Author Topic: Selling Tradelines / Piggybacking: $1000+/hr, 20-40k/yr. Side Gig  (Read 124140 times)

kudy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #150 on: July 30, 2016, 09:14:55 AM »
ARS, thoughts on starting a "referral train" for this? I guess the setup time might be a limiting factor. I too signed up after hearing about it at Camp Mustache, and I have 7 cards in the program now. I've added 4 AUs so far, 2 in June and 2 in July.

VladTheImpaler

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #151 on: July 30, 2016, 11:32:04 AM »
Posting to follow.

Has A Rebel Spy received any payments yet?
Just curious.
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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #152 on: July 30, 2016, 01:15:29 PM »
IDK which other companies do that.

All of the main ones (Chase, Citi, Discover, Capital One, etc.) reallocate.

To the general question, this thread (and forum) may be helpful:

https://www.fatwallet.com/forums/finance/634740/
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johnny847

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #153 on: July 30, 2016, 01:28:41 PM »
IDK which other companies do that.

All of the main ones (Chase, Citi, Discover, Capital One, etc.) reallocate.

To the general question, this thread (and forum) may be helpful:

https://www.fatwallet.com/forums/finance/634740/

Yeah but not all of them let you reallocate credit limits without a soft hard pull.

http://www.doctorofcredit.com/rules-for-reallocating-your-credit-limit-with-each-credit-card-issuer/

Edited: mistake
« Last Edit: July 31, 2016, 01:08:59 AM by johnny847 »

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #154 on: July 30, 2016, 04:16:40 PM »
It's been getting some use - the 5% rotating categories (Last quarter: Restaurants when my employer is paying during travel. This quarter: Amazon) - and they did bump it over 80% when I called. Online, it seems that people are getting recommended to request a 10-25% bump.

Cool, the usage should help.  I think smaller bumps are good when you already have a large limit and are trying to keep "pushing" it--when it's a small limit, you can do bigger ones.  IIRC, my wife bumped her Discover from like 4k to 10k in June to use this. 

ARS, thoughts on starting a "referral train" for this? I guess the setup time might be a limiting factor.

I thought about that, but didn't for a few reasons:
1) There's no simple "referral" link people could post--you have to give personal information (first/last name and email).  Not a huge deal, but not something you generally want to post online (especially on a forum focused on money, in a thread around specific credit card use that violates TOS).  So implementation (logistics) becomes more difficult because of this.
2) There's a lot of bad actors in this area--shady companies, people only trying to earn money on referrals, etc.  With a "Ting" or "Uber" referral, the product is a known quantity from a major company. With a recommendation like this, it's not, and so having them come from random people adds a risk element that worries me.  That adds another level of implementation/logistics.
3) "Policing" it--the referral threads are already a hassle moderating. People saying their code didn't get used, people coming into the forum JUST to post their referral, scroll back a few pages in this Ting referral thread to see how many users have just one post (i.e. the one with their referral code). That adds a lot more work/logistics.

For now, mainly due to the fact that there's so much potential for bad information, and I don't want Mustachians getting into something unwittingly, I decided against trying to implement something like that, but I'll keep thinking about how it could be implemented (safely, especially).

All in all, the referral fees aren't that much--they're nice, obviously, but I'm still (after referring a bunch of Mustachians) expecting to make far more (like multiple times more) selling my own trade lines.  And, of course, I'm happy to provide the information to anyone--there's no obligation to 'mention" me as a referral, if you want to just sign up, that's cool.  But I'd rather have the information a bit more "secure," if that makes sense.

Anyone feel free to PM me about this to discuss, I'm open to ideas.  :)

Quote
I too signed up after hearing about it at Camp Mustache, and I have 7 cards in the program now. I've added 4 AUs so far, 2 in June and 2 in July.

Glad to hear you signed up, I was wondering about that after how exited we were after.  I literally started my research within an hour or two of getting home from CMIII.  :D

A lot of times people just don't follow through, though, which is why I was wondering... I think maybe 10-15% of people who have PM'd me for details about the company to use actually signed up?  And that's of already pre-interested Mustachians.  I'm sure a lot are just gathering information, and then decide it's not for them, or forget, or get lazy, or whatever.

Actually, that adds another huge logistical problem to the above list for a referral chain--people who get a "referral" but then don't sign up.  How do you police that?  Without a reliable way to track it it's quite difficult (and do you, what, wait for someone to join to have the next person refer? You limit the referral chain to only those who have signed up themselves, but what if a bunch of people want the info at once, before the previous batch is done signing up?). Referral links are easier, but this isn't really set up for that.  So logistical and potential shadiness has detered me on this for now, but again, open to PMs and ideas about it.  :)

Posting to follow.

Has A Rebel Spy received any payments yet?
Just curious.

From earlier in the thread:
Not yet; I should in about two weeks.  I heard about it at a breakout session at Camp Mustache III over Memorial Day.  I signed up in early June, got my first tradeline sales in mid-June and the second half of June (we got 8 tradeline sales in that half month, have 7 so far this month, and probably more coming in the next two weeks from cards closing towards the end of the month).   So I should get payment for those June trade lines here at the end of July.  The last pay date was June 30 for May orders, but we hadn't started at that point.

