Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 495202 times)

redslaundry

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1900 on: December 16, 2017, 03:17:13 PM »
Gadoc, I believe the reason Citi is telling you that the authorized user can do those things is because **technically** the authorized user is allowed to have that level of access. However, I believe the authorized user would need to know your account information (like account #) in order to actually do things like view account information or request a replacement card. I don't think they would be able to simply call in to Citi and get access without first knowing your personal details. 

Gadoc

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1901 on: December 16, 2017, 06:10:55 PM »
Thanks redslaundry and DavidAnnArbor.  I didnít think it was an issue but feel better with the reassurance.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1902 on: December 17, 2017, 06:46:05 PM »
Will they tell you when to remove an AU?  I added one back in October, and got paid in December, but don't have a notice to remove them.

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1903 on: December 17, 2017, 06:52:35 PM »
Will they tell you when to remove an AU?  I added one back in October, and got paid in December, but don't have a notice to remove them.

Yes.  Usually about 90 days after you add the AU, so in your case probably some time in January.

flashflooder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1904 on: December 20, 2017, 09:59:54 AM »
Haven't been paid yet this month, wish they'd get better about making payments on time.

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1905 on: December 20, 2017, 10:01:04 AM »
Haven't been paid yet this month, wish they'd get better about making payments on time.

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topshot

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1906 on: December 20, 2017, 10:28:19 AM »
It may have been pure coincidence, but I had just asked about whether the "date of placement" is the date I had added them since it had been 88 days so clearly past the req'd 75 on that card. That afternoon I got the requests to remove some (and add another).

While my first 2 adds were paid fine without any notice, I just sent him an email asking when I should expect payment for one of those I just removed.


aetherie

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1907 on: December 20, 2017, 11:20:24 AM »
If I added a user on 10/27 and it posted on 11/15, when should I start bugging them about payment?
It's shown in the Oct. list in the table; however I've received payment for my 10/3 add (after bugging them) but not this one. So I'm wondering if it counts as Nov. and I should just wait.

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1908 on: December 20, 2017, 11:42:35 AM »
If it posted 11/15, payment is end of the following month. So end of Dec. Though, as some people have noted, sometimes it's a week or so late. That's the point I'd start asking.

Annoying to have to do so. The biggest problem right now, even more so than the lack of/uneven distribution of AUs.

I'm contacting the owner again today.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
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TomTX

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1909 on: December 20, 2017, 11:58:06 AM »
New info coming soon for both companies.

New company is dropping rates to be more in line with the industry.  They will be sending an email soon, and I'll be posting here soon.

Old company has changed some card requirements and limits.

Possible new recommendation coming soon.

Also new thread likely starting soon, this one is probably long enough.

Probably next week, as I'm currently in a bit of a personal situation with family.  Cheers!

Looking forward to this ;)

topshot

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1910 on: December 20, 2017, 01:53:44 PM »
While my first 2 adds were paid fine without any notice, I just sent him an email asking when I should expect payment for one of those I just removed.
He replied quickly and apologized for the delay. He said my payment should post within 2 days.

Gin1984

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1911 on: December 20, 2017, 05:47:54 PM »
Would this income be the type that the new tax bill will allow the 20% pass through?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1912 on: December 20, 2017, 07:56:33 PM »
Would this income be the type that the new tax bill will allow the 20% pass through?

I don't believe so. 

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1913 on: December 20, 2017, 08:45:53 PM »
So how much is everyone making? I got to the game late and only cleared one AU so far, so $75 for me.  Got 2 cards with lots of slots just going unused.

CanuckExpat

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1914 on: December 20, 2017, 09:05:20 PM »
So how much is everyone making? I got to the game late and only cleared one AU so far, so $75 for me.  Got 2 cards with lots of slots just going unused.

Updating below:

If anyone wants some other data-points, wife and I have had 5 cards active on the "old recommendation" since about August, and have had four tradeline sales in that time for roughly $1000 in revenue. Not bad for some clicking around. I had a quick sale on Chase (which was removed after some changes) and no bites since then, wife has had a few more sales on her cards (higher limits and longer credit histories).

