In a change of pace, we’ll be covering the other side of the coin in this blog.
Usually we talk about what tradelines can do for you from the purchaser perspective. But…what if you’ve heard people whispering in quiet circles about the benefits of tradelines? Maybe you’ve caught just the word briefly in the air and wondered…hey now, I’ve got perfect credit, how can I get IN on this amazing thing?
Here’s the deal, if you’ve got great credit, you’ve likely built it up over a period of years. If you’re in the habit of paying things on time, all the time, you probably have upper 700 (or better) FICO scores, and have also likely accumulated several credit cards that are still open that you barely use, if at all.
Psst…this is where you’ll want to pay attention.
Selling AU spots on your credit cards is literally the easiest money you will ever make. The only easier money is the kind they slap the cuffs on for. And unless you’re Bonnie in search of your Clyde, or vice versa, we recommend avoiding this type of easy money.
Selling AU spots is totally legal. Now, we get it, when most people unfamiliar hear about them, tradelines can sound shady, you add someone you don’t know to your credit card and you get paid cash money? YOU are the one who’s going to sell tradelines? HO no, no way, you’re not getting involved. What if they get your data, what if the bank comes after you, what if–any other number of boogeymen consequences that pop into your cerebrum–happens??
And here’s a great spot to answer: What’s the worst thing that could happen?
Your credit card gets shut down.
Now in some extreme cases we’ve seen people lose multiple cards with the same institution, but as a rule, getting one card shut down does not affect the cards you have at other lenders. These banks don’t talk to each other. They are in direct competition. Professional courtesy, among banks?? The people in the top floors of the highest skyscrapers with the big names, US Bank, Chase, Bank of America, etc, would rather do anything than help a competitor. Remember the betta? Pretty Japanese fish that must remain alone? Put two betta’s in a tank and one of them isn’t coming out alive. It’s the same thing with bankers from different firms in a boardroom.