The company I use has been around for a few years though; the Mustachian who led the breakout session has been using them for sometime between a year and a year and 1/2, IIRC, and I chatted with other people who have been using them for awhile as well.  I have no doubt I'll get payment here in two weeks, but if you're worried about that, wait a few weeks and ask me again August 1, and I'll report.  ;)

I did just get an email (as did the wife) with a breakdown of my commission for June, paystub, and it says it takes a few days and should be in my bank account Aug 2-4.  I'll report back in a few days with details of exact amount, # of sales, etc. 

Spoiler alert: I'm in the 20k annual range posted in the thread title, and that's with only a half month for June, and with the tradelines at 2--I did just raise some to 5 (others stayed at 2, since that's the most you'd want to use to help avoid closure of the account).  :)
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arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #155 on: July 30, 2016, 04:17:02 PM »
IDK which other companies do that.

All of the main ones (Chase, Citi, Discover, Capital One, etc.) reallocate.

Oh wow!  This is amazing..for some reason I was under the impression that only Chase reallocates.

I've got to make some calls!

Also maybe open some new cards!  When I open a new card, I immediately get a credit line in the 15k range.. but somehow some cards don't want to bump me from more than like 5k to 8k.  Sign up for a new 15k card, move all but 1k of the limit over to the old card, boom, got a 20k+ card.

I may be signing up for some new cards--even without signup bonuses!  Never thought I'd do that again.  But as long as they have no annual fee, and give me a 10k+ credit limit (which they always do with my travel hacking cards), then their ability to transform an old 10k+ card to a 20k+ card (or even 30, if each are 15k+) is worth as much as a signing bonus.

Raising a card from 10k to 20k changes the commissions from $225 per spot per cycle to $262.50 per spot per cycle.  An extra $37.5 x 2-5 spots per two months x 6 months = $450 - $1,125 depending on how many spots you sell.  Not too shabby at all.

Signing up for a new card just to shift the credit to an old one is pretty revolutionary, to me.  Maybe I'm just way behind the rest of you.  :P

Plus I have a few <2 year ones I'm waiting to age that I can use the credit in the meantime (though, obviously, risking getting that older card shut down would leave me with little credit on that card, but then I suppose you'd just ask for a limit increase, lol.)

Would that raise any flags, moving a bunch of credit from a card you just signed up for? 

Yeah but not all of them let you reallocate credit limits without a soft pull.

http://www.doctorofcredit.com/rules-for-reallocating-your-credit-limit-with-each-credit-card-issuer/

Eh, soft pulls don't bother me.  Good link, thanks!
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kudy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #156 on: July 30, 2016, 07:05:16 PM »
RE: referrals - you are right, I hadn't though much about it when I posted my note, you make a lot of good points. I have yet to refer anyone who's signed up with cards that get me a referral bonus.

I am impressed with the number of cards you must have that qualify to be in the $20k/year range with just 2 AU slots per card! I was thinking I might mine at 3-4 max for each card, as a safety measure.

I am a little disappointed in the lack of "orders" I've received so far, but as they said, and you repeated in the original post, this is the "slow" season. Not all of my cards are all that desirable either, but time plus a bit of diligence on the credit limits, and I might start to see an increase.

P.S. of course I'll follow through on such amazingly unbelievably easy money ;)!
« Last Edit: July 30, 2016, 07:08:45 PM by kudy »

Padonak

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #157 on: July 30, 2016, 07:25:57 PM »
Will this work for a U.S. citizen who lives overseas and has a US mailing address? I am currently in the US but may move overseas for awhile starting from next year. 

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #158 on: July 30, 2016, 07:27:33 PM »
Not all of my cards are all that desirable either, but time plus a bit of diligence on the credit limits, and I might start to see an increase.

Yeah, we definitely see a difference in cards that are just over two years versus 10+ years, and even in ones with a 11k limit versus 18k limit.

So on a lot of them, it'll just be a waiting game (and getting what we can, for now) for them to age, and requesting credit bumps regularly.  :)
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arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #159 on: July 30, 2016, 07:29:04 PM »
Will this work for a U.S. citizen who lives overseas and has a US mailing address? I am currently in the US but may move overseas for awhile starting from next year.

Yup!  I know it will for a fact, as I live overseas, and have a US mailing address.  ;)

TravelingMailBox.com is amazing, btw--receives and scans in all your mail.. you have a digital "inbox" for your real life mail.  I'm probably going to keep paying for it even if we go back to the US, just for the convenience and ability to "go paperless."
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
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Padonak

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #160 on: July 30, 2016, 08:30:05 PM »
Will this work for a U.S. citizen who lives overseas and has a US mailing address? I am currently in the US but may move overseas for awhile starting from next year.

Yup!  I know it will for a fact, as I live overseas, and have a US mailing address.  ;)

TravelingMailBox.com is amazing, btw--receives and scans in all your mail.. you have a digital "inbox" for your real life mail.  I'm probably going to keep paying for it even if we go back to the US, just for the convenience and ability to "go paperless."

Excellent! Thanks.

johnny847

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #161 on: July 31, 2016, 01:07:59 AM »
Yeah but not all of them let you reallocate credit limits without a soft pull.

http://www.doctorofcredit.com/rules-for-reallocating-your-credit-limit-with-each-credit-card-issuer/

Eh, soft pulls don't bother me.  Good link, thanks!

