Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 144983 times)

SubL stache

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My wife added me as an AU on her old Chase card so I could do the work to get this tradeline thing going.

Unfortunately I found out that the tradeline company doesn't use Chase cards because they don't report right or something....

But I just checked creditkarma and my credit age went from avg. 2 years to avg. 6 yrs by adding wifes 11 yr old card and my score went from 753 to 809.  So it seems I have piggybacked her credit just fine with only the addition of a Chase AU slot.

What am I missing?

arebelspy

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My wife added me as an AU on her old Chase card so I could do the work to get this tradeline thing going.

Unfortunately I found out that the tradeline company doesn't use Chase cards because they don't report right or something....

But I just checked creditkarma and my credit age went from avg. 2 years to avg. 6 yrs by adding wifes 11 yr old card and my score went from 753 to 809.  So it seems I have piggybacked her credit just fine with only the addition of a Chase AU slot.

What am I missing?

Chase does work, but not alone; it needs to be paired with another card to work correctly.

Your address already matches hers, so it reports fine.

Normally Chase won't report correctly on its own, but if you "pair" it with another card, which DOES report and has your address, Chase will match because of that address match now, and report fine.

Since you already have the address match, it works fine.
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RedwoodDreams

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Maybe they're just clamping down more, or the fact that I'm fairly consistently selling 3 Discover AU slots per month these days is triggering something...fingers crossed it isn't a sign of a coming card shutdown.

If you can, let me know if you get a new sale on your Discover and if it works out ok, or if you have problems.

I decided to be conservative and ask them to not sell any AU on that card currently. I will let it rest for one cycle. Probably was unnecessary, but I didn't want to deal with any hassle.

Canuck, reporting back: All three Discover sales posted just fine (old TL co.) so all is well in Discover-land, at least for now. $375. Nice.

JL9berg13

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Question about the other guy
« Reply #1403 on: June 23, 2017, 08:28:52 PM »
Clearly by my post number I'm the new kid, but I do have a question...

I've read about 5 of the 29 pages and didn't see anything mentioned about it so I'm guessing nobody has brought it up.  But the point of this, from the other person's perspective, is to be able to buy something, on your credit, that they wouldn't normally be able to buy (because they don't have the credit), right?

If that's the case, are we doing the right thing? I'm sure that some people need to build that credit (if that's in fact what's happening, which I haven't confirmed). But there are also some people for sure who aren't able to get that credit for a reason, and what we are doing in signing them up is allowing them to get in over their head from a debt standpoint. Right?

Admittedly, when I read the first post's "Q: Is this ethical? A: That depends..." part, I became instantly skeptical. 

But also, I think one of the tenets of MMM is to do things the right way, and not the get-rich-quick or get-rich-off-the-suckers way. 

Not trying to throw shade or be a wet blanket, but I'm looking for some clarity on what happens to the other guy (whoever he is).  Thanks.

e job here is to sign up people as authorized users on your credit so they can purchase things, right?




tj

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Quote
e job here is to sign up people as authorized users on your credit so they can purchase things, right?

I can't think of many (any?) reason someone would spend the big bucks for an AU spot unless they wanted better terms on a loan.

arebelspy

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Typically it's people stuck in the cycle of low/no credit, can't get credit to improve their credit. This gives them a jump start on improving their credit temporarily so they can get credit to improve it permanently.

Piggybacking doesn't work if their credit has recent lates; it's best for people with middling credit who need a boost to lower an interest rate (in which case it's worth it to them to pay 1k to save 80k over the life of their mortgage), or people with no credit wanting to jump start their life.  It won't help much people who have very low credit due to buying and not paying for things.
« Last Edit: June 23, 2017, 11:00:12 PM by arebelspy »
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MasterStache

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I'll throw in my own personal experience. I completely destroyed my credit as an idiotic teenager. I ran up multiple credit cards I couldn't pay off and a car loan that ended up with a repossessed car. I entered the military after deciding I had enough. I had no car, no money, no job and shitty credit so I couldn't even get a small loan for a car. In the midst of trying to build my credit back up I had to pay a down payment on a cell phone and denied the true job I wanted in the Air Force (said my credit was too shitty). It took 3 years before I finally was able to qualify for a car loan. My interest rate was something like 13%. It sucked. I made every payment on time and even paid the car off early. I really REALLY could have used a credit repair type of service like this had I known they existed. It would have saved me a ton of money.

