Residual or passive income is the amount of income that you have after the deductions of all personal debts and expenses have been paid. Basically, income resulting from money flow on a consistent basis, involving little effort to maintain it. Initially you’ve already put in the hard work and agony over the years if you’re at this point of looking for passive income. Here’s a surefire way of creating residual income from the work you’ve been putting into your credit. Yes your created can earn you passive income, by signing up to be a primary account holder for trade lines.
More often than not, people pay to be added as an authorized user in order to have the history associated with that account appear on their account. But you can only offer this service if the hard work has already been done. As a primary account holder, the residual income formula is to have accounts in good standings. Having accounts in good standings allows you as a primary to continuously remain in good standings due to the extra cash you’ll be earning from being a primary account holder. Also, the service rendered will allow authorized users to improve their credit standings. Get paid to add authorized users is an easy way to create residual income.
HOW DOES THIS WORK
By signing up with a trade line wholesaler such as LenJan Consulting Services, AU’s will be added to your seasoned account. In a process known as “piggybacking” from the primary account in good standings. Once added, creditors will send the three credit bureaus all the account history on all trade lines for an A U. Drastic leaps in credit from 10 to 200 points have occurred due to “piggybacking” credit. The limit of the trade line is reported, as well as the age and positive payment history to the credit bureaus which has a major impact on a primary’s earning ability.
DOES THIS STAY ON MY ACCOUNT?
Typically, the AU is allowed access to the primary’s account for a billing cycle. As the primary account holder, you have the ability to remove an AU at any time. There are no long-drawn-out contract agreements binding primary accounts to any authorized user accounts. So rest assured this truly can be the residual income formula for you! Eligibility begins as early as six months to one year of maintaining excellent credit history on a credit account. VantageScore can produce a score within 1 to 2 months but FICO will need up to six months to do the same. After 6 months of on-time payments And they’ve been reported to Equifax, Experian, and TransUnion your credit score should rise along with the credit history reflecting perfect payments. VantageScore is FICO’s competition, developed by the three credit reporting bureaus. FICO was developed by Fair, Isaac Corporation, competitor to the consumer credit scoring model VantageScore.
BENEFITS OF RESIDUAL INCOME
” By working Faithfully eight hours a day you may eventually get to be boss and work 12 hours a day.” – Robert Frost. Simply put, you get more of what you sign up for! The freedom and clarity produced from passive income helps create a better quality of life. Aside from putting forth the effort of budgeting and maintaining excellent credit, you now have the benefit of the great score and credit amenities. A portion if not all of your monthly income could come from this capital. An asset you’ve built on that can continue to pay you after the work has been done.
THE BEST RESIDUAL INCOME OPPORTUNITY
The overall point of residual income is a bargaining chip. Being able to bargain others time and/ or money in order to produce passive income. Credit is something that people need on a continuous basis, prime example of a residual income formula. As the formula begins to produce the proven desired result, you make more money and can begin to have more freedom to create more compassionate ways to improve the economy, commerce, and home. Thank you