Er I meant hard pull but I'm sure you got that from the link.

TomTX

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #162 on: July 31, 2016, 07:22:44 AM »
A couple of items:

1) The trick of opening a new card with the bank and transferring the credit line hadn't occured to me. That's pretty awesome. I was thinking of opening a Hilton travel card for the signup bonus. I could then move the credit line to another Citi card before closing it. Sweet.

2) I am one of those who emailed arebelspy for information, and used him as a referral. I filled out the paperwork yesterday and am waiting for it to clear. I will probably start with 1, maybe 2 cards.

3) I am definitely more comfortable with churning for signup bonuses than the tradelines.

4) UMB will be a real PITA for tradelines. You have to actually fill out a form and mail or fax it in to add an AU. That's a 19+ year old card....

5) I am happy to be a referrer for Mustachians with reasonable forum activity, via PM. I presume arebelspy will get a 'downline' referral bonus as well.
« Last Edit: July 31, 2016, 07:26:02 AM by TomTX »
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

monarda

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #163 on: July 31, 2016, 09:38:06 AM »
Thanks for the info! No idea that this existed!
I've got a <2 year old CapitalOne card that I will consider using when the time comes.
All my other cards are with my local credit union. 

Swore off the big banks many years ago- got pissed and closed several Bank of America and Chase cards with really high credit limits.  Can't undo. Oh well.


TomTX

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #164 on: July 31, 2016, 10:56:41 AM »
Thanks for the info! No idea that this existed!
I've got a <2 year old CapitalOne card that I will consider using when the time comes.
All my other cards are with my local credit union. 

Swore off the big banks many years ago- got pissed and closed several Bank of America and Chase cards with really high credit limits.  Can't undo. Oh well.

Are you sure you can't undo? Have you called and asked?
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

thepokercab

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #165 on: July 31, 2016, 11:37:45 AM »
I also used Rebs as a referral, and happy to do the same for fellow Mustachians.  Feel free to PM me as well. 

I've signed up two cards thus far, with a third becoming old enough shortly.  I've racked up quite a few cards chasing after travel and cash rewards so i've got quite a bit to work with (just kicking myself at the many cards I've cancelled over the years!). I've been calling through my cards trying to get credit increases, etc. and have gotten various responses:

1) I had an old Bank of America card that I hadn't used in about 4 years but with a relatively small line of credit.  I called and they jumped it up to $10,000 with almost no questions. 

2) Different story with Capital One and Discover.  I have some older cards with them that I haven't used in a few years and the most I could get was about $500 credit increases for both.  I tried requesting online and over the phone, and the result was the same.  So i'm going to try to put some more activity on these cards and try again in a few months. 

3) I had multiple lines of credit open with Chase, but all under $10K.  It was super easy to call them and consolidate the credit lines on all of the 'newer' cards, close those and then move the credit lines to my older card.  This might ding my credit a few points but now I've got 1 older card with a huge line of credit which will hopefully sell more tradelines. 

I've only had my tradelines up for a few days so haven't seen any order come through yet, but i'll update folks once I move through the process. 

thepokercab

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #166 on: July 31, 2016, 11:44:55 AM »
Oh, and one other note on Chase.  While I've had cards open with other banks that have literally had 0 activity for a couple of years or longer (but they are my old lines of credit that i want to keep open) Chase is the only bank i've run into so far that will actually close down the account.  I found this out as I was talking with customer service.  Due to inactivity one of my cards was 'scheduled to be closed' and there was apparently nothing I could do.  They told me that Chase routinely will close cards after 18 months of inactivity. 

So, on the Chase cards I want to stay open i'll be sure to put some minimal amount of activity on them moving forward. 

carloco

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #167 on: July 31, 2016, 12:00:34 PM »
I wish I had kept old cards opened now.   I only have one that's more than 2 years old.

CmFtns

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #168 on: July 31, 2016, 12:36:13 PM »
Just a note to anyone trying to reallocate credit by opening new cards and immediately transferring... Most companies require both cards to be open for 6 months before credit can be transferred around. Maybe calling in can get you around this rule.
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kpd905

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #169 on: July 31, 2016, 01:26:11 PM »
Oh, and one other note on Chase.  While I've had cards open with other banks that have literally had 0 activity for a couple of years or longer (but they are my old lines of credit that i want to keep open) Chase is the only bank i've run into so far that will actually close down the account.  I found this out as I was talking with customer service.  Due to inactivity one of my cards was 'scheduled to be closed' and there was apparently nothing I could do.  They told me that Chase routinely will close cards after 18 months of inactivity. 

So, on the Chase cards I want to stay open i'll be sure to put some minimal amount of activity on them moving forward.

This happened to me with Citi recently.  And it was my oldest card.  So probably a good idea to put a small charge on all of your cards every 6 months or so.
Get $150 after $500 spend w/ Chase Freedom: https://www.referyourchasecard.com/2/OKUUT3TERJ

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arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #170 on: July 31, 2016, 03:10:02 PM »
1) The trick of opening a new card with the bank and transferring the credit line hadn't occured to me. That's pretty awesome. I was thinking of opening a Hilton travel card for the signup bonus. I could then move the credit line to another Citi card before closing it. Sweet.