I know each person and situation is different. I might have a slight bias towards trying to help some folks like younger me ( :

monarda

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Thank you, beginnerstache!

I really wonder about the humans behind my 5 tradeline sales I've had so far.


JL9berg13

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Thanks arebelspy and Bstache for the replies.

CanuckExpat

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I don't think about it from an ethical standpoint, but as a form of an arbitrage opportunity (abusing the term arbitrage slightly).

Say I had an 18 year old child and I added them as an authorized user solely for the purpose of increasing their credit score, and then destroyed their card as soon is it arrived. Would anyone really think anything of it? You would probably be lauded for doing it.

There are other people who want their credit scores increased, and don't have someone who is willing or able to do it for them, but they would pay good money for an increased credit score.

It's roughly analogous to having two different markets with price discrepancies. Selling your tradeline is exploiting the price difference between those two markets. Generally, people believe arbitrage should be encouraged, as it contributes to market efficiency. Which I guess in this case would be pricing the two markets to be equivalent, or shutting down the mechanism of moving between the two (adding as authorized users).

I don't think those ideas are fully formed, but there you have my two cents
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DavidAnnArbor

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Someone who audits mortgages said that he often pulls up credit reports that bars authorized user credit lines from appearing on the credit report. So I don't think all credit reports are created equal. Car lenders might not be as strict about the credit report as compared to home mortgage lenders.

dragoncar

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Credit Sesame just sent me a message saying there was a "paid tradeline" alert on my account.  I was like, shit, they make a note of suspicious activity on my credit report now?  But now, when I logged in it just said "Congratulations! A creditor has reported that you recently paid one of your accounts down to $0."  Well yeah I do that every month.

MasterStache

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Credit Sesame just sent me a message saying there was a "paid tradeline" alert on my account.  I was like, shit, they make a note of suspicious activity on my credit report now?  But now, when I logged in it just said "Congratulations! A creditor has reported that you recently paid one of your accounts down to $0."  Well yeah I do that every month.

Huh, weird I got a similar message for the first time ever. Guess I can expect to get a lot more of those.

arebelspy

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Credit Sesame just sent me a message saying there was a "paid tradeline" alert on my account.  I was like, shit, they make a note of suspicious activity on my credit report now?  But now, when I logged in it just said "Congratulations! A creditor has reported that you recently paid one of your accounts down to $0."  Well yeah I do that every month.

Huh, weird I got a similar message for the first time ever. Guess I can expect to get a lot more of those.

That sounds like something new credit sesame decided to implement.

It has nothing to do with authorized user tradelines.

Seems annoying if you get it every time you pay a CC to zero--that should happen every month.
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katsiki

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It is fairly new and yes, it is annoying!  :)
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arebelspy

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On the plus side, any card you sell tradelines on, you won't get this message, as it'll have a tiny charge on it. ;)
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.
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MasterStache

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Mine originated from Credit Karma. And yes it will get annoying if they send them out every time I pay off my balance. 

dragoncar

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Credit Sesame just sent me a message saying there was a "paid tradeline" alert on my account.  I was like, shit, they make a note of suspicious activity on my credit report now?  But now, when I logged in it just said "Congratulations! A creditor has reported that you recently paid one of your accounts down to $0."  Well yeah I do that every month.

Huh, weird I got a similar message for the first time ever. Guess I can expect to get a lot more of those.

That sounds like something new credit sesame decided to implement.

