Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 537417 times)

frozen

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago. The people calling do not identify themselves and tell me that the line is being recorded and ask for them by name. Has anybody else had this issue?
Yes, but not recently.
In my case, it seemed to be debt collectors looking for the AU.


lexde

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago. The people calling do not identify themselves and tell me that the line is being recorded and ask for them by name. Has anybody else had this issue?
Yes, but not recently.
In my case, it seemed to be debt collectors looking for the AU.
Well on the upside it looks like the AU add was successful at least

katsiki

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Wow, that seems incredibly fast.  Maybe it is a big debt.

secondcor521

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago. The people calling do not identify themselves and tell me that the line is being recorded and ask for them by name. Has anybody else had this issue?
Yes, but not recently.
In my case, it seemed to be debt collectors looking for the AU.
Well on the upside it looks like the AU add was successful at least

As long as we're looking at silver linings, you could monitor the calls for FDCPA violations... ;-)

arebelspy

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Crazy. I haven't gotten any calls, but I think my number isn't very Google-able. I know some people have gotten a few.

Can you block the number(s)?
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DavidAnnArbor

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I've received calls too.

topshot

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago.
Why is your phone now linked to the AU? I never answer unknown numbers but I've never had a message for anyone else yet.

lexde

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago.
Why is your phone now linked to the AU? I never answer unknown numbers but I've never had a message for anyone else yet.
That’s precisely what I’d like to know. Citi has my phone number, but they don’t report it. So I am concerned that I’m getting these phone calls. Tradeline sellers are supposed to be more or less anonymous. It took them ~4 days to find my number and start asking for my AU’s without identifying who they are or why they’re calling.

hay_otsuka

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Skip tracers will likely call numbers associated with any new addresses for the debtor

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katsiki

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Crazy. I haven't gotten any calls, but I think my number isn't very Google-able. I know some people have gotten a few.

Can you block the number(s)?

Same here.  I don't think my number is easily tied to my address (VOIP).  Also, I use a PO BOX.

It might be a good idea for those doing any regular volume of sales to get a PO box.  You can deduct the annual fee.

MasterStache

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I've received a couple of calls. I just tell them wrong number and I never hear back from them.

kudy

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I just received a call from Capital One they asked me questions about the authorized user and the mentioned that they could not verify a connection to me through public records. They said that they will send a package that requires more information about the Authorized user.

Any ideas? What do you guys say when they ask you who is the authorized user?

This is worrying - I've been adding 2 AUs on Capital One almost every 2 months, for years and I haven't received any similar calls. I'm wondering what happens if you ignore the package? I might ask the tradeline company what you should do.

secondcor521

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I just received a call from Capital One they asked me questions about the authorized user and the mentioned that they could not verify a connection to me through public records. They said that they will send a package that requires more information about the Authorized user.

Any ideas? What do you guys say when they ask you who is the authorized user?

This is worrying - I've been adding 2 AUs on Capital One almost every 2 months, for years and I haven't received any similar calls. I'm wondering what happens if you ignore the package? I might ask the tradeline company what you should do.

When I tried to ignore a similar situation with my Barclays card (mentioned upthread), they froze my account and very nearly accused me of unethical behavior.  I cannot access my account online, my card was declined when I did a test transaction, and I (obviously) cannot add or remove AUs.

I have asked the New Company (through whom the AU sales occurred on this card) for advice about a week ago and have yet to receive any response.

ravevan

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

frugalnacho

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

Yea what's up with this?  We gotta be able to run it better than the current companies.

boarder42

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago. The people calling do not identify themselves and tell me that the line is being recorded and ask for them by name. Has anybody else had this issue?

you likely entered your phone number when signing them up - you should not enter your phone number just make one up - thats what the procedures say to do at all the sites i use to sell tradelines.

PointsLawyer

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As I said above, banks can typically close your card at any time and for pretty much any reason. But, they have to provide the specific reason for the closure. The point of this legal requirement is to allow someone with credit to understand their credit -- the requirement is educational in nature.
So basically all the banks have to do is say, "We closed your account because we don't like how often you change authorized users on your account," and they'd be in compliance with the law, but instead they are being vague about their reasons. All the while it would be super simple for them to make changes that would make piggybacking ineffective and it would just stop happening.

