So my goal for this video is to make sure you don’t get in trouble or try to do something illegal thinking that it's super legal. - Your credit card gets canceled
- You’re information stolen
- And then you might be facing some type of liability.
So in this video, I'm going to break down the legality of selling your credit score in a sense, and I’m also going to call 3 different credit cards to see if it's legal or not. – and what are the consequences
is it legal to sell your credit score
Basic Idea: is to clarify how tradeline works and if it's legal or not.
1. 2 Business Model:
Personal:
You have a good credit and you’ve been playing the credit game for maybe 5-7 years
We get Josh here with not so good credit and his also new
We add him to your line as an authorized user, and he pays you 250-350 bucks for a 10minute phone call to add him to your line.
In 2-3 months, you remove him and then add the next person, or do multiple.
Key Question: but they will have my credit card now,
Answer: they send it to your house, so you never have to share it with them
Btw: People sell with Facebook Groups, even on eBay and some with Reddit.
Business Side: is they have a network, so a constant stream of people, so for giving you people, they take a part of the commission, so everyone wins.
However: if your account gets shut down, you’re the one that loses, they don’t take any of that risk of risk.
Ps: Really good lines with over 10 years and over 50k limit, well they sell for $1,500 bucks
Pros: you could potentially get a higher credit, which lowers your credit utilization and raises your score
Con: for the person selling, you get caught and they close your account.
For example: google tradeline and you’ll get a bunch of different bias people trying to get you to join their program.
2. Customer Service Call:
1. How do I add an authorized user
Its simple and with discover you can add up to 5 and you can call in or do it online.
2. When can I remove them
Any time you want.
3. Do you guys report the history to their score to help them out
Yes.
4. Can I sell them
You wouldn't want to have a stranger have access, because they could call in and get your card.
2. What this Means:
- It's basically Fraud: you’re tricking the lenders to lend you money based on something you haven’t earned. ( but they are banks the best when it comes to ethical morality) IDK
- Ps. With fico 10 being implemented, this might not give you the results you think you’ll get.
SO in the end: is this legal or Illegal:
Morally is kinda like Hmmm: I’m tricking corporations that make billions, but that doesn’t really justify it.
By the law, it’s a grey area: because legally you can add whoever you want.
I wouldn’t do it: maybe for a friend but running this test as a business and then your account gets closed, is a high-risk deal.
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