You’ve probably heard the term “trade line” before, but maybe you’re not sure what it is?  A trade line is a debt you owe on your credit report.  Each individual creditor or lender you owe (I.E Capital One, Mortgage , Auto Loan) are individual trade lines.  Each of these trade lines are monitored by the lender who gave you the money.

 

Examples of Trade lines

  • Did you take out a Target Red card during the Christmas shopping season?  If you filled in your name , address and social security number.  Likely that’s a trade line.
  • Do you have a car loan through a bank or credit union?  That’s a trade line
  • Student loans?  Trade line.
  • Any credit card (Capital one / Discover / Mastercard / Visa)  Those are trade lines.
  • Personal loan for a boat / RV / Motorcycle?  You guessed it, trade line.
  • Consolidation loan where you paid off a bunch of credit cards?  That’s a trade line (however you consolidated multiple trade lines into one)
  • Mortgage?  Yup.

Anything that reports on your credit and has an affect on your credit score if you do not pay it, is a trade line.  You are eligible to receive a free credit report one time annually from freecreditreport.com.

 

Thank you

 

 

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Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

Executive Mortgage

NMLS 271650

909 . E Walnut Street

Green Bay WI 54301