Sounds like you've got the handle of it. I think there's the potential for them to get in trouble if they're not uniformly enforcing this new standard of too many AUs. But generally, you have the gist of it.

PointsLawyer

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I have already gotten five calls to my personal phone asking for my authorized user since adding them a few days ago. The people calling do not identify themselves and tell me that the line is being recorded and ask for them by name. Has anybody else had this issue?
Yes, but not recently.
In my case, it seemed to be debt collectors looking for the AU.
Well on the upside it looks like the AU add was successful at least

As long as we're looking at silver linings, you could monitor the calls for FDCPA violations... ;-)

LOL. There you go. One of the first cases I ever worked on as a lawyer was defending a TCPA case (prohibiting telephone solicitation). I was so impressed by the Plaintiff. He had two lines, recorded every single call, and then he had a lawyer friend, and they'd go to work for the slightest infraction of the semi-complex rules.

ditkanate

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Anyone had their US Bank card shut down before?  Had 2 sales from the "old" company last month, after many months of no activity from the "new" company.  Today I got an email from Netflix to update my payment details.  I'd been charging Netflix to my US Bank card for the nominal tradeline activity.  I updated the card details with Netflix but still kept getting an error message.  Now I log in to my US Bank account online and there aren't any accounts listed.  I'm assuming it's a shutdown? 

Kinda sucks, actually got sales for once and kapow.  No more.  :(

hay_otsuka

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Both my us bank cards showing zero available credit also as of today

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secondcor521

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My USBank accounts are fine, FWIW.

erutio

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This is troubling news.  US bank cards have been some of the most consistent performers for selling tradelines. 

linuxhero

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I just received a call from Capital One they asked me questions about the authorized user and the mentioned that they could not verify a connection to me through public records. They said that they will send a package that requires more information about the Authorized user.

Any ideas? What do you guys say when they ask you who is the authorized user?

This is worrying - I've been adding 2 AUs on Capital One almost every 2 months, for years and I haven't received any similar calls. I'm wondering what happens if you ignore the package? I might ask the tradeline company what you should do.

When I tried to ignore a similar situation with my Barclays card (mentioned upthread), they froze my account and very nearly accused me of unethical behavior.  I cannot access my account online, my card was declined when I did a test transaction, and I (obviously) cannot add or remove AUs.

I have asked the New Company (through whom the AU sales occurred on this card) for advice about a week ago and have yet to receive any response.

I received a phone call a few weeks ago from Capital One's fraud department asking if I had added the authorized users.  I stated I did.  They then said they would send me 'the package' to upload the social security and driver's licenses of the authorized users.  I then emailed the 'new' company and asked them for those documents.  The 'new' company then stated that 'Capital One looks like they are going to close your account and is looking for further information from you.  Unfortunately, we do not provide ids.  In every case when it is requested and even when submitted they close your account.'

So, at this point I have a 'frozen' Capital One account (they have not closed it yet).

In a semi-related incident, I've noticed that my oldest card with the 'new' company (opened since 1995) that the last 3 AUs have not posted even though I added the AU on time.  What I've noticed (could be a coincidence) is that when there is no SS card / Driver's license in the 'customer document' section for that user, those AUs fail to post.  I'm a bit curious as to why some users have that info in the 'customer document' section and others do not.  Should I be adding an AU w/o those documents?

beekayworld

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I then emailed the 'new' company and asked them for those documents.  The 'new' company then stated that 'Capital One looks like they are going to close your account and is looking for further information from you.  Unfortunately, we do not provide ids.  In every case when it is requested and even when submitted they close your account.'


This must be a very new policy. When Capital One asked for drivers licenses and social security cards for my two AUs on March 24th, the new company already had both documents for one of the AUs on their website and promptly emailed me the docs for the other AU. I submitted to CapOne and my restrictions were removed.

The card wasn't shut down.