I got curious and tallied up today: first four months of this year my wife and I rang up ~$1,000 in sales between the two of us assuming they all pay out (one didn't post).

So relatively consistent dollar wise with what I said before, though last year, we had fewer sales, at higher payout each (before the price was cut).

If that averages out, it's still "free" $3,000 a year. I won't sneeze at that.

That's for about five cards distributed semi randomly between old and new recommendation; we added some new cards, and some cards, i.e. Chase, are no longer being sold. We are pretty lazy, if the card was already getting sales on the old recommendation, we kept it and didn't move over.

Mid year update: exactly $2,000 in sales between wife and I. Not a lot of money but it's free and easy; covers roughly one month of our expenses in retirement so far. Wondering if I killed the goose that lays the golden egg a bit by putting freeze on Discover, will see *shrugs*

FWIW, approximately the same or a bit more from bank bonuses. Between the two that could cover a good chunk (~20-25%) of our current retirement expenses if we stay thrifty. I don't expect the free money (or the super low expenses) to last for ever, but you don't look a gift horse in the mouth.

If everything pays out, we'll have made a little under $4000 between the two of us for 2017 (and a few sales made towards end of this year, which will pay out next year)

sol

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1915 on: December 20, 2017, 10:21:37 PM »
So how much is everyone making? I got to the game late and only cleared one AU so far, so $75 for me.  Got 2 cards with lots of slots just going unused.

We've made zero for the past six months, on multiple cards.

N

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1916 on: December 20, 2017, 11:38:25 PM »
I had one AU in 2017, multiple cards, 10 yrs plus, 20K+ limits...
I signed up early in 2017, january I think.

Finances_With_Purpose

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1917 on: December 20, 2017, 11:55:59 PM »
I had one AU in 2017, multiple cards, 10 yrs plus, 20K+ limits...
I signed up early in 2017, january I think.

I signed up later in 2017, and zero here.  I believe they were flooded with MMM folks and it dried up - too much supply for a while.

I'm guessing, but it may be seasonal: I would think there's a lot more demand early in the year. 

MoseyingAlong

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1918 on: December 21, 2017, 01:23:01 AM »
I happened to be on the forum when ARS posted his info last year so signed up late December 2016.
Couple cards, 10+ years old, $20K+ limits.
One AU in the first half of the year. That's it.

ducky19

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1919 on: December 21, 2017, 05:52:01 AM »
I got a lot of action on my Citi card early on at $200 a pop ($1800), nothing on that card since July. I had $300 on a Capital One that ended up being restricted (they never did close the account though), and a little action on my Barclay card and another Citi. All told, $2525 for the year with another $175 that will post in January. Overall, sounds like better than most. I'm pretty satisfied with the whole arrangement, just wish I didn't have to remind about payment every time.

kpd905

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1920 on: December 21, 2017, 05:56:45 AM »
We should hit $2550 assuming these last few post to the bureaus, but I think $2400 of it is with the old company.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1921 on: December 21, 2017, 06:21:18 AM »
I signed up in early 2017 and made $200 from two sales.

$9,500 10 year old discover card and $15,000 two year old barclay card

Both sales were on the discover
« Last Edit: December 21, 2017, 06:38:45 AM by Optimiser »

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1922 on: December 21, 2017, 06:30:41 AM »
Signed up January 17.  2 sales on a citi and one an a cap one.


topshot

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1923 on: December 21, 2017, 06:32:13 AM »
I've had 5 AUs total so far. I registered in Aug and added in Sep. Just dropped the first 3 and added 2 more.

A lot seems to be just random chance since the consumer picks the cards they want. Thus, if your's isn't near the top of the list you have less chance just like Google. The lists normally can be sorted a variety of ways. You could look to see if you can find your cards (may need to sign up).

meatgrinder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1924 on: December 21, 2017, 07:44:00 AM »
Based on the experience of the last few posters, it would probably make sense to update the thread title to something like $3k/yr if possible.

