When you are looking at the credit industry, the term tradelines refer to the accounts which are listed in a person’s credit report history. This includes all credit cards, personal loans however they are listed as a separate line item.
So when are tradelines made? They are established, whenever a new lender or creditor buys an account. In addition, if a person reports a credit card as missing, stolen or lost, a tradeline is created when issuing a replacement. There is a lot of information. Sometimes, part of a person’s credit history gets omitted though if the credit timeline is too old and expired. However, mostly the information here personal tradelines is added in a report as detailed below:
- The name of a the creditor
- The balance which currently is available
- History of Payments
- The status of the current account
- Account number (partial only)
- Which type of account
- The limit which has been given as credit or loan
- The last amount made as payment
- The last update Date for account
- Opening date when the account was created
- The date showing the activity most recent
- Any misconduct during last 7 years
Tradelines are used to calculate score which you receive on your credit. If you have been making regular payments ontime, kept a good balance and have not run into any complications, chance are you would be able to receive a good rating. The credit report you have should be including an active tradeline in order to be properly assessed for the past 6 months and based on this your credit score would be evaluated. There is also one more important aspect that needs to be considered. The more tradelines you have concurrently open, the more it could affect your chances of getting a decent score on your credit report.