The solution is not obvious. Although adding tradelines to your credit report is not in and of itself prohibited, doing so with the aim to mislead your creditworthiness may be considered fraudulent. For instance, it is deemed fraudulent and illegal to pay someone to add tradelines to your credit report that are not genuinely yours or to increase your credit limit.
However, adding authorized user tradelines to your credit report is permitted. Accounts that belong to someone else but are authorized user tradelines allow you to use them. Your credit report will be updated to reflect the authorized user account’s credit history, potentially raising your credit score.
But which tradeline should you get? Your credit objectives will determine the optimal tradeline to acquire. Adding a tradeline with a high credit limit and a protracted track record of on-time payments can raise your credit score if it is currently low. Adding a tradeline with a low credit use rate will help you reduce your overall credit utilization, which can raise your credit score if you already have good credit.
Is Credit Strong a tradeline in that regard? Credit Strong is a credit-building tool, not a tradeline, that aids in the development of credit history through a credit builder account. When you use a credit builder account, you can deposit money each month into a savings account. At the conclusion of the term, you’ll receive the money you saved plus interest. Your payments are recorded with the credit bureaus, assisting you in building a solid payment history.
Are my EIN and SSN connected? Although your EIN (Employer Identification Number) is used by the IRS to identify your firm for tax purposes, it is not connected to your SSN (Social Security Number). For tax purposes, your SSN serves as a means of identifying you as an individual.
Can I substitute my EIN for my SSN? Generally speaking, you cannot substitute your EIN for your SSN. For personal credit applications, your SSN is normally required, while for business credit applications, your EIN is typically required. However, depending on the credit card company, some may let you apply for a business credit card using your EIN rather than your SSN.
In conclusion, a lawful technique to raise your credit score is to add authorized user tradelines to your credit report; nevertheless, adding false tradelines is prohibited. Your credit goals will determine the appropriate tradeline to get, and Credit Strong is a credit-building instrument rather than a tradeline. Since your EIN and SSN are not connected, you typically cannot apply for personal credit using your EIN instead of your SSN.