Or just reduce the amount down to like $500 and keep it open (so it eventually ages and you can use it..and can also ask for a credit bump on it after awhile, and to not annoy them from closing it quickly).

I just got a Hilton card but it was with Amex.  Citi has a Hilton card?

Quote
4) UMB will be a real PITA for tradelines. You have to actually fill out a form and mail or fax it in to add an AU. That's a 19+ year old card....'

Ew, that is a hassle.  All of mine add online.  And I was happy when I found Discover you can remove the AU online (the others you have to call).  Still, if you calculate the time/hr on it, especially for such an old card (which you can negotiate your rate on with them, as per up thread), probably worth the hassle of filling out a form, scanning it, and paying a dollar or two to an online service to fax it.

Quote
I presume arebelspy will get a 'downline' referral bonus as well.

There is no downline referral, it's not a pyramid scheme.  ;)  I'd get referral fees only for people who actually use me as a referral.  But that's fine, as I said up thread:
Quote
All in all, the referral fees aren't that much--they're nice, obviously, but I'm still (after referring a bunch of Mustachians) expecting to make far more (like multiple times more) selling my own trade lines.  And, of course, I'm happy to provide the information to anyone--there's no obligation to 'mention" me as a referral, if you want to just sign up, that's cool.

I am thankful for people willing to use it as a thank you for typing this up, researching and vetting a good company, etc.--first time I've gotten paid for something related to sharing about something on the forums, as I've always eschewed affiliate and referral links before.  I'm hoping it'll eventually add up.  :) 

Thanks for the info! No idea that this existed!
I've got a <2 year old CapitalOne card that I will consider using when the time comes.
All my other cards are with my local credit union. 

Swore off the big banks many years ago- got pissed and closed several Bank of America and Chase cards with really high credit limits.  Can't undo. Oh well.

Are you sure you can't undo? Have you called and asked?

+1.  Sometimes they'll let you fill out a form (giving the same info as if you're applying for a card--e.g. income, amount of mortgage/rent, etc., since they want to verify you're still credit worthy) and reopen an old card, keeping its original opening date, payment history, etc.  Some CC companies make it so it has to be within six months of closing, others don't have that policy.  Doesn't hurt to call and check.

Just a note to anyone trying to reallocate credit by opening new cards and immediately transferring... Most companies require both cards to be open for 6 months before credit can be transferred around. Maybe calling in can get you around this rule.

Really good to know, thanks!

Chase is the only bank i've run into so far that will actually close down the account.

This happened to me with Citi recently.  And it was my oldest card.  So probably a good idea to put a small charge on all of your cards every 6 months or so.
[/quote]

I had an Associated Bank card close recently, but this was after almost 7 years of no activity.  So other companies will do it, but maybe aren't as strict with their policies.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with a kid.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

johnny847

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #171 on: July 31, 2016, 03:29:08 PM »
I just got a Hilton card but it was with Amex.  Citi has a Hilton card?

Yes. Hilton is interesting like that.
https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=hilton-hhonors-visa-signature-card

Currently the bonus is 75k points for $2k spend. This signup bonus comes and goes.

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #172 on: July 31, 2016, 03:43:55 PM »
I just got a Hilton card but it was with Amex.  Citi has a Hilton card?

Yes. Hilton is interesting like that.
https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=hilton-hhonors-visa-signature-card

Currently the bonus is 75k points for $2k spend. This signup bonus comes and goes.

Huh, cool.

EDIT: I asked a few more questions, then edited them out, cause we're getting off topic.  I'll take my research elsewhere. Thanks for the heads up!  :)
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TomTX

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #173 on: July 31, 2016, 07:32:58 PM »

Quote
4) UMB will be a real PITA for tradelines. You have to actually fill out a form and mail or fax it in to add an AU. That's a 19+ year old card....'

Ew, that is a hassle.  All of mine add online.  And I was happy when I found Discover you can remove the AU online (the others you have to call).  Still, if you calculate the time/hr on it, especially for such an old card (which you can negotiate your rate on with them, as per up thread), probably worth the hassle of filling out a form, scanning it, and paying a dollar or two to an online service to fax it.

I requested a credit line increase anyway, it's currently just $9k. I didn't keep up very well with old cards, so I haven't been getting increases. I had a fair amount of usage the past few months, so they should bump it up some. I requested $20,000 before I read the fine print on the tradeline contract.

The normal bump in tradeline fee is at $20,001 - not $20,000 flat. Should have asked for a dollar more ;)
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$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

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arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #174 on: July 31, 2016, 08:42:01 PM »
The normal bump in tradeline fee is at $20,001 - not $20,000 flat. Should have asked for a dollar more ;)

Good to know!  I read all the fine print, but didn't remember that (probably because none of mine were right at the edge).  You can probably email and ask for an exception, if you do get your request to get bumped to exactly $20k granted.
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sun and sand

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #175 on: July 31, 2016, 10:58:58 PM »
Can I do this in Canada with my cards?

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #176 on: July 31, 2016, 11:06:54 PM »
Can I do this in Canada with my cards?

From earlier in the thread:
Does anyone know if this is an option for Canadians living in Canada?

