How To Make Money Selling Tradelines

Tradelines are lines of credit on a credit report like mortgages, car loans, credit cards, and student loans. Credit reporting agencies use these tradelines to form a credit score. If you have always made sound financial choices, you likely have good credit, which can be desirable for people who don’t. With the help of a tradeline broker, you may be able to share some of your good credit in exchange for money. Find out how to get started below. 

Check Your Credit Report

Before reading a superior tradelines review to find a suitable company to work with, check your credit report to see if your tradelines might be in demand. Alongside having good credit, look at how old your tradeline is, how pristine your payment history is, and whether you have an excellent credit utilisation rate on your credit card. These factors can determine whether your tradeline would be in demand and whether you can make money from it. 

Secure Your Personal Information

Just as you would secure your personal information on your computer to keep it safe, it’s essential to do the same for your credit card information. Some of the best tradeline companies protect your information from authorised users on your card but keep in mind that you’re still adding someone you don’t know to your credit card. 

Activate two-factor verification with your bank, and use a different one for each card if you have more than one. Make all banking passwords different and too complicated to guess. 

Sign Up With A Tradeline Company

Once you have confirmed that your tradelines might be desirable to a purchaser and you’ve secured your credit card information, you can now sign up with a tradeline company. However, don’t select the first one you see without doing any research. 

Visit the sites of many well-established companies, read testimonials and reviews, and find out how they keep your credit card information secure. Once you have chosen a company you believe has your best interests at heart, they can notify you when they find someone requesting your tradeline. 

Add An Authorised User

When your tradeline appeals to someone trying to improve their credit score, your chosen tradeline company will contact you to add them as an authorised user. To do this, you will need that person’s name, social security number, date of birth, and other information. 

Generally, you can add them as an authorised user on your online banking portal, and a supplementary credit card will be sent to you. Ensure that the card is sent to your address, not the authorised user, for safety and security purposes. 

Remove The Authorised User

After a minimum of 60 days and after you receive payment, you can remove the authorised user from your credit card. You may have to do this by phone rather than through the online portal. By this point, the person who purchased your tradeline may have noticed a change in their credit score. 

Some people make a living from selling tradelines, while others sell them once or twice to make easy money. Whatever you plan to do, these steps above can be how you ensure the process is as straightforward as possible.