Regarding the SS numbers, I know Citi doesn't post correctly without the SS#, so I have to call in the AU, even though the website has an area where an AU can be added.  The online area doesn't have a field for SS#.

Look on the new company website on your tasks page and see if the phrase "must be called in" in next to those AUs.
« Last Edit: May 29, 2018, 02:41:50 PM by beekayworld »

linuxhero

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I then emailed the 'new' company and asked them for those documents.  The 'new' company then stated that 'Capital One looks like they are going to close your account and is looking for further information from you.  Unfortunately, we do not provide ids.  In every case when it is requested and even when submitted they close your account.'


This must be a very new policy. When Capital One asked for drivers licenses and social security cards for my two AUs on March 24th, the new company already had both documents for one of the AUs on their website and promptly emailed me the docs for the other AU. I submitted to CapOne and my restrictions were removed.

The card wasn't shut down.

Regarding the SS numbers, I know Citi doesn't post correctly without the SS#, so I have to call in the AU, even though the website has an area where an AU can be added.  The online area doesn't have a field for SS#.

Look on the new company website on your tasks page and see if the phrase "must be called in" in next to those AUs.

I'm not sure, but it sounds like your issue occurred when adding AUs originally, and mine is Capital One auditing my account, asking about _past_ AUs (like, the last 5 or something).  Sorry that I didn't clarify that before.

Every time I've had a Citi add, I have always called it in and added the SS# during that call.  I then check the Citi website to confirm they have been added correctly (no misspelled names).  It is with Citi that the past 3 AUs have not posted with the credit bureaus correctly.  But, I swear that each time the SS# is given and verified on the call.
« Last Edit: May 29, 2018, 03:28:32 PM by linuxhero »

medinaj2160

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I just received a call from Capital One they asked me questions about the authorized user and the mentioned that they could not verify a connection to me through public records. They said that they will send a package that requires more information about the Authorized user.

Any ideas? What do you guys say when they ask you who is the authorized user?

This is worrying - I've been adding 2 AUs on Capital One almost every 2 months, for years and I haven't received any similar calls. I'm wondering what happens if you ignore the package? I might ask the tradeline company what you should do.

When I tried to ignore a similar situation with my Barclays card (mentioned upthread), they froze my account and very nearly accused me of unethical behavior.  I cannot access my account online, my card was declined when I did a test transaction, and I (obviously) cannot add or remove AUs.

I have asked the New Company (through whom the AU sales occurred on this card) for advice about a week ago and have yet to receive any response.

So Capital One frozed my account and they want me to call them to clear concerns about potential fraud.

What do you guys say when they ask you; who is the person that you are trying trying to add to your account?

dragoncar

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I suppose they are truthfully business associates. 

sol

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

Yea what's up with this?  We gotta be able to run it better than the current companies.

On the logistics and supply side?  Sure, while multitasking.  From the beach.

But the hard part is finding the buyers, and that's the sticking point I haven't figured out yet.  Anyone have any bright ideas on where to locate a steady stream of non-fraudulent credit line purchasers.  If we can solve that part, we can have our own company up and running before summer is over.

Irinas

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now US bank, sad...

what is left after all? Barclays?
« Last Edit: May 29, 2018, 09:38:33 PM by Irinas »

ravevan

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

Yea what's up with this?  We gotta be able to run it better than the current companies.

On the logistics and supply side?  Sure, while multitasking.  From the beach.

But the hard part is finding the buyers, and that's the sticking point I haven't figured out yet.  Anyone have any bright ideas on where to locate a steady stream of non-fraudulent credit line purchasers.  If we can solve that part, we can have our own company up and running before summer is over.

That definitely is. Facebook and Google ads for sure. Then if there is growth consider hiring someone for that. The profit margin potential seems so sigh that the main cost would be marketing.

arebelspy

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

About a year ago, I spent a month starting one. Formed an LLC, found some "employees," made a website, etc.

After a forced break for a bit (wife got very bad "morning" sickness that lasted all day for awhile with her second pregnancy, and I was full time toddler duty), I realized when going back to it that it wasn't what I wanted to do with my (FIRE'd) life, and wound it down.

