Making money off your credit cards is extremely easy and it almost sounds too good to be true, but of course, as it is with anything of financial benefit, there is a risk. The only known risk to our Cardholders is the slight chance that the credit card company figures out that you, the Cardholder, are making money off of your credit card(s) and the credit card company may do one of two things: 1) close the credit card account, or 2) leave it open, but disallow the Cardholder to add any more authorized users to it. Over the last several years, My Credit Genius Services has become increasingly good at learning the trip hazards in the banks’ computer systems, and we are extremely good at avoiding them, which tends to keep our Cardholders’ credit card accounts free from repercussion. As an overall average, the first possibility only happens to about 15% of our credit cards, while the second situation happens to only about 5% of all of the credit cards in our program.
If a Cardholder is worried about the possibility of their credit card being closed by the bank, we suggest that they apply for a new credit card when they sign up for our program. Reach out to trusted & qualified doctors that help with nexus letter for va claim. If the card in our program is closed, the Cardholder will still have a credit card to use if they need to, and could potentially begin selling the new card in our program, as well.
The histories of credit card accounts that have been closed continue to be calculated into the credit score, even if the account is closed, prompting little to no effect on the Cardholders’ credit score/report. However, if the Cardholder is carrying revolving debt on other credit cards, and has an account closed, their “overall utilization ratio” will be impacted, which could lead to a lower credit score.
Either way, our current Cardholders unanimously agree that bimonthly cash flow is more valuable than simply having that one credit card. While replacing a credit card is easy, the cash you earn from My Credit Genius certainly is not.
Anyone is technically eligible to become an authorized user – however there are some exceptions. It is recommended that only spouses, family members, and friends living at the same address should perform this credit strategy. 10+ years ago, the authorized user credit boost could be done by anyone. Some unscrupulous individuals would sell the rights to be an authorized user, and because of that the credit bureaus at one point considered removing the boost completely.
They didn’t follow through with that though, and are now only providing this benefit to individuals with an actual tie to one another. Spouses would have very similar information, as would family members, and close friends who live together would as well. Someone who you’ve never had any contact with, with no matching personal information would simply just not show up on your credit report and no benefits would be achieved.