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1925 on: December 21, 2017, 07:47:19 AM »
About $2500 including payments due by end of the year.  Most of this was with the old TL company.

MasterStache

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1926 on: December 21, 2017, 08:55:45 AM »
So how much is everyone making? I got to the game late and only cleared one AU so far, so $75 for me.  Got 2 cards with lots of slots just going unused.

Signed up very early in Jan and got 3 adds in first couple of months for a really old card with a high CL. Essentially nothing since.  I figure even if I season some new(er) cards they won't net me much if anything.

ditkanate

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1927 on: December 21, 2017, 12:10:45 PM »
I have 4 cards listed with them - first AU added in May.  So from May through now I've made a total of $1525 on 13 AU's scattered over the months.  No complaints really.

Runner77

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1928 on: December 21, 2017, 03:55:57 PM »
Signed up in late December last year with 2 cards with the new company, I had one sale all year.

Joel

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1929 on: December 21, 2017, 08:27:18 PM »
Three $75 sales in consecutive months at the start of the year. Nothing since. I removed all my cards earlier this month. Not worth my time to be on demand to add someone combined with the tax complications.

monarda

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1930 on: December 22, 2017, 09:08:07 AM »
I've had 6 sales since January, on a single old high CL card. Not been paid for the last one yet, but once I do, the 2017 total will be $1200. Our "fun money"  :-)

So far no sales yet on my 2 year old 10K CL card, added in October.



meatgrinder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1931 on: December 22, 2017, 10:03:12 AM »
Three $75 sales in consecutive months at the start of the year. Nothing since. I removed all my cards earlier this month. Not worth my time to be on demand to add someone combined with the tax complications.

What are the tax complications?  Aren't tradesales taxed as plain ol' income?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1932 on: December 22, 2017, 10:32:46 AM »
Three $75 sales in consecutive months at the start of the year. Nothing since. I removed all my cards earlier this month. Not worth my time to be on demand to add someone combined with the tax complications.

What are the tax complications?  Aren't tradesales taxed as plain ol' income?

If you're using the company mentioned in this thread, you'll get a 1099 for the income which, depending on how you view it, should be reported as gross income on a Schedule C or on line 21 of Form 1040.

Complications-wise, it is one more form to wait for and enter the data from into TurboTax or whatever you use.  It increases AGI, so if you're close to an AGI cliff you need to plan for or accommodate that.  If you enter it on Schedule C, you may also need/want to keep track of business expense deductions against that business income (I certainly would consider any annual fees you pay to be business expenses) and enter that into the appropriate places.  Finally, if you enter it on Schedule C, it will have the side effect of raising your Social Security benefits by probably a miniscule degree when you collect those, which could put you into a higher tax bracket when you're 70.

meatgrinder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1933 on: December 22, 2017, 11:53:51 AM »
Three $75 sales in consecutive months at the start of the year. Nothing since. I removed all my cards earlier this month. Not worth my time to be on demand to add someone combined with the tax complications.

What are the tax complications?  Aren't tradesales taxed as plain ol' income?

If you're using the company mentioned in this thread, you'll get a 1099 for the income which, depending on how you view it, should be reported as gross income on a Schedule C or on line 21 of Form 1040.

Complications-wise, it is one more form to wait for and enter the data from into TurboTax or whatever you use.  It increases AGI, so if you're close to an AGI cliff you need to plan for or accommodate that.  If you enter it on Schedule C, you may also need/want to keep track of business expense deductions against that business income (I certainly would consider any annual fees you pay to be business expenses) and enter that into the appropriate places.  Finally, if you enter it on Schedule C, it will have the side effect of raising your Social Security benefits by probably a miniscule degree when you collect those, which could put you into a higher tax bracket when you're 70.

Thanks for the info. Guess we have different interpretations of "complicated".  For AGI cliff/tax brackets, I understand that this income could be taxed at higher marginal rates but still much better than none at all.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1934 on: December 22, 2017, 12:00:59 PM »
Do you regularly charge expenses to cards waiting for a tradeline?  I find I spend to meet sign up bonuses, then after that I go with the best rewards which means several of my cards are totally useless.   Like my 12 year old BoA card that gets 1.5% cash back with no special categories - why would I ever use that card when I have at least 2 cards already that offer 2%?  I'll charge on it as per the guidelines given once I sell a tradeline on it, but not until then.