I think it's a super lucrative thing, and I'm still shocked no Mustachian (especially one who wants several million for a fat FIRE) has run with it, but there you go.

On the logistics and supply side?  Sure, while multitasking.  From the beach.

But the hard part is finding the buyers, and that's the sticking point I haven't figured out yet.  Anyone have any bright ideas on where to locate a steady stream of non-fraudulent credit line purchasers.  If we can solve that part, we can have our own company up and running before summer is over.

Sure, lots and lots of ideas.

Here's an easy one: People new to the country, with little to no credit, who just need a temporary boost to get started with life here (get a car loan, apartment, maybe a credit card). They plan to pay everything on time, not default, because their credit profile is important to them, it's just difficult for them to get it rolling.

I have some thoughts on where/how to find them, but you can probably come up with some yourself, as well.

I've got a document with a bunch of ideas of ways to find AUs. It still takes work, and interfacing with them. But the part you mention is just a marketing puzzle.
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dragoncar

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Whatever happened to the idea of Mustachians starting our own tradeline company? Is anyone still working on that?

Yea what's up with this?  We gotta be able to run it better than the current companies.

On the logistics and supply side?  Sure, while multitasking.  From the beach.

But the hard part is finding the buyers, and that's the sticking point I haven't figured out yet.  Anyone have any bright ideas on where to locate a steady stream of non-fraudulent credit line purchasers.  If we can solve that part, we can have our own company up and running before summer is over.

Why don't we set up the logistics and supply side, and recruit salespeople to find buyers.  We get a cut of their sales.  And the salespeople can each recruit their own team of salespeople, and get a cut of their sales, and so on.  The whole organization could be shaped like a reverse funnel.

hgjjgkj

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I would love to be a part of the mustachian Tradeline company. Also unlike probably a lot of FIRE folks, I am willing to put the hours in and have done some small ventures before

arebelspy

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Why don't we set up the logistics and supply side, and recruit salespeople to find buyers.  We get a cut of their sales.  And the salespeople can each recruit their own team of salespeople, and get a cut of their sales, and so on.  The whole organization could be shaped like a reverse funnel.

To the first sentence: I definitely had an affiliate thing set up for bringing in AUs.

I lol'd at the rest. :D

I would love to be a part of the mustachian Tradeline company. Also unlike probably a lot of FIRE folks, I am willing to put the hours in and have done some small ventures before

Then go, make it happen. You have a willing group of cardholders.

No one needs permission to start anything; just go and do it! :)
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.
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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ravevan

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Why don't we set up the logistics and supply side, and recruit salespeople to find buyers.  We get a cut of their sales.  And the salespeople can each recruit their own team of salespeople, and get a cut of their sales, and so on.  The whole organization could be shaped like a reverse funnel.

To the first sentence: I definitely had an affiliate thing set up for bringing in AUs.

I lol'd at the rest. :D

I would love to be a part of the mustachian Tradeline company. Also unlike probably a lot of FIRE folks, I am willing to put the hours in and have done some small ventures before

Then go, make it happen. You have a willing group of cardholders.

No one needs permission to start anything; just go and do it! :)

I'm happy to set up a call to talk with folks who are interested.

sol

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I would love to be a part of the mustachian Tradeline company. Also unlike probably a lot of FIRE folks, I am willing to put the hours in and have done some small ventures before

The problem here is one of profit.  This is a high risk venture requiring full time work from a single individual person, plus staff later on.  That person will want to make money, and probably should be allowed to retain the profits from their venture. 

How is the forum going to feel about sol (or anyone else here) making $200k/year off of the member's credit cards?  I'd probably be pissed to see one person getting rich, while the per-sale fee to cardholders continues to decline.  But I don't think anyone is likely to put in the time and effort required to do this properly without the opportunity for significant personal profit.