I have no idea.  Probably depends on how your credit scores work, and how your credit cards report.

I know for the companies I've looked into, it needs to be a card that reports to our credit reporting bureau (Equifax, TransUnion, Experian).

There may be separate trade line companies specializing in Canada ones, if your system works the same (with AUs).
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Zap

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #177 on: August 01, 2016, 02:02:58 PM »


I just received an email from the company that arebelspy is using stating that they are having issues with Bank of America cards posting correctly, therefore they are not getting many requests for those tradelines.

Fyi, in case you were considering using a BoA card.

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #178 on: August 01, 2016, 02:16:36 PM »
Too many responses to quote properly:

The re-allocating credit thing seems to be working pretty well for us. We tend to have old cards with low limits, and new cards with high limits from churning. So we transfer credit limits from the newer cards to the older ones.

Someone asked about increasing credit limit on Discover. My experience went something like his: the automated online system didn't raise the limit to the level I wanted, so I cancelled. I called and attempted to have them increase it over the phone. The first phone rep offered me the same increase as the online system. I said I needed a higher limit for an upcoming home renovation and asked if there was anything she could do. She transferred me to the department that does credit increases specifically. I repeated my request, at this point she warned me there would be a hard pull if I wanted her to check (suppose first phone rep and online system base on different information), I consented. She offered me a bigger increase than first rep, but not how much I wanted. I asked again if she could do anything to increase further, she said it would take further investigation by some other team and more time. I said go ahead. Never heard back, but in a few days my statement closed and it had the new higher limit I wanted.

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #179 on: August 01, 2016, 02:28:58 PM »
I wish I had kept old cards opened now.   I only have one that's more than 2 years old.
Right? I remember my first days in college, I had opened a Citi CC card for a cool free t-shirt!
My Mom got super mad when she found out and it was closed within a few weeks, no charges...
Hmm.. maybe I need to ask if we can reopen that card.. :D

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #180 on: August 01, 2016, 08:28:19 PM »
Ooh, great point.  If your down payment is coming from the same account that you have these payments deposited into, they certainly might (and VERY likely will) ask where those deposits came from (a post-9/11 banking regulation relating to potential money laundering for terrorism, I believe).

Basically they'll want to "source" the funds of the down payment.

I'd use a different account for those deposits as your down payment account, and just provide them with the statements for the account the down payment is coming from (and make sure to have that money sitting in there for, IIRC, 3 months--talk with your mortgage broker on the regs on this one).

Good catch, Rural!

I know this was a few posts back, but I am curious why it'd be "bad" to have this income showing in an account when buying a house? It's not illegal, and you can explain that it's side income, wouldn't additional legitimate income make the bank *more* likely to want to give you a loan?

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #181 on: August 01, 2016, 09:41:33 PM »
arebelspy,

Thanks a lot for sharing all the information here and giving the name of the company via pm.

I am prepping my credit cards to apply.

So far, I found 3 old cards I can use. Unfortunately, had a problem with Discover, otherwise I would have 4 cards. The credit limit I had with Discover was about 5K. Tried to raise it to over 10K, but they didn't even after doing a hard pull on my credit report. Right now, I have a limit of 6+K and will try to call again in about a month, maybe will spend some money on this card before that as well.

Also tried to re-open a couple of cards which were closed for inactivity by one of the issuers, but no luck.

Anyway, 3 cards are better than nothing. All of them have 10k+ credit limits (2 have 20K+). I'll try to raise the limit on the 3rd one to 20k+ too.

One question I have: if I have a card with an annual fee and downgrade it to a free card instead of closing it, will i still be able to use it as an old card or will it register as a brand new one? The issuers are Citi and Chase if that matters.

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #182 on: August 01, 2016, 09:50:30 PM »
I just received an email from the company that arebelspy is using stating that they are having issues with Bank of America cards posting correctly, therefore they are not getting many requests for those tradelines.

Yup, unfortunately B of A is not reporting correctly right now (only to 1 of the 3 bureaus).  You can enroll the cards anyways in case it clears up.  I'm crossing my fingers, as between the wife and I we have 3 B of A cards.  I'll update on this, and add more details, soon.

The re-allocating credit thing seems to be working pretty well for us. We tend to have old cards with low limits, and new cards with high limits from churning. So we transfer credit limits from the newer cards to the older ones.

Ditto!  Just did this two days ago after the above tip, and boosted 3 different payments from 225 to 262.5 (x2) and 300.  Will add up to an extra few thousand over the year, which is pretty sweet.

Quote
Someone asked about increasing credit limit on Discover. My experience went something like his: the automated online system didn't raise the limit to the level I wanted, so I cancelled. I called and attempted to have them increase it over the phone. The first phone rep offered me the same increase as the online system. I said I needed a higher limit for an upcoming home renovation and asked if there was anything she could do. She transferred me to the department that does credit increases specifically. I repeated my request, at this point she warned me there would be a hard pull if I wanted her to check (suppose first phone rep and online system base on different information), I consented. She offered me a bigger increase than first rep, but not how much I wanted. I asked again if she could do anything to increase further, she said it would take further investigation by some other team and more time. I said go ahead. Never heard back, but in a few days my statement closed and it had the new higher limit I wanted.