It has nothing to do with authorized user tradelines.

Seems annoying if you get it every time you pay a CC to zero--that should happen every month.

CreditSesame seems pretty desparate for me to log in.  They are always sending me BS messages like "There's a 65% chance your credit score has changed!" and so forth.  I guess it's just below my threshold for unsubscribing, but these new alerts will probably be the last straw.  I rarely even use CreditSesame because CreditKarma is so much better (more detailed information, two credit bureaus).  Between CK and the free annual credit reports, I feel like I'm covered for finding fraudulent accounts.

edit: ok, I just realized I've been getting almost 1 email per day from CS.  This really started in the last 1-2 months.  In March it was still a healthy 11 emails.  To be fair, it's easy to unsubscribe so I'm not sure why I didn't... I guess they boiled my frog.
« Last Edit: June 26, 2017, 12:47:57 PM by dragoncar »

Shade00

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I got the text and email this morning to add a new AU to my Discover. Just logged in and went through the process. Got to the final screen for AU submitted and it said look here for the decision on your add, but there was no decision - and the new AU add isn't showing up in the Manage AU section. Has this happened to anyone else? I don't want to get ahead of myself and try to add them again.

CanuckExpat

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I got the text and email this morning to add a new AU to my Discover. Just logged in and went through the process. Got to the final screen for AU submitted and it said look here for the decision on your add, but there was no decision - and the new AU add isn't showing up in the Manage AU section. Has this happened to anyone else? I don't want to get ahead of myself and try to add them again.

This sounds similar to what RedwoodDreams and I have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?:
Report
Update
« Last Edit: June 27, 2017, 10:43:10 AM by CanuckExpat »
Was targetting Freedom35 but ended up retiring a couple years early. Currently Based in Buffalo for the summer.

Shade00

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I got the text and email this morning to add a new AU to my Discover. Just logged in and went through the process. Got to the final screen for AU submitted and it said look here for the decision on your add, but there was no decision - and the new AU add isn't showing up in the Manage AU section. Has this happened to anyone else? I don't want to get ahead of myself and try to add them again.

This sounds similar to what RedwoodDreams have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?:
Report
Update

Thank you for the link - that does sound exactly like it. I'll chat with them and then cross my fingers that I can get it approved in time.

UPDATE: I chatted through the online portal and asked for status. The first agent transferred me to their "specialty team," who told me they could review the application right then. They asked for my DOB and then took a minute or two before telling me the application was approved. The AU is now on my account. Seems like online chat is the way to go if you have this issue.
« Last Edit: June 27, 2017, 10:55:10 AM by Shade00 »

dragoncar

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I honestly think it's better to give it a day or two before chatting.  Sending you to the "specialty team" seem s like it would raise flags after you do it a few times

Shade00

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I honestly think it's better to give it a day or two before chatting.  Sending you to the "specialty team" seem s like it would raise flags after you do it a few times

That may be true, but typically the add has to be completed the day it's requested or you won't get credit for it, right?

secondcor521

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I honestly think it's better to give it a day or two before chatting.  Sending you to the "specialty team" seem s like it would raise flags after you do it a few times

That may be true, but typically the add has to be completed the day it's requested or you won't get credit for it, right?

Nope.  They will ask you to add it the day they notify you, and doing so is the most conservative way to go to ensure getting paid, but - with me at least - they build in a few days of wiggle room.  My last add was on a Friday, and I added them that same day but just forgot to press the "Yup, I've added them" button in the online portal.  I got an email from them four days later asking if I had added them yet and if not it was still OK but needed to be done that day.  I reassured them via email and pressed the button in the portal.
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dragoncar

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I honestly think it's better to give it a day or two before chatting.  Sending you to the "specialty team" seem s like it would raise flags after you do it a few times

That may be true, but typically the add has to be completed the day it's requested or you won't get credit for it, right?

