I have not done this (on either side). It seems like an interesting way to generate extra cash or to improve your credit. However, I can also see risks. I know there is an extra cash thread by booshala I believe, but thought this was distinct enough to warrant its own post. If I am wrong, my apologies, and please merge.
https://www.reddit.com/r/passive_income/...ve_income/
https://www.reddit.com/r/passive_income/...ve_income/
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I would open a few select credit card accounts and let them age for 2 years. Charge some purchases regularly, but keep a very minimal balance. There are companies that will pay you to add Authorized Users on the cards once the accounts have 2-3 years of good payment history. The higher you can increase the credit limit, the better. I'm currently being paid $150 per user on my $30k Citibank account, averaging $400 a month since December 2014.
This is called Credit Piggybacking. When a credit report is pulled, the users appear to have more credit available to them, so they can get better interest rates to buy a car, home, business, etc. This is perfectly legal and doesn't violate any of the terms and conditions of my cardholder agreement. There is no risk to me, as the actual cards are mailed to my address, and I never disclose the account info to anyone, ever. My contract explicitly states that I will be reimbursed if unauthorized charges were somehow made, but as I said, no one else receives actual cards or account numbers.
Piggybacking has been a widespread practice for decades. People add their children and spouses to their accounts all the time, to help them establish or improve their credit. There's no law that requires the users to be relatives though.
More info on the subject...
http://www.creditcards.com/credit-card-n...r-1265.php
http://abcnews.go.com/Business/Economy/S...959&page=1
https://en.wikipedia.org/wiki/Seasoned_trade_line
Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."
Women and children can be careless, but not men - Don Corleone
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