Everyone likes money. But there just aren’t that many ways to make a lot of it in an easy fashion. If only it was as easy as getting a magic seed that could sprout a tree that blossomed clustered bundles of hundred dollar bills–but actually, such a thing is impractical, it would be far too expensive to protect, and how would such a tree propagate, by dropping hundreds onto the ground that grew into other trees?
Spoiler–it doesn’t work like that, we’ve tried to bury $100 bills, but they don’t grow.
The easy money is usually illegal, such as selling illicit substances cooked up in private labs, and frequently leads to a lot of bad stuff happening, just ask Walter White. But there is a way to make some easy money, it’s not illegal, and there is no risk to you, and that is to sell authorized user spots. What? Is that legal? It is. The banks don’t much care for it, because it means you’re making money off of something they give you that they don’t get a cut of, but you can’t get in trouble for it, and there is a huge group of people out there looking to rent authorized user spots.
Pull out your wallet or purse, and take out a credit card. Perhaps you are not aware, but every credit card has the ability to add AU spots; the number depends on the lender, but when someone is added to your card, the history, limit, and payment history goes onto that person’s credit reports. In the credit/lending business, buying and placing positive data on your reports is known as purchasing tradelines. If you have great credit, it stands to reason that you have multiple credit cards that are basically collecting dust. You’ve taken advantage of the sign-up bonuses, and now those cards don’t get used much…so why not get paid actual money for them? What’s to lose?
Pros and Cons of Tradelines
If you are just getting familiar with the term “tradeline,” we can further demystify it by stating simply that any single account that gets reported to the credit bureaus is a tradeline: auto, student, mortgage, all of these loans are tradelines. So if you’re thinking, I’d like to sell some if it’s such easy money, and you’re asking yourself, how do you create your own tradelines? If you’ve got credit cards you’ve got tradelines. The biggest pro of tradelines is that they cut time off building credit. A lot of times, when parents have a kid that is turning 18, they will add him or her to their credit cards as an Authorized User. This makes their scores go from blank (or NA), to well into the 700 score range. If this is the normal result, it’s easy to see why people pay good $$ to buy authorized user spots.
The other big pro of tradelines is that they can generate great revenue. If you’ve got multiple cards that have good long history with good limits (think over 5 years old, more than $10k) you can generate as much as $1,000 (or more) per month.
The only real Con to selling your credit card (AU) spots is that it may end up costing you your credit card. There is no risk of anyone getting your account information, and we at Boost Credit 101 have learned over the years on how to lessen the chances of getting your credit card shut down.
There is a potential con in that you are trying to sell your AU spots and you don’t get paid, but this is why you need to find reputable companies offering authorized user spots.
In life, there is always a disconnect between those who have (or sell) something, and those who need something, that’s what marketing was invented for, to catch the eye of the people who have an eye out for a particular product or service. This may be something you didn’t even know was a thing, but now that you’ve found out about it, and if you want to make money, there is a whole giant group of the population who will pay to be added as authorized user to your cards.