Understanding Trade Lines

What is the main topic discussed in the video?

• Real estate

• Stock market

• Trade lines

• Investment strategies

What is a primary trade line?

• A type of loan

• A line of credit that belongs to someone else

• A line of credit that is primarily yours

• A savings account

How does an authorized user trade line work?

• You open a new credit account

• You piggyback off someone else's credit account

• You get a loan from a bank

• You invest in stocks

When should you consider getting a trade line?

• When you want to buy a house

• When you have little to no credit

• When you have excellent credit

• When you need a loan

What is a common misconception about trade lines?

• They are a strategy to help build credit

• They are the end-all be-all for building credit

• They are illegal

• They are only for businesses

What should you check before getting added as an authorized user on someone's credit card?

• Their credit utilization is below 30%

• They have no late payments

• They have no negative remarks

• All of the above

What is one way to obtain a trade line?

• By investing in stocks

• By applying for a mortgage

• By opening a new bank account

• Through a family member or friend

What can negatively affect your credit score when using a trade line?

• You open too many accounts

• You close the account too soon

• You use the credit card too often

• The primary account holder mismanages their credit

What is a potential risk of using trade lines?

• It is illegal

• It requires a large investment

• It can hurt your credit score if mismanaged

• It guarantees a high credit score

What should you do before becoming an authorized user on someone's credit card?

• Invest in their business

• Open a new bank account

• Double check their credit report

• Apply for a loan