There is some old financial advice many people received when they became adults. Many parents are encouraged to add their kids to their credit card accounts so that they can get a jump start on building credit. It has been a proven strategy for years. Today, it is easier than ever before to utilize and sell tradelines. While Coast Tradelines can help people with their credit profiles, the truth of the matter is that you can do it, too. Many people earn hundreds or even thousands of dollars by selling their authorized user tradelines to those who want them.
Is Selling Tradelines Possible?
Online, you will find countless articles describing selling tradelines as a $1,000/hour side gig. This may be true to an extent, but for most people, they can expect to earn substantially less. Most commissions for this line of work range from anywhere between $50 and $350 for each authorized user spot. You can make more commission the longer your credit card has been active and the higher the limit you possess.
Most authorized users will remain on the credit card for two months. This makes for frequent turnover and the need to find more people to take on the spots. Once you get used to it, it really does not take any time at all. You can remove someone and add a new person within one minute. Therefore, the $350 you could potentially earn is all profit. The $350 you earn would be for the entire month, but considering how little work you have to put into it, it would technically come out to over $1,000/hour if you worked it full-time like a regular job.
As it stands, most people tend to earn between $500 and $700 a month doing this. In terms of a side gig, that is not bad. You get a few extra hundred dollars in your bank account for just a few minutes of work. As long as you have had your credit card open for a long time and have been regular payments on it, then you can really reap the benefits.
Are There Any Risks?
As with most money-making ventures, there are some risks that come with selling tradelines on your own. For starters, there is a chance the bank could shut down your credit card. Fortunately, you can largely avoid this as long as you are smart with how often you put new authorized users on your account. You do not want to be overly greedy and add an excessive number of authorized users quickly. In fact, it may even be a good idea to give your account a break once in a while and not take on any new AUs for a month or two.
Another problem people might see with this is the question of ethics and legality. You can rest easy knowing it is perfectly legal to sell tradelines. The question then turns to whether an authorized user, who will most likely be a stranger, will spend a lot of money on the card. Again, you luck out. The authorized user will not receive any information about your card, and the new card will be sent to your address. For extra peace of mind, you can make sure you have instant account freezes and account activity alerts set up, so you know immediately when strange activity pops up.
How Come More People Are Not Doing This?
The reason you do not hear about this more often is that it is still a largely underground practice. It also takes a special kind of individual to qualify and pursue it. You need to have a history of great credit on your own, and you also need a credit card that has been open for years. You also need to be willing to share your credit with others for money. It requires a very specific person to have all of these qualities. However, if it sounds up your alley, then you can really benefit in the long run.
In the event you need a credit boost yourself, then make sure to head over to Coast Tradelines. We have helped numerous people increase their scores with minimal effort. We can add you as an authorized user to another account, so your score increases quickly. Learn more by filling out our online form.