Ever thought about adding your child as an authorized user to your credit card? Or have you ever just wanted to help a friend or family member who is dealing with bad credit? Whatever your reasons may be, adding someone else to your credit card is a pretty easy and straightforward process. And the best part? You can even get paid to do it and it is totally legal.
Adding an authorized user to your account can help you make some extra cash – $400 to $2,000 plus per month, depending on your cards. The authorized user do not receive a credit card to use, it is simply a means to boost their credit score. A few things to consider:
• Quite simply, it’s a win-win for all parties involved. By adding an authorized user by selling your tradeline to a reputable tradeline company, this company will in turn pay you for your tradeline. The tradeline company already has people who are looking to become an authorized user by purchasing a tradeline. Once a person purchases a tradeline, they win because they’ll have the benefit of your credit history being placed on their credit report to boost their credit score, thereby increasing their chances of being approved for any type of loan or line of credit they apply for.
• Authorized users have certain account restrictions. Authorized users when added via a tradeline company are restricted from certain account activities. For example, authorized users don’t have access to your actual credit card and they won’t receive one either. As a result, they cannot carry out account maintenance activities like making purchases, adding other users, changing the contact information on the account, etc.
• Authorized user have no legal liability to the account. Authorized users are not legally responsible for any purchases charged to that account. In the case of a sold tradeline, you’ll still be the only person able to make a purchase anyway, so there’s nothing to worry about here.
• Authorized users do not need a credit history. The credit card company will not run a credit check on the authorized user when you add them to your credit card. This is why becoming an authorized user is a great option for people who have a bad credit history or no credit history at all.
Adding a New User to Your Credit Card
Now that you know all the basics about authorized users and what adding them to your credit card could mean for you, here are a few tips on how to add authorized users to your credit card.
• The first step to adding an authorized user to your credit card is gathering all the information. In the case where you are selling your tradeline and adding an authorized user, the tradeline company will provide you with all of the information you need to add an authorized user. You’ll be provided basic information such as the person’s name, their date of birth, their social security number and some other information depending on what your credit card company requires.
• The next step would to add the authorized user. For some credit cards, this can be quickly and easily done online if you have your account setup online. However, some other credit card companies might need you to call them. Whatever your credit card company requires, it usually is easy, meaning the process is fairly quick. In fact, if you can do it online, all you’ll have to do is log into your online account and search for the right menu option. The menu option usually says something like “authorized users” or “add another user”.
• Once you click on the link, the next step would be providing all the information of the user you want to add – the information the tradeline company provided you with. After doing that, click on the submit button.
If there was ever a way to do some good for someone else while also benefiting financially, adding an authorized user is by far the absolute best way to do it. Since the authorized user will not have any access whatsoever to a credit card, account information, or know who you are, in addition to the fact that you’ll continue using your credit card and making payments on time anyway; you may as well go ahead and get paid for it. It’s the fastest and easiest way to passively add several hundred dollars a month to thousands of dollars a month in income.
The great thing about this is that when you sell your tradeline for the purposes of adding an authorized user simply to help the other person boost their credit score, all of the hard work has been done for you. Once your tradeline has been purchased, you’ll receive either a phone call or an email providing you with the information you’ll need to add the authorized user to your credit card. That user has no access, but you’ll get paid by the tradeline company for adding that person as an authorized user.
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