That's really weird, but good to know.  I didn't realize you didn't "have" to take whatever they'll give you, but can get transferred and ask for more.  That's pretty sweet.

Ooh, great point.  If your down payment is coming from the same account that you have these payments deposited into, they certainly might (and VERY likely will) ask where those deposits came from (a post-9/11 banking regulation relating to potential money laundering for terrorism, I believe).

Basically they'll want to "source" the funds of the down payment.

I'd use a different account for those deposits as your down payment account, and just provide them with the statements for the account the down payment is coming from (and make sure to have that money sitting in there for, IIRC, 3 months--talk with your mortgage broker on the regs on this one).

Good catch, Rural!

I know this was a few posts back, but I am curious why it'd be "bad" to have this income showing in an account when buying a house? It's not illegal, and you can explain that it's side income, wouldn't additional legitimate income make the bank *more* likely to want to give you a loan?

Essentially it's because underwriters are super hard to please, so keeping everything neat and clean for them is better.  They don't like things outside their normal box, so trying to explain this income, especially if it hasn't been claimed on previous taxes, is a hassle.  If you can't qualify without this income, you shouldn't be buying that property (as this isn't stable income to be counted on indefinitely), and if you can, do that.  Adding this complication will require extra letters of explanation to be written, at the very least.  I'd definitely, if you're going to be applying for a house, be having this income go in a different account than your W2 income and down payment is in.

One question I have: if I have a card with an annual fee and downgrade it to a free card instead of closing it, will i still be able to use it as an old card or will it register as a brand new one? The issuers are Citi and Chase if that matters.

That'll still work, it should keep its original opening date and payment history.  Confirm this with them when you do it, but that's how it has always worked before, to the best of my knowledge.

I'd definitely "downgrade" any card you can that has a free version, to avoid annual fees (on two of my cards though, both Barclays--an American Airlines that was a converted US Airways card, and a Arrival Plus card, they told me there was no downgradable card, or I wasn't eligible, so I paid the $89 fees and kept them, to enroll them in this).  But if you can, and you check with them that original opening date and credit history is intact (which it should be), definitely go for that.
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thepokercab

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #183 on: August 01, 2016, 10:50:55 PM »
I just received an email from the company that arebelspy is using stating that they are having issues with Bank of America cards posting correctly, therefore they are not getting many requests for those tradelines.
Yup, unfortunately B of A is not reporting correctly right now (only to 1 of the 3 bureaus).  You can enroll the cards anyways in case it clears up.  I'm crossing my fingers, as between the wife and I we have 3 B of A cards.  I'll update on this, and add more details, soon.

FYI, i was told the same thing about BofA, although my first tradeline order came through today and it was for my BofA card.  So maybe its been cleared up...?

Also, when I emailed them a question today, I got an automated email response saying that due to a "high volume of emails from investors" they would be slower than usual to respond.  Sounds like the word is spreading. 

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #184 on: August 01, 2016, 11:10:02 PM »
No! I hope it doesn't spread too much and increase the supply without an increase in the demand...

I'm about to ask for some CLIs and reallocate some credit and then signup using ARS's referral. It sucks to have to do all of this after always lowering credit limits and closing cards from churning to keep getting new cards.

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #185 on: August 01, 2016, 11:30:01 PM »
FYI, i was told the same thing about BofA, although my first tradeline order came through today and it was for my BofA card.  So maybe its been cleared up...?

They're still taking orders for them, because it's up in the air whether or not they'll work. They have until this past month, so we'll see if they revert back to working going forward.  Like I said, the wife and I have 3 B of A cards between us, so I'm really hoping they will.  :)

(And again, will add a bit more detail on this when I post my paycheck details from June, as I did have B of A orders in there, but waiting for the $$ to hit my account, got the pay stub and was told payment would arrive between Aug 2 and 4, so should be any day now.)

Quote
Also, when I emailed them a question today, I got an automated email response saying that due to a "high volume of emails from investors" they would be slower than usual to respond.  Sounds like the word is spreading.

No! I hope it doesn't spread too much and increase the supply without an increase in the demand...

I think this is temporary, but yes, this is another "risk"--that it becomes very popular and your trade line sales decline--e.g. you don't sell as many as you would have otherwise.  On one hand, this sucks, because you don't make as much money.  On the other hand, less AU activity means less likely to get a card shut down, so maybe you can do it longer.  But there's no real "risk" per se, other than not getting to make money on this indefinitely.  It's one reason why I wouldn't count on this money for FIRE budget or anything.

Take it while you can, whether it gets shut down due to FICO rule changes, your card gets shut down, a lot of other trade line sellers jump on board, whatever... to me, if I can make tens of thousands for a year or two, I'll be happy.  That's the expectation/hope I'm setting for myself, and if it lasts longer, great!  If it doesn't, well, I'm good with trying to do what I can with it in the meantime.

Quote
I'm about to ask for some CLIs and reallocate some credit and then signup using ARS's referral. It sucks to have to do all of this after always lowering credit limits and closing cards from churning to keep getting new cards.

