Ever thought about getting a side hustle or an extra gig to add a few hundred dollars to your monthly income? Well, you’re not the only one. As a matter of fact, these days there are a wide variety of options to try. You could become an Uber driver, deliver for Door Dash, just to name a few. But if you’re like most people; those picking up extra work is – too much work! The great news for you today is that there is a much better way: selling tradelines.
Never Heard of Selling Tradelines for Extra Cash?
If this is the first time in your life hearing about selling tradelines, or if you’ve heard of it before, but never quite understood what it is and how it works, then today is your lucky day, because in the paragraphs that follow, you’ll discover the ins and outs of selling tradelines to bring in $500 to $1,000 plus per month. And the best part about it is that it doesn’t require any hard labor or hours of your precious time. In fact, if you have good credit, selling tradelines is perhaps the quickest and easiest way to make extra cash without doing any actual work. We’ll go in more detail in a minute, but before we do, that burning question of what exactly is a tradeline is probably rolling around in your mind.
What’s a Tradeline?
If you do a Google search, you’ll find dozens of complicated answers on what a tradeline is. But in simple terms, it’s what banks call a line of credit. Your credit card is a tradeline. Simple enough? Well, do you remember in the previous paragraph we noted that if you have good credit that selling tradelines could result in you receiving the extra money you want without having to pick up a side hustle or gig? Well, here’s your chance of a lifetime.
If you have what banks classify as a “seasoned” credit card account, which is simply a credit card account at least two years old with no late payments, whether you know it or not, you’re in high-demand. It is something the law has classified as legal, yet not many people actually know about it.
Here’s what we mean: for every credit card that you have, there is a list of authorized users. Of course you’re an authorized user of the card, but to make money, all you have to do is add someone as an authorized user and your unblemished payment history will be added to their credit.
With all of the security issues, such as identity theft and hacking going on, the natural question is to wonder if this is actually safe. The short answer to this question is yes, it’s safe. But just to ensure that your mind is free or worry, we’ll explain how your identity, as well as your credit card is safe and secure.
No. 1: Let’s start with your credit card. When you allow someone to be an authorized user as a way to make money selling tradelines, the person won’t have access to your actual credit card. You see, reputable tradeline companies that you sign up under, are the go in between you and the person wanting to purchase a tradeline. The person looking to purchase a tradeline is normally doing so in an effort to boost their credit score to help them qualify for a home loan, new vehicle loan, personal loan, etc. But in any case, that person never knows your name, your account number, or any of that information.
Let’s say for example, you have a credit card that’s two years old with no late payments and you want to sell this tradeline to a tradeline company. The tradeline company will make you an offer. You accept the offer. Then the tradeline company will make this tradeline available for purchase to anyone looking to purchase a tradeline. Once the person purchases the tradeline, all you have to do is either add them online or call your credit card company to add the person to your credit card account as an authorized user.
However, this person does not receive a card, nor have any access to your account information. You’re still in control of that. So basically, it’s a win-win for everyone involved. You make quick and easy money by selling your tradeline. The person looking to purchase a tradeline receives a positive payment history on their credit report to help them improve their credit in order to get the loan for whatever it is they’re seeking.
No. 2: It is important to note that the way tradeline companies make money is by limiting the length of time the authorized user has per tradeline. This is also good for you too. For example: a tradeline can be purchased for $600 for a term of two months. What this means is that after the two months are up, you can remove the person as an authorized user. If the person wants to go longer, he or she will typically have to renew or make a new purchase of the tradeline. Once the time allotted for the tradeline has expired, your tradeline company will send you an email letting you know to remove the person as an authorized user on your tradeline.
But the great thing about utilizing tradelines to make money is that the more seasoned tradelines you have and the more authorized users you have, the more money you can make. But be aware that most credit card companies have a limit on how many authorized users you can have per credit card. Every credit card company or bank has their own rules. And now that you have an overview of how to make money selling tradelines, feel free to give it a try, or learn more about your options as it relates to you making money selling tradelines.