Nope.  They will ask you to add it the day they notify you, and doing so is the most conservative way to go to ensure getting paid, but - with me at least - they build in a few days of wiggle room.  My last add was on a Friday, and I added them that same day but just forgot to press the "Yup, I've added them" button in the online portal.  I got an email from them four days later asking if I had added them yet and if not it was still OK but needed to be done that day.  I reassured them via email and pressed the button in the portal.

I think if it's approved by statement closing date it will post

BikeFanatic

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Canukexpat wrote
Quote
This sounds similar to what RedwoodDreams and I have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?

I tried to Login to my Discover and they locked me out and made me contact account verification or fraud or some such department. They asked about the AU and lucky I had their names and good records. More like a friendly conversation versus an interrogation, but I think they are obviously monitoring the AU situation. Now I have a new add for today and not sure if I should add them today or wait, any opinions? I will contact the recommended company when they open. Hate to have my Discover card rest as it is the only card I get adds on so far. Just one every other month.

ditkanate

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Ok, so I have a US Bank card enrolled with the recommended TL company.  The portal says "Month Limit: 2", which I take to mean 2 additional AU's on the card per month.  I had one add in May which I'm scheduled to remove on 7/28.  Then I got another sale on that card on 6/21 and successfully added the AU.  Now today I get another add for that card, which will put the total AU's at 3 for July.  Should I have any concern about that, or just add the new sale as instructed?

secondcor521

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Ok, so I have a US Bank card enrolled with the recommended TL company.  The portal says "Month Limit: 2", which I take to mean 2 additional AU's on the card per month.  I had one add in May which I'm scheduled to remove on 7/28.  Then I got another sale on that card on 6/21 and successfully added the AU.  Now today I get another add for that card, which will put the total AU's at 3 for July.  Should I have any concern about that, or just add the new sale as instructed?

In situations like this, I usually send an email to the TL company asking them to confirm that they want me to add the AU.  If they say yes and I feel comfortable with the situation, I'll go ahead with the add.  If I feel *really* uncomfortable or have a problem with the add, I'll email the TL company and tell them I don't feel comfortable or it didn't work; the TL company will then move the sale to some other card.

The 2 AU limit on USBank is a recommendation.  I have had the TL company ask me to exceed the recommendation a time or two.  Up to each individual here if they're comfortable doing that or not.  In my case, each time it was on a USAA card and I think USAA won't allow more than 2 at a time, so I had to tell the TL company it didn't work.
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ditkanate

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Ok, so I have a US Bank card enrolled with the recommended TL company.  The portal says "Month Limit: 2", which I take to mean 2 additional AU's on the card per month.  I had one add in May which I'm scheduled to remove on 7/28.  Then I got another sale on that card on 6/21 and successfully added the AU.  Now today I get another add for that card, which will put the total AU's at 3 for July.  Should I have any concern about that, or just add the new sale as instructed?

In situations like this, I usually send an email to the TL company asking them to confirm that they want me to add the AU.  If they say yes and I feel comfortable with the situation, I'll go ahead with the add.  If I feel *really* uncomfortable or have a problem with the add, I'll email the TL company and tell them I don't feel comfortable or it didn't work; the TL company will then move the sale to some other card.

The 2 AU limit on USBank is a recommendation.  I have had the TL company ask me to exceed the recommendation a time or two.  Up to each individual here if they're comfortable doing that or not.  In my case, each time it was on a USAA card and I think USAA won't allow more than 2 at a time, so I had to tell the TL company it didn't work.

Ok thanks - that's kind of what I thought but haven't had enough sales until now to worry about it.  I've emailed the TL company.  The deadline to get them added is soon so I'll likely go ahead with the add. 

threepacballer

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Got first add today from recommended company on Discover Card. I signed up on 5/15 so it did not take that long. The online form rejected the address as it was a PO Box company address. I sent the TL company an email letting them know and they said call them to add. I was a little apprehensive given it was a name very hard to pronounce but I told the rep that upfront and just spelled it. They said fine and card is on its way. Smooth sailing so far.

