credit reporting agencies do not allow the payment history to be back dated. So the idea of getting a seasoned account with seasoned positive pay history, IS NOT A REALITY. The only thing it will do is show a NEW account with an old open date. This does nothing to help bring your score up like these companies would have you believe.
Now for the best part. The credit reporting agencies are noticing a lot of this “Seasoned Accounts” posting and are doing research on them. Here is an example that was just told to me by a good friend in the trade line business.
Jon went to XYZ Seasoned Credit company and purchased 5 seasoned trade lines and a few authorized user accounts. He was able to build 700+ scores. He took his new scores and went and got a business line of credit at one of the top ten banks. He used that unsecured line of credit to further his business.
A few months later one of the credit bureaus caught the “Seasoned Trade Lines” and deleted them from his credit report. They even took it a step further and wrote a letter to every opened account and anyone that inquired on Jon’s credit report stating that the accounts that where on Jon’s report where fraudulent and anyone that issued credit to Jon should be aware of that fact.
The top ten bank that extended the business line of credit to Jon canceled his line of credit with them and demanded he pay the remaining balance in 30 days, or the Attorney General would be contacted and Federal Charges would be brought against Jon for fraudulent information on his credit report, which the bank based his credit worthiness on.
Do you still want a Seasoned Trade Line now?
The only way to LEGALLY add a trade line, whether it be a revolving line of credit or installment loan, with positive payments is to make payments every month to a vendor that extends a line of credit or installment loan to you.
There are many of them out there to choose from. Google “Catalog Card” and take your pick. And you have the ability to use your line of credit to purchase vacations to destinations like Hawaii or St. Thomas at reasonable monthly payments.