Do I have any incentive to actually use any of the cards I plan to sell tradelines on?  Are there any other reasons to regularly use a card that offers inferior rewards?

robartsd

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1935 on: December 22, 2017, 12:24:13 PM »
Are there any other reasons to regularly use a card that offers inferior rewards?
Banks sometimes close accounts that have no activity, so it's probably best to put a token charge on accounts you want to keep active every year or two even if you don't have a TL sale on the card.

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1936 on: December 22, 2017, 12:28:53 PM »
Do you regularly charge expenses to cards waiting for a tradeline?  I find I spend to meet sign up bonuses, then after that I go with the best rewards which means several of my cards are totally useless.   Like my 12 year old BoA card that gets 1.5% cash back with no special categories - why would I ever use that card when I have at least 2 cards already that offer 2%?  I'll charge on it as per the guidelines given once I sell a tradeline on it, but not until then.

Do I have any incentive to actually use any of the cards I plan to sell tradelines on?  Are there any other reasons to regularly use a card that offers inferior rewards?

I don't.  My CC-able spending is so low (about $25K annually) that I just use my Chase CSR for everything and don't bother optimizing past that point.

I have reminders for each card each month a few days after the statement close date.  When those reminders pop, I check if the card has any AUs; if they do, I charge a small amount on that card.  (I think ARS only ensures that there is a charge on there the first month per AU and has reported success that way.  My approach is more conservative and is more effort and also works.)

The only reasons I know of to use cards with inferior rewards is (A) to ensure that the CC company doesn't close the account for lack of activity.  This is uncommon but does happen; charging once a year is probably sufficient for this.  (B) If you want to ask for a waiver of an annual fee or a CL increase, I believe the CC companies consider average monthly usage in both those cases.  But to succeed in this regard, you probably want to put several thousand per month on a card to get an annual fee waiver or a significant portion of the CL in order to get a CL increase.

Beyond those few reasons, I think the churn and burn strategy is overall optimal.  Annually I get new cards with signup bonuses, MS and regular spend until I get the bonus, sockdrawer them, then downgrade to avoid annual fees.  Note that after several years this gets harder to do because of things like Chase's 5/24 rule, lifetime or 2-year exclusions on getting multiple bonuses on the same card, and having a credit report that lists multiple dozens of credit cards.

frozen

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1937 on: December 23, 2017, 09:02:09 AM »
I am curious what people think about this Reddit post that describes "Bust-out" scores, creation of "synthetic identities" and cautions against adding unknown authorized users to your accounts:
https://www.reddit.com/r/churning/comments/7jla34/card_shutdowns_and_bustout_score_risk_factors/

This part of the author's post is especially pertinent to the tradeline sales industry:

"I want to add one final caution. The KEY method used in creating synthetic identities for large-scale bust-out fraud is associating the synthetic identity with a real person with a long and established tradeline by adding the synthetic identity as an Authorized User. You should NEVER allow your identity to be linked to someone you do not know through a process such as selling access to a tradeline to a supposed credit repair firm. This has a very high likelihood of linking you a synthetic identity and could pose enormous risks in the future as these webs of fraud are ferreted out using analytical techniques to discover these links."

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1938 on: December 23, 2017, 09:13:54 AM »
I am curious what people think about this Reddit post that describes "Bust-out" scores, creation of "synthetic identities" and cautions against adding unknown authorized users to your accounts:
https://www.reddit.com/r/churning/comments/7jla34/card_shutdowns_and_bustout_score_risk_factors/

This part of the author's post is especially pertinent to the tradeline sales industry:

"I want to add one final caution. The KEY method used in creating synthetic identities for large-scale bust-out fraud is associating the synthetic identity with a real person with a long and established tradeline by adding the synthetic identity as an Authorized User. You should NEVER allow your identity to be linked to someone you do not know through a process such as selling access to a tradeline to a supposed credit repair firm. This has a very high likelihood of linking you a synthetic identity and could pose enormous risks in the future as these webs of fraud are ferreted out using analytical techniques to discover these links."