The Fake Cheap

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I assume these companies on deal with US credit/trade lines.   

Anyone know of any trade line companies where Canadians can catch a piece of this action?

arebelspy

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Anyone know of any trade line companies where Canadians can catch a piece of this action?

It doesn't work in Canada; they don't report the same way for credit reporting purposes, so it doesn't do anything for an AU's score.  US only, unfortunately.

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RedwoodDreams

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Canukexpat wrote
Quote
This sounds similar to what RedwoodDreams and I have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?

I tried to Login to my Discover and they locked me out and made me contact account verification or fraud or some such department. They asked about the AU and lucky I had their names and good records. More like a friendly conversation versus an interrogation, but I think they are obviously monitoring the AU situation. Now I have a new add for today and not sure if I should add them today or wait, any opinions? I will contact the recommended company when they open. Hate to have my Discover card rest as it is the only card I get adds on so far. Just one every other month.

I would go for it and add the AU. After my experience with Discover for last month's three adds, I feel more comfortable with the fact that they're just now being careful about adding any AUs. My sense is that they mostly want to make sure YOU as the cardholder are the one doing the adding, someone hasn't hacked your account, etc. All three posted fine and tomorrow is payday.

coolshemp

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Canukexpat wrote
Quote
This sounds similar to what RedwoodDreams and I have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?

I tried to Login to my Discover and they locked me out and made me contact account verification or fraud or some such department. They asked about the AU and lucky I had their names and good records. More like a friendly conversation versus an interrogation, but I think they are obviously monitoring the AU situation. Now I have a new add for today and not sure if I should add them today or wait, any opinions? I will contact the recommended company when they open. Hate to have my Discover card rest as it is the only card I get adds on so far. Just one every other month.

I would go for it and add the AU. After my experience with Discover for last month's three adds, I feel more comfortable with the fact that they're just now being careful about adding any AUs. My sense is that they mostly want to make sure YOU as the cardholder are the one doing the adding, someone hasn't hacked your account, etc. All three posted fine and tomorrow is payday.

Really?  Was payday today?  Nothing was added to my account...

MasterStache

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Ok, so I have a US Bank card enrolled with the recommended TL company.  The portal says "Month Limit: 2", which I take to mean 2 additional AU's on the card per month.  I had one add in May which I'm scheduled to remove on 7/28.  Then I got another sale on that card on 6/21 and successfully added the AU.  Now today I get another add for that card, which will put the total AU's at 3 for July.  Should I have any concern about that, or just add the new sale as instructed?

In situations like this, I usually send an email to the TL company asking them to confirm that they want me to add the AU.  If they say yes and I feel comfortable with the situation, I'll go ahead with the add.  If I feel *really* uncomfortable or have a problem with the add, I'll email the TL company and tell them I don't feel comfortable or it didn't work; the TL company will then move the sale to some other card.

The 2 AU limit on USBank is a recommendation.  I have had the TL company ask me to exceed the recommendation a time or two.  Up to each individual here if they're comfortable doing that or not.  In my case, each time it was on a USAA card and I think USAA won't allow more than 2 at a time, so I had to tell the TL company it didn't work.

I had 3 on my USAA card the first few months of the year. Wasn't a problem with USAA. Not sure I would do it again though.

secondcor521

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Canukexpat wrote
Quote
This sounds similar to what RedwoodDreams and I have been encountering with Discover. So far works out in end, but looks like some kind of increased monitoring or auditing?

I tried to Login to my Discover and they locked me out and made me contact account verification or fraud or some such department. They asked about the AU and lucky I had their names and good records. More like a friendly conversation versus an interrogation, but I think they are obviously monitoring the AU situation. Now I have a new add for today and not sure if I should add them today or wait, any opinions? I will contact the recommended company when they open. Hate to have my Discover card rest as it is the only card I get adds on so far. Just one every other month.