And it's not exactly a part time gig.  If you have a day job, you probably can't do this business the right way.  If you don't have a day job because you are retired (like rebs) then all of this hard work probably doesn't appeal to you.  We need someone who is young and hungry enough to put in the long hours for their chance at riches.

arebelspy

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The problem here is one of profit.  This is a high risk venture requiring full time work from a single individual person, plus staff later on.  That person will want to make money, and probably should be allowed to retain the profits from their venture. 
...
And it's not exactly a part time gig.  If you have a day job, you probably can't do this business the right way.  If you don't have a day job because you are retired (like rebs) then all of this hard work probably doesn't appeal to you.  We need someone who is young and hungry enough to put in the long hours for their chance at riches.

I agree that it won't really be a "team effort" among Mustachians--it'll be one enterprising individual, and likely someone who throws himself or herself into it full time.

Most the tradeline companies have ~5 employees (some as few as 2-3), but it'll be one person starting it and driving all the decisions and doing everything themselves that kicks it off, then they'll hire employees (assistants). It won't be a team of equally shared individuals initially, IMO, as the diffusion of responsibility would mean a big lack of progress.

It'll be someone deciding "Yes, I want the chance to make a few million, and am willing to devote at least six months or a year of my life to launching a company to make that happen."

Quote
How is the forum going to feel about sol (or anyone else here) making $200k/year off of the member's credit cards?  I'd probably be pissed to see one person getting rich, while the per-sale fee to cardholders continues to decline.  But I don't think anyone is likely to put in the time and effort required to do this properly without the opportunity for significant personal profit.

I sure wouldn't be upset. If someone is willing to do all the work, provide more sales to all of us, great. That's win-win. I don't care how much someone else is making, if it works for me, too (and I wouldn't enroll cards if it didn't).
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.
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."

hgjjgkj

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For me the sticking point is PCI compliance and best practices around handling SSNs.

sol

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For me the sticking point is PCI compliance and best practices around handling SSNs.

Those are both problems you can solve with money.  If one of us starts this venture, there will be several thousand dollars of startup and security costs, but that should include all of the required encrypted cloud storage for businesses that store credit card info and ssns.

I still think this is the easy part.  Finding and verifying legit buyers is a much bigger bottleneck from my perspective, otherwise we would all be selling our personal cards as often as we wanted to.

solon

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Yup, marketing is the sticking point. I started down this road a while back, just shortly after ARS. The webdev, legal work, accounting, is all pretty straightforward. Most of it can be handled by one person. This forum itself is a gold mine of available card holders. But who is going to buy? I had a few ideas for finding buyers. I think the discussion is somewhere in this thread, in fact.

In the end it was more work than I could put in. Too big an unknown.

ETA: I formed an LLC, finalized a company logo, hired a webdev who had the website up and running, retained an accountant (although he never had to do anything), and consulted with an attorney about the language of the contracts. All I had left to do was advertise here for card holders, and figure who would buy this stuff.
« Last Edit: May 30, 2018, 02:38:35 PM by solon »

hgjjgkj

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I think ARS originally did some work to determine how a reputable Tradeline company vets buyers to weed out scammers. Hopefully he can chime in.

lexde

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Well, at least 1 of my 2 Citi AU's did not properly post with old company, even though I called to add SSN and have a physical card + they show up as AUs on my account. Bummer. I hope the other one worked, but I'm not holding my breath. :-| Thanks, Citi!

BikeFanatic

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I have had the same problem with Citibank not posting. One tradeline company I use has stopped taking Citibank cards for that reason (not the AREBELSPY reccomended companies ).

Timmm

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Why don't we set up the logistics and supply side, and recruit salespeople to find buyers.  We get a cut of their sales....

I was a sales manager for a little while many years ago and I think I had a slightly unusual challenge that would apply to this business, too. You don't want every customer who wants to sign up. I think you want some kind of quality control. I don't know that the broker company could have any liability, but if there is rampant fraud on a big enough scale, you have a higher risk of having to find out in court. Plus your cardholders want to believe they're helping people with good intentions, and may avoid security review and closure if that's the case. You can't be right about all of them, and surely some with good intentions will default too.

But commissioned salespeople are only going to do what earns commissions. So there's still a lot of work after getting a prospect on the line, and commissions would need to reflect that buyer approval rate is very important.