Oh yes, totally.

This is why it's important to use a good tradeline company. Who verifies their authorized users through actual, in-depth, comprehensive methods.

Fraud is a huge concern. And one most TL companies don't give a crap about, because they can make money allowing anyone to buy TLs.

There's a reason why I've researched 15+ tradeline companies (and narrowed from there to a handful to research in-depth, including talking to the owners of a half-dozen) and can only recommend two.

I think people using other tradeline companies who don't utilize the best (and yes, expensive--we're talking at least $20-$30 per AU, which cuts into profit margins, and why bad companies don't want to do it, along with the effort involved) methods for AU quality control are being foolish.

It's not worth linking to that type of activity for a few hundred bucks. Helping actual people improve their credit scores? Awesome! Possibly adding synthetic identities, or an identity that has been stolen, or someone being manipulated? Terrible, and so not worth it.

It's an industry fraught with risks. So who you use is crucial. I don't research these companies for my own amusement. :)

I'd rather have a few sales from a good company than trying to get more from a bad one, and getting shut down very quickly, and being tied to fraud and risking liability there.
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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1939 on: December 23, 2017, 04:33:03 PM »

If you're using the company mentioned in this thread, you'll get a 1099 for the income which, depending on how you view it, should be reported as gross income on a Schedule C or on line 21 of Form 1040.

...  If you enter it on Schedule C, you may also need/want to keep track of business expense deductions against that business income (I certainly would consider any annual fees you pay to be business expenses) and enter that into the appropriate places.

Can you guys help me understand - what are the pros & cons of reporting this tradeline income on Schedule C vs line 21 of Form 1040?

And, what would determine whether it is reported in Schedule C versus line 21 on Form 1040?

(I have very little experience with non-W2 income, so thanks!)


tj

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1940 on: December 23, 2017, 04:54:24 PM »

If you're using the company mentioned in this thread, you'll get a 1099 for the income which, depending on how you view it, should be reported as gross income on a Schedule C or on line 21 of Form 1040.

...  If you enter it on Schedule C, you may also need/want to keep track of business expense deductions against that business income (I certainly would consider any annual fees you pay to be business expenses) and enter that into the appropriate places.

Can you guys help me understand - what are the pros & cons of reporting this tradeline income on Schedule C vs line 21 of Form 1040?

And, what would determine whether it is reported in Schedule C versus line 21 on Form 1040?

(I have very little experience with non-W2 income, so thanks!)

Whichever you do, I don't think you can get out of paying FICA taxes. As long as the taxes due are the same, don't think the IRS cares. I've been inconsistent with similar such income - but the taxes due is exactly the same so long as you have no business expenses to offset it, which obviously wouldn't be possible to account for on line 21.

CanuckExpat

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1941 on: December 23, 2017, 05:19:49 PM »
Can you guys help me understand - what are the pros & cons of reporting this tradeline income on Schedule C vs line 21 of Form 1040?

And, what would determine whether it is reported in Schedule C versus line 21 on Form 1040?

(I have very little experience with non-W2 income, so thanks!)

Discussed in more detail on breakout thread: Small Business and Miscellaneous Income Best Practices

Breaks down to ease of filing vs. do you want to deduct business expenses, shelter some income in SEP IRA, solo 401k, etc

Also, you can "get out" of FICA if
a) You have other source of income (like job) that puts you over SS threshold
b) You can use S Corp to split income between salary and investment income, but almost certainly overkill for this, unless you have A LOT of sales

JohnGalt79

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1942 on: December 24, 2017, 01:21:19 PM »
Can you guys help me understand - what are the pros & cons of reporting this tradeline income on Schedule C vs line 21 of Form 1040?

And, what would determine whether it is reported in Schedule C versus line 21 on Form 1040?