I would go for it and add the AU. After my experience with Discover for last month's three adds, I feel more comfortable with the fact that they're just now being careful about adding any AUs. My sense is that they mostly want to make sure YOU as the cardholder are the one doing the adding, someone hasn't hacked your account, etc. All three posted fine and tomorrow is payday.

Really?  Was payday today?  Nothing was added to my account...

For some reason I think it will be around 7/7.
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o2bfree

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BikeFanatic

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Thanks Redwooddreams!  I did post my AU to discover ( recommended company never replied to my email or my text) and the user was added without incident, guess I was just paranoid.
I am going to add another card this month a 2 year old Citibank that I have been holding back waiting fo it to turn 2 and maybe I can make 150 a month or so, worth the trouble I feel.

TomTX

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BoA was recently shutting down accounts, but it wasn't due to tradelines - it was people with 5+ BoA cards, often duplicates or triplicates. Last year there was a MLB Cash card with a juicy signup bonus ($200 on $500 spend) - and you could pick different teams. So people started collecting teams, and BoA let them.
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

TomTX

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Ok, so I have a US Bank card enrolled with the recommended TL company.  The portal says "Month Limit: 2", which I take to mean 2 additional AU's on the card per month.  I had one add in May which I'm scheduled to remove on 7/28.  Then I got another sale on that card on 6/21 and successfully added the AU.  Now today I get another add for that card, which will put the total AU's at 3 for July.  Should I have any concern about that, or just add the new sale as instructed?

I would NOT put a 3rd AU on a US Bank card.

But that's me. I've already had to go through fraud verification (twice, because the first person verified me but didn't actually clear the flag)
« Last Edit: July 01, 2017, 11:08:22 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

MasterStache

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BoA was recently shutting down accounts, but it wasn't due to tradelines - it was people with 5+ BoA cards, often duplicates or triplicates. Last year there was a MLB Cash card with a juicy signup bonus ($200 on $500 spend) - and you could pick different teams. So people started collecting teams, and BoA let them.

I was just reading about this the other day. Wish I could have gotten in on some of that action. Didn't do much CC churning last year so I missed out on it.

o2bfree

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BoA was recently shutting down accounts, but it wasn't due to tradelines - it was people with 5+ BoA cards, often duplicates or triplicates. Last year there was a MLB Cash card with a juicy signup bonus ($200 on $500 spend) - and you could pick different teams. So people started collecting teams, and BoA let them.

Interesting! I just signed up for a BoA card for a $150 on $500 bonus, and I'll probably mature it for tradelines. I noticed they still offer the MLB card, but with the same $150 on $500 bonus.

TomTX

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BoA was recently shutting down accounts, but it wasn't due to tradelines - it was people with 5+ BoA cards, often duplicates or triplicates. Last year there was a MLB Cash card with a juicy signup bonus ($200 on $500 spend) - and you could pick different teams. So people started collecting teams, and BoA let them.

Interesting! I just signed up for a BoA card for a $150 on $500 bonus, and I'll probably mature it for tradelines. I noticed they still offer the MLB card, but with the same $150 on $500 bonus.

The $150 on $500 are pretty common. I try to hold out for at least $200 on $500 (got one of those from BoA and one from Barclay this year) or even better $500 on $3,000 (Barclay, Chase, CapOne) when I have a chunk of travel for work coming up - I can put the travel expenses on the new card and get reimbursed.
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

MasterStache

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I read this in the FAQs:

"In a worst-case scenario, the credit card company may shut down other lines and accounts you have with them besides that one card, and/or refuse to issue you new cards.  Chase is the only one I'm aware of that does this, so be careful with them, but the other companies, if they shut your card down (which is rare) will likely only shut down that one single card, not any other accounts with them, nor refuse to issue you any new credit."

