Trade Lines

Trade lines are an important part of every credit report.  Trade lines are the section of the credit report which outline all of the information and history of each credit product you have. The information on trade lines is vast, and includes:

• the date the credit account was opened
• the creditor
• a portion of your account number (for security)
• your credit limit
• current balance
• repayment terms
• date of last activity
• number of months reported to the credit report
• the number of times that a payment has been 30, 60 or 90 dates late
• a rating (link to rating section)

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All of this information together works to tell potential creditors how you manage your credit. For example, by examining your trade lines, a creditor is able to determine whether or not you pay your bills on time or whether you make only the minimum payments (which may signal that you are in over your head).

Your trade lines are also important because certain behaviours that have nothing to do with paying your bills on time can hurt your credit and the credit reporting agency learns of these behaviours through your trade lines.

Too much new credit: If you have several different credit cards, loans, or lines of credit, this is often an indicator that you can’t make payments without acquiring new credit. Generally not a good sign. Too much new credit may also result in too many inquiries or credit checks reported on your credit report, which can also bring your credit score down.

Balances too close to credit limits: If your cards are all maxed out or very close to your limits, this is usually an indication that you might be overextending yourself, which can be concerning to lenders. If you go over the limit you will incur additional fees, which would increase your monthly payment, and may make it harder to make your monthly payments.

Too many credit products: Similar to having balances too close to your credit limit, having too many credit products can make it seem as though you don’t have the means to purchase without using credit.

Keep in mind that late payments can seriously harm your credit score, and these late payments are visible in trade lines. Even if you are only a month behind, this will be indicated on the trade lines, showing lenders that you were unable to keep up to date with payments. Information on trade lines will impact your credit rating, and so monitoring your report in order to keep your rating up is important (link to rating section).