(I have very little experience with non-W2 income, so thanks!)

Discussed in more detail on breakout thread: Small Business and Miscellaneous Income Best Practices

Breaks down to ease of filing vs. do you want to deduct business expenses, shelter some income in SEP IRA, solo 401k, etc

Also, you can "get out" of FICA if
a) You have other source of income (like job) that puts you over SS threshold
b) You can use S Corp to split income between salary and investment income, but almost certainly overkill for this, unless you have A LOT of sales

Great, thanks.  That breakout thread is very helpful.

tj

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1943 on: December 24, 2017, 09:57:22 PM »
Quote
a) You have other source of income (like job) that puts you over SS threshold

IIRC, Social security has a cap but medicare does not.

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1944 on: December 25, 2017, 10:27:31 AM »
Quick question.

When a potential buyer selects a tradeline with a tradeline company, are they able to see the name of the seller before they decide to buy? If so, is it the full name or just the first name with initial?  How does it work with the "old" and "new" tradeline companies, any differences?

If buyers can see the name, especially the full name, i have two concerns:
-Privacy (self explanatory).
-For those who have foreign names, some buyers may choose another tradeline because of that, e.g. the name Bill Jones appears more trustworthy than Mohammed iShaq (both are made up names).
« Last Edit: December 25, 2017, 10:32:06 AM by Padonak »

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1945 on: December 25, 2017, 10:52:38 AM »
Quick question.

When a potential buyer selects a tradeline with a tradeline company, are they able to see the name of the seller before they decide to buy? If so, is it the full name or just the first name with initial?  How does it work with the "old" and "new" tradeline companies, any differences?

If buyers can see the name, especially the full name, i have two concerns:
-Privacy (self explanatory).
-For those who have foreign names, some buyers may choose another tradeline because of that, e.g. the name Bill Jones appears more trustworthy than Mohammed iShaq (both are made up names).

I don't think the buyer sees the seller's name at all.  I suspect that all the buyer sees is CC issuer, CL, and age.  So "Barclays $25K 10 years" or whatever.

redslaundry

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1946 on: December 26, 2017, 01:17:36 PM »
Reading through the thread, it looks like there have been a few scattered mentions of peopling getting mail (usually junk mail) for their tradeline clients. I was wondering if anyone has noticed getting (junk) mail for clients on specific tradelines only.  I ask because that is what has happened to me and I was wondering if anyone had any insight or similar experiences.

I've been with the Old co for a few years and I have never gotten any mail or phone calls for any of my tradeline clients. However, last year I signed up my USAA card with the new co. Since then, I've gotten lots of junk mail and phone calls from various entities trying to reach my tradeline clients on the USAA card.

My theory is that USAA is more "aggressive" in selling information about authorized users. However, that doesn't fully make sense to me. Why would USAA be selling information on authorized users, but other banks not sell that information? USAA has a reputation for treating their members "fairly" so why would a bank like that sell information but the other banks not?

If anyone has any ideas/speculation/similar experiences, I'd like to hear about it.


**Please Note: I don't think the situation I described has anything to do with New Co vs. Old Co. I have a non-USAA card with new co and I haven't gotten any junk mail for clients I put on that tradeline which suggests the issue may be related to USAA**

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1947 on: December 26, 2017, 05:41:21 PM »
I think you've figured it out and if you asked USAA, they'd probably tell you that these companies that they sell your information to provide services that you potentially might want to take advantage of.  You can probably "opt out" of their marketing to reduce junk mail.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1948 on: December 27, 2017, 09:31:23 AM »
I am posting to follow this thread. It looks like I missed the boom, but it still should be worth the minimal effort to try.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #1949 on: December 27, 2017, 08:24:44 PM »
I had my first sale in July and have made $1100.00 so far, however not with the company mentioned in this thread.  A member here recommended me a different company and things have gone well.  I did sign up with the company mentioned here but only have had two AUs and have not been paid for either.  Both were at the beginning of October so I am starting to get nervous, the other company seems to pay faster.

I have since taken out some other cards to season and hope to do better in the future.