Jessica Keala

Credit Score in Tradeline Reports

It is an unfortunate fact that credit lending agencies are not aware of how many concurrent tradeline as person has. This means that the only way a person could maintain a decent credit score is by ensuring that he keeps himself on as low debt as possible. Another important thing to know is, opening accounts should only be done as necessary and when needed. If a person has an account open that is not being used, it should be closed on immediately to ensure it is not counted against him in the credit report as an existing tradeline.

Unfortunately, simply have a good credit score does not qualify you and that your applications get approved without any further hurdle. On the contrary, sometimes applications get rejected for the simple fact that many Personal tradelines have been opened in a very short span of time. This also means that if a lot of accounts have been set during past twenty four months and the last opened tradeline was not too long ago, your application may get denied.

Based on the policy and procedures applied in your local laws, credit agencies may include all your tradelines as part of your report of credit keeping in mind the integrity and accuracy of the information enclosed. Based on credit bureau policies, your positive standing information on existing/open tradelines will indefinitely remain part of your credit report. While accounts closed with negative feedback would be removed from your history during seven to ten years based on the local credit policies.

To ensure that your score remains decent to good, you need to limit the number of open accounts to as minimal as possible. This means, you should be able to close as account that is not in use any more.