I have a 3-year old Visa with a $17,000 limit issued by Elan Financial via Fidelity. Fidelity handles my 401k and several other of my investment accounts. The card is just a backup card for traveling, so I might try selling some spots on it. I don't know if Fidelity would care if the card got closed since they're not the issuer, but being the cautious sort I'm a little nervous about doing anything to mess up my retirement accounts.

Up to this point, has anyone had other accounts shut down by anyone other than Chase?

BoA was recently shutting down accounts, but it wasn't due to tradelines - it was people with 5+ BoA cards, often duplicates or triplicates. Last year there was a MLB Cash card with a juicy signup bonus ($200 on $500 spend) - and you could pick different teams. So people started collecting teams, and BoA let them.

Interesting! I just signed up for a BoA card for a $150 on $500 bonus, and I'll probably mature it for tradelines. I noticed they still offer the MLB card, but with the same $150 on $500 bonus.

The $150 on $500 are pretty common. I try to hold out for at least $200 on $500 (got one of those from BoA and one from Barclay this year) or even better $500 on $3,000 (Barclay, Chase, CapOne) when I have a chunk of travel for work coming up - I can put the travel expenses on the new card and get reimbursed.

Haven't seen a $200 for $500 lately. I signed up for the same BoA card $150 for $500. Trying to be careful on the higher spend requirement cards since Serve was getting shutdown for a whole bunch of folks.

CanuckExpat

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    • Freedom35
FYI, for those discussing and interested in bank account opening bonuses, active thread here: Bank account churning: how to make $1600 in a year by being organized
Was targetting Freedom35 but ended up retiring a couple years early. Currently Based in Buffalo for the summer.

kudy

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Just had a repo man knock on my door (at 10pm), trying to find a former AU, so he could re-posses an Audi A8.

arebelspy

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Just had a repo man knock on my door (at 10pm), trying to find a former AU, so he could re-posses an Audi A8.

Wow. Fun story. Not so fun to experience.

May be worth running all tradeline stuff through a post office or mail forwarding address.
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."

MasterStache

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Just had a repo man knock on my door (at 10pm), trying to find a former AU, so he could re-posses an Audi A8.

Wowzer. That's a bit scary!

kudy

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Just had a repo man knock on my door (at 10pm), trying to find a former AU, so he could re-posses an Audi A8.

Wow. Fun story. Not so fun to experience.

May be worth running all tradeline stuff through a post office or mail forwarding address.

Yeah, I might consider a P.O. Box for my credit card mailing address - this one was actually my SO's former AU, so we should probably both consider changing things over. It wasn't a big inconvenience - obviously we didn't have the car here, and we just played dumb and explained to the guy that the person he was seeking did not live here - but it'd be ideal to not have creditors coming around occasionally. I am slightly surprised that they sent someone to check, since the AU lives in California. I imagine the repo man was disappointed that he didn't get a bounty for finding the car - not sure how they make their money, but I imagine it requires actual delivery of the item :)

This anecdote does further highlight the benefit of also adding the AU's address whenever possible. This was a Capital One add, so unless we call we can't add their address, so this type of thing may continue to happen with some AUs depending on the bank. We have also each received a few 'collections' calls from Capital One adds (the tradeline company told me to put in my phone number with Capital One adds) - but I just tell them they have the wrong number and they usually stop calling.

RedwoodDreams

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Another Discover card anecdote: I went to remove two AUs from my card yesterday though the site's "Manage" section. In the past, I've just been able to remove AUs online, no fuss.

Yesterday, however, I got a message that the operation couldn't be done at the time, and to call an 800- number about lost or stolen cards.

I remembered that when I'd logged in, I'd gotten a nudge from Discover that I had AU cards to activate. So I went ahead and activated the cards of the users I wanted to remove, and after I got a confirmation email from Discover, logged back in and was able to remove the AUs from my card online.

Possibly a fluke, but possibly they want to see AU cards activated (?) before they let you easily remove 'em (?) Just something to be aware of if you run into a similar situation.