I stumbled upon a YouTube video where a very creative guy shared several unconventional money-making ideas. Here are a couple that blew my mind: 1. "Rent" out your credit to those who want to improve their credit score. If you have a decent credit (700+) and low utilized credit cards, you may add people who want to improve their credit to your accounts. For a fee, of course. They won't have access to the account but will have it listed on their credit report. The fees range from $200 to $1200, depending on the account age. A quick googling revealed several brokers that match credit "renters" with credit "landlords". So, the business seems to be legit. 2. Find a cheap car lease on a lease swap site and assume lease payments (e.g. $200/mo). Call a few ad agencies that place ads on cars and have them put ads on that car (e.g., 4 different ads for $200/mo each). You may stop there, but wait. There is more! Find a couple of Uber or Doordash drivers and rent that car to them (6 hours a day each) for $200/mo. Now you spend $200/on a lease, maybe another $100-150/mo on insurance and get $1200 payments from all these sources. TC: $250K
Trouble with car rental is that your insurance may not cover it for that use
Bro these are the worst sounding side hustles I’ve ever seen. Borderline illegal
What channel? Car rental company has potential, I don’t see why Uber drivers couldn’t lease the car themselves tho
Not worth your time or energy. Most of that shit is aimed at ppl whose time is not worth much. Your time is at least worth $150/hr. Legit it’s just way better for you to spend time improving skills so you can land a higher paying job.
This
Adding a person to an account takes 2 minutes. That yields $500-600 profit. You may have up to 10 such add-ons on each card. Keep them for 2 billing cycles and then drop and repeat. It pays way over $150/hr
I wouldn’t waste time on such things. If it was really worth it, everyone would be doing it.
10 authorized users at $500 each every 2 months = $30000/year. Time commitment is 6 hours/year if not less. It's a bit of an extreme example. But even $5000/year for doing virtually nothing is worth the time.
If it sounds too good to be true... I responded elsewhere as well but my skeptic alarm is going off. Maybe this idea is an exception. I don't know anything about it. But it sounds real scammy. I would guess there has to be hidden risk somewhere... Maybe because it's a form of credit fraud or maybe because those users can steal your identity. Idk. It's just fishy.
OMG. Such shit advice. You want serious advice? Don’t get financial advice from youtubers. EVER Remember Youtubers don’t do YouTube cause they know how to make money. They do YouTube in order to make (or most often just try to make) money.
These are ideas. Not an advice. The advice is: keep an open mind and don't limit yourself by "traditional" thinking.
It’s good to keep an open mind. I read these 2 side hustle ideas with an open mind and I can guarantee they are terrible. Both of them. Hope you don’t go for it
Anyone who thinks the credit sharing is a good idea is a huge idiot. Just hearing that idea should set off alarm bells in your head. 1. It might land you in prison for fraud. 2. It absolutely opens you up to civil lawsuits. All it takes is one bank or debt collector to connect the dots and then sue you. Every single jury is going to side against you. 3. The person with bad credit could easily run a free credit report, find out what account they are now an authorized user for, call the bank and get a card mailed to them. Now they can spend your money!
Since you work for a credit card company, where do you see the fraud? Here the answer to #3: https://www.experian.com/blogs/ask-experian/credit-education/report-basics/understanding-your-experian-credit-report/#:~:text=Account%20Number&text=Full%20account%20numbers%20are%20not,accesses%20it%20without%20your%20permission. https://www.investopedia.com/terms/c/credit-card-authorized-user.asp#:~:text=Cards%20generally%20do%20not%20allow,credit%20limit%20or%20interest%20rate.
I was running shoe bots for a while and profited around 10k a year (tried to stay under due to taxes). Then I started making a lot more on options. Nowadays, if I’m out of play money, I just run the bots for a weekend, resell on Goat, and get my play money to gamble on options. Process takes a good 2 weeks (bot on Saturday, receive the following week, sell on goat, send to goat, wait for verification, 3 days to my PayPal).
What is "shoe bots"?
There are no new shoes released every week, atleast the one’s that are sold out immediately & can be resold for a premium. Which shoes are you buying?
Op perhaps the only with an unpopular opinion, but I’d say go for it if you’re convinced. Perhaps start with adding a single user & see if/how it works for a few months, and then scale. Crawl a good year before you walk/run with this. Perhaps take a card with reasonably low balance and ask if you can limit a single purchase. Moreover, if the added user somehow got a card issued to himself you’ll get an email from the bank about it as well, immediately cancel the card then.
That makes perfect sense. Thank you.
Yea, but keep us updated. It’ll be fun to roast or nice to admire you. I’ hope it’s the latter though
I’m not renting my credit to folks who may abuse it. Car rental company is interesting
Those people don't have access to your account. They don't even know your name as the transaction is handled by a broker.
That's insane. All they have to do is run a credit report, call the bank, and prove their identity to get the address changed. It wouldn't even be fraud since you added them to the account.