Here is the content structured in a Question and Answer format as requested:
Frequently Asked Questions
Q: What do you do?
A: Tradelines.io is a tradeline consulting company looking to use your good credit history to help our clients through the use of Authorized Users (AUs). We do not need access to your accounts; in fact, we don’t even need your card numbers. Your information is always protected and you do not need to recruit any clients. This is not a sales job. You would act as a supplier of good credit, and we would handle all the front-end work for you.
Q: How does this business work?
A: If you know anything about credit scores, you’ll know that three of the biggest factors are: derogatory marks (late payments/defaults), percent of credit utilization, and average age of accounts. We are a tradeline consulting company that helps clients improve their utilization ratio, average credit age, and payment history through authorized user practice called piggybacking. You are NOT lending our clients money, and they will NEVER have access to your tradeline. When you add someone as an authorized user on a credit card account, the credit history from that card gets added to that person’s credit report. Our company will pay cardholders like you to supply clients with AU slots on good credit cards, and it only takes a few minutes a month.
Q: What is the risk of selling authorized user spots?
A: The only true risk in selling authorized user spots is getting your credit card shut down. Eventually, ALL cards are at risk for closure, regardless of who the lender is. The more authorized users you add and the longer you add them, the riskier it becomes. We recommend not selling more than 3 (2 for higher risk cards) spots on your card. Your partnership is more valuable to us in the long run, and the protection of your account is our top concern.
Q: Am I selling something?
A: No. We handle screening and selecting clients for our program. You are simply a supplier of AU spots, and you will not be interacting with our clients or selling anything. We carefully screen all clients for fraud and verify their legitimacy. We only work with legitimate SSNs and refuse to work with CPNs or SCNs, which we consider far too risky.
Q: Will I be loaning credit to the AU?
A: No, you are NOT providing an AU access to your credit. In a traditional AU situation, you would give the AU full access to make charges/purchases on the account using their own authorized user card. However, with Tradelines.io, the AU will never have access to the card.
Q: What will I need to do each month?
A: Depending on your card type, your AUs will stay on an account for a 2, 3, or 4-month cycle. The process involves adding AUs before your statement date, ensuring the tradeline reports, and removing the AU once the cycle ends. You will be paid at the end of the following month.
Q: What credit cards qualify?
A: At this time, we can only accept cards from the following issuers: Barclays, Discover, Huntington Bank, Alliant CU, PNC, US Bank, Elan/Fidelity, Chase, and Bank of America.
Q: What credit cards are you currently NOT working with?
A: We cannot work with charge cards, business cards, retail and credit union cards, or issuers like PenFed, Capital One, Citibank, Wells Fargo, USAA, NFCU, Amex, Synchrony, or TD Bank.
Q: What are your current age and limit requirements?
A: Our requirements vary by enrollment period. You can try transferring limits between cards, requesting a credit limit increase, or waiting for the next enrollment opening.
Q: How much money can I make?
A: You are paid per spot (authorized user) added to your card, not per cycle. The amount depends on the credit limit and age of your card, with commissions ranging from $25 to $400 per spot, depending on the card and cycle.
Q: When do I get paid?
A: You are paid by the last day of the month following when you add an AU. We verify that the tradeline has posted before issuing payment.
Q: Does my commission ever change?
A: Commission changes may occur due to limit increases or changes in our commission structure. You are responsible for notifying us of any changes in your card’s limit or age.
Q: Won’t asking for a credit limit increase bring my credit score down?
A: A hard inquiry will typically decrease your score by no more than 5 points. Your overall credit score does not affect the client, only the history attached to the specific tradeline.
Q: How many tradelines can I start with?
A: We start with 1 card and 1 AU. Once you are comfortable with the process, you can add more cards and AUs.
Q: Can I get paid for referring others?
A: Yes! We offer a referral program that pays a one-time commission fee of $100 for cardholders who refer others to the program after they fulfill their first order.
Q: Does it lower my credit score to have AUs on my card that have poor credit scores?
A: No, your credit score is not affected by the AU’s credit score. They inherit your good credit, not the other way around.
Q: What if the tradeline doesn’t post to the AU’s credit report?
A: This can happen due to user error or lack of balance on the card. Double-check the AU’s information, ensure there’s a balance, and follow our instructions.
Q: What would happen if due to an emergency, I am forced to use a large portion of a tradeline that I’m renting out?
A: Notify us immediately if you need to use more than 10% of your credit limit. Failure to do so could result in removal from the program.
Q: How can I remove a card from the program or temporarily put it on hold?
A: You may terminate your relationship with us at any time with 1 month’s notice. You can also temporarily put your card on hold if necessary.
Q: How am I protected so that the AU cannot use my credit card?
A: AUs never receive an authorized user card without your express permission, and they don’t have access to any critical account information.
Q: What are CPNs and SCNs? Why do you not work with them?
A: CPNs and SCNs are alternative identification numbers that mimic SSNs but have been linked with fraud. We only work with verified Social Security Numbers.
Q: I received mail addressed to an AU. Should I be concerned?
A: No, it’s not unusual for a cardholder to receive mail addressed to an AU. Simply write “return to sender” on the envelope, and the post office will handle it.
Q: Isn’t this a trick that the credit card companies made illegal in FICO 08?
A: No, this practice is legal. The credit bureaus cannot make selling tradelines illegal, and authorized users were retained in the FICO scoring model to protect spouses and other legitimate AUs.
If you have more questions, feel free to contact us at Support@Tradelines.io.