Thanks!  Yeah, I always kept limits up under the theory that the more you have, the more they grant you, which is true of most of the CC companies, but some had "auto approve" if your total limits with them were < 30k or 50k or so, so if you had to lower to keep below that and get the auto-approves, that's a bummer.  I never had that issue (always kept limits high, and got auto approved), so I never paid too much attention to that (thought the lowering credit thing was mostly overrated).  Definitely a balance to strike if that is working for you though with regards to travel hacking/churning.
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If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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Rubic

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #186 on: August 02, 2016, 07:03:25 AM »
Thanks!  Yeah, I always kept limits up under the theory that the more you have, the more they grant you, which is true of most of the CC companies, but some had "auto approve" if your total limits with them were < 30k or 50k or so, so if you had to lower to keep below that and get the auto-approves, that's a bummer.  I never had that issue (always kept limits high, and got auto approved), so I never paid too much attention to that (thought the lowering credit thing was mostly overrated).  Definitely a balance to strike if that is working for you though with regards to travel hacking/churning.

[Emphasis mine]

For my churning it was necessary to lower my credit limits on my Citi and Chase cards, otherwise I would not have been approved despite 800+ FICO.  This was handled through recon with the customer service reps.  It was worth it to obtain 5 Citi cards within a 12 month period, during the "AA loophole" era.  It's possible that I might shift the CL back onto open cards as I close the older cards, but it may not be worth the trouble as I'm unlikely to keep any cards open with an annual fee.

Overall my combined CL from open credit cards varies between 2x and 3x of my gross salary (which is a strange thing to contemplate in and of itself), but it will drop as I phase out of the churning game.

MrSal

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #187 on: August 02, 2016, 07:42:32 AM »
crapp!! most of our CCards are newer than 2 years!!!

Also, since i travel hack i usually close cards that have a fee ... you guys think its wise to keep those cards longer due to this? or at least downgrade them to a no fee card maintaining the line?

currently my wife is the only one that has cards > 10k and more than 2 years ... ive been in the US less than 2 years so none of my cards are that old!

CmFtns

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #188 on: August 02, 2016, 08:14:30 AM »
No! I hope it doesn't spread too much and increase the supply without an increase in the demand...

I think this is temporary, but yes, this is another "risk"--that it becomes very popular and your trade line sales decline--e.g. you don't sell as many as you would have otherwise.  On one hand, this sucks, because you don't make as much money.  On the other hand, less AU activity means less likely to get a card shut down, so maybe you can do it longer.  But there's no real "risk" per se, other than not getting to make money on this indefinitely.  It's one reason why I wouldn't count on this money for FIRE budget or anything.

Take it while you can, whether it gets shut down due to FICO rule changes, your card gets shut down, a lot of other trade line sellers jump on board, whatever... to me, if I can make tens of thousands for a year or two, I'll be happy.  That's the expectation/hope I'm setting for myself, and if it lasts longer, great!  If it doesn't, well, I'm good with trying to do what I can with it in the meantime.

I'm wondering if this thread specifically and all ARS referrals could temporarily flood this 1 company. How big are they? I was going to take advantage of this soon too once I get a little more organized in which CC I want to test it out with.
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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #189 on: August 02, 2016, 08:16:54 AM »
all i know is i was expecting to get adds this month and it doesnt look like i will be getting any.
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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #190 on: August 02, 2016, 09:29:12 AM »
Just wanted to drop a message that I received my direct deposit today, for my first 2 AUs added at the end of June.

Also, between yesterday and today I've received 4 new orders.

boarder42

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #191 on: August 02, 2016, 11:56:30 AM »
just got my first add kinda strange only one of my 3 cards got an add and it was the worst of the 3 shortest open lowest limit.
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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #192 on: August 02, 2016, 12:21:05 PM »
Posting to follow/research later.

I tend to sign up for a bonus and then close when the annual fee hits or get them to waive.  I probably have at least 10 open cards right now, not sure how many hit the age requirement. My biggest concern would be if an issuer decided to cancel all your cards.

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #193 on: August 02, 2016, 12:33:49 PM »
just got my first add kinda strange only one of my 3 cards got an add and it was the worst of the 3 shortest open lowest limit.

I'm guessing customers pay more for trade lines with longer histories and/or higher limits

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #194 on: August 02, 2016, 01:20:49 PM »
crapp!! most of our CCards are newer than 2 years!!!

Also, since i travel hack i usually close cards that have a fee ... you guys think its wise to keep those cards longer due to this? or at least downgrade them to a no fee card maintaining the line?

currently my wife is the only one that has cards > 10k and more than 2 years ... ive been in the US less than 2 years so none of my cards are that old!

Yeah, I ran into this issue just this past month--I had some Barclay cards we had opened to travel hack in June and August 2014 that JUST hit two years.  They have an $89 annual fee which hit at the end of June.  The first year it was automatically waived signing up with the card, and last year we called and got them to waive it.  But this year, they refused to waive it, and there was no card to "downgrade" to without a fee.

Normally I ask them to waive it, ask them to downgrade it, and if they don't do either, I close the card (I just did this with another Barclay card--a Lufthansa one--for both of us that hit two years in the Spring--d'oh, kicking myself now that I know abut this).  So I was debating closing these.. is it worth the $89 fee?  Then I got two tradeline orders on them, and went, WELP, that way more than paid the fee, guess I'm keeping them.  :D

Even if you just get one order throughout the YEAR it covers the fee (unless it's like a $450 Citi Prestige or fancy Amex or something, but even those would just require 2 orders), so for me it was definitely worth it to keep them.

I'm wondering if this thread specifically and all ARS referrals could temporarily flood this 1 company. How big are they? I was going to take advantage of this soon too once I get a little more organized in which CC I want to test it out with.

Quite possible, it's a fairly small organization AFAIK.. I know of at least 3-4 different employees I've interacted with (and there's probably more), but a lot of this stuff is automated, so it's mostly CS (and that's mostly the end I've dealt with).  This thread got a lot of interest when I first posted, but PMs for referrals have petered out a lot.  I think also they either lost a member of the team, or they were out for some reason, which created an email backlog.. I'm sure they'll catch up soon.  In any case, I'd rather wait 48 hours to get a response (versus a more normal 24) from a good company than a 1 hour reply from a bad one.  :)

Just wanted to drop a message that I received my direct deposit today, for my first 2 AUs added at the end of June.

Also, between yesterday and today I've received 4 new orders.

Thanks for the confirmation on that.  Pretty sweet to see a "payroll" deposit for merely 5 minutes of adding someone to a cc, huh?  :P

just got my first add kinda strange only one of my 3 cards got an add and it was the worst of the 3 shortest open lowest limit.

Nice!  I didn't get any orders yesterday.  Hope you and kudy didn't take them all.  ;)

I tend to sign up for a bonus and then close when the annual fee hits or get them to waive.  I probably have at least 10 open cards right now, not sure how many hit the age requirement. My biggest concern would be if an issuer decided to cancel all your cards.

Like I mentioned in the OP, go to CreditKarma, check your report, and see which cards are reporting with an open date at least two years ago.  That's the easiest way to check, AFAIK.  :)

As far as them cancelling all your cards, yeah, that would suck.  Historically Chase is the only one to do that, so you want to be extra careful with them (and the company I use limits them to 2 lines, and every 3 months, to minimize activity and try to not get them shut down--they pay you more, to compensate for this having less lines, and to compensate you for the extra risk), the others just shut down the single card.

I'm guessing customers pay more for trade lines with longer histories and/or higher limits

Yup. So the person was probably on a budget and just needed a smaller bump.  You get paid the same either way (as long as they're in the same 10k range, but even if it's way older), so I love seeing those crappy cards get a trade line sale. It's not often, but it's pretty sweet.  :D
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kudy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #195 on: August 02, 2016, 02:24:53 PM »
just got my first add kinda strange only one of my 3 cards got an add and it was the worst of the 3 shortest open lowest limit.

I'm guessing customers pay more for trade lines with longer histories and/or higher limits

I case it's not clear, you won't receive orders on any cards until the ~2 days leading up to the "Statement Closing" date they have on file for your card. I happen to have 3 cards that all have a statement date on the 31st, 1st, 2nd, so I will probably be busier at the end/beginning of a month than any other time.

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #196 on: August 02, 2016, 02:42:24 PM »
just got my first add kinda strange only one of my 3 cards got an add and it was the worst of the 3 shortest open lowest limit.

I'm guessing customers pay more for trade lines with longer histories and/or higher limits

I case it's not clear, you won't receive orders on any cards until the ~2 days leading up to the "Statement Closing" date they have on file for your card. I happen to have 3 cards that all have a statement date on the 31st, 1st, 2nd, so I will probably be busier at the end/beginning of a month than any other time.

Yup, they queue up the orders for your card, then release them a bit before the statement close so you can add them.

Sneaky workaround I discovered to see how many orders you have pending:  Click on the green checkmark (or box or whatever it is) next to each card and seeing how many spots you have left (e.g. 0, 1, or 2, if you only have 2 total spots). 

But yes, if you get any orders, they'll come in a day or two before their early deadline, and you'll have a few days to make the add (though I usually just do it right away).  Also a lot of times they come in really late (you won't see them pending, because they're placed right at the deadline), I imagine because people buying the lines buy one closing soon, rather than weeks out.
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ostornadoe1

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #197 on: August 02, 2016, 04:44:17 PM »
So when you first get started, would it be beneficial to move your statement closing date up a bit? Say for example I start on the 4th and my statement normally closes on the 30th. Should I move it to the 15th, to expedite the process?

arebelspy

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #198 on: August 02, 2016, 05:06:27 PM »
So when you first get started, would it be beneficial to move your statement closing date up a bit? Say for example I start on the 4th and my statement normally closes on the 30th. Should I move it to the 15th, to expedite the process?

I wouldn't bother, it shouldn't make a difference.  I mean, that'll move up a bit sooner your first orders, but you'd get paid for all of those orders the same time (a month later).

So say you were starting now, and your statement day was the 30th, and you move it to the 10th.  You'll get to place the AUs sooner, but you'll get paid for either one (all of your August orders, in fact) at the end of Sept, so it doesn't make a difference when in the month you got the order.
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Padonak

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Re: Selling Tradelines / Piggybacking: $600+/hr, 20-40k/yr. Side Gig
« Reply #199 on: August 02, 2016, 05:16:29 PM »
How much and how often do i need to spend on my credit cards to be eligible for selling tradelines? For example, if i charge one dollar on each, will this make them eligible?