It does seem that there is an opportunity for a new company in this space, just pointing out one factor I think should be considered.

dragoncar

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Yup, marketing is the sticking point. I started down this road a while back, just shortly after ARS. The webdev, legal work, accounting, is all pretty straightforward. Most of it can be handled by one person. This forum itself is a gold mine of available card holders. But who is going to buy? I had a few ideas for finding buyers. I think the discussion is somewhere in this thread, in fact.

In the end it was more work than I could put in. Too big an unknown.

ETA: I formed an LLC, finalized a company logo, hired a webdev who had the website up and running, retained an accountant (although he never had to do anything), and consulted with an attorney about the language of the contracts. All I had left to do was advertise here for card holders, and figure who would buy this stuff.

This may have already been discussed, but if you partner with real estate agents and target people seeking mortgages, then you limit the amount of fraud you encounter since a licensed professional is meeting this person face-to-face, and banks are scrutinizing their identities (beyond a simple FICO)

This would be a great space for mortgage brokers to get into, since they can go back and say "hey these are your quotes, but I can probably lower this payment by $X if you pay $Y to a buddy of mine."

But maybe this runs afoul of ethics rules
« Last Edit: May 30, 2018, 08:40:34 PM by dragoncar »

sol

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This would be a great space for mortgage brokers to get into, since they can go back and say "hey these are your quotes, but I can probably lower this payment by $X if you pay $Y to a buddy of mine."

But maybe this runs afoul of ethics rules

I have also considered real estate transactions to be a rich environment for finding legitimate buyers, and I don't think it is at ALL beneath a mortgage broker to help a buyer improve their credit.  Mortgage brokers are some of the shadiest people a normal law-abiding citizen will ever deal with.  Slightly shadier than used car salesmen.

wudged

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The old tradeline company is looking for more cards.
...
Disclaimer: I will get a referral commission when you sell AU spots, but you will get paid the same whether you use my referral or not--it will not reduce your payment to have me as the referral, and for this month, you'll make $150 more than you would otherwise due to the signup bonus.

The old company shows the commission amount / date to be paid.  Is this supposed to include the referral bonus?  Mine only shows the base amount for the card issuer/limit.

Full payment received in addition to the referral bonus - and right on time no less!  I think I shall be dropping the new company.

charuhans

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The old tradeline company is looking for more cards.
...
Disclaimer: I will get a referral commission when you sell AU spots, but you will get paid the same whether you use my referral or not--it will not reduce your payment to have me as the referral, and for this month, you'll make $150 more than you would otherwise due to the signup bonus.

The old company shows the commission amount / date to be paid.  Is this supposed to include the referral bonus?  Mine only shows the base amount for the card issuer/limit.

Full payment received in addition to the referral bonus - and right on time no less!  I think I shall be dropping the new company.

I received the bonus today but not the payment for an add which shows as paid today. So maybe it will hit my account tomorrow.

hgjjgkj

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This would be a great space for mortgage brokers to get into, since they can go back and say "hey these are your quotes, but I can probably lower this payment by $X if you pay $Y to a buddy of mine."

But maybe this runs afoul of ethics rules

I have also considered real estate transactions to be a rich environment for finding legitimate buyers, and I don't think it is at ALL beneath a mortgage broker to help a buyer improve their credit.  Mortgage brokers are some of the shadiest people a normal law-abiding citizen will ever deal with.  Slightly shadier than used car salesmen.

I don't think this actually improves credit for a mortgage right ? It only works for renters and car buyers?

frugalnacho

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This would be a great space for mortgage brokers to get into, since they can go back and say "hey these are your quotes, but I can probably lower this payment by $X if you pay $Y to a buddy of mine."

But maybe this runs afoul of ethics rules

I have also considered real estate transactions to be a rich environment for finding legitimate buyers, and I don't think it is at ALL beneath a mortgage broker to help a buyer improve their credit.  Mortgage brokers are some of the shadiest people a normal law-abiding citizen will ever deal with.  Slightly shadier than used car salesmen.

I don't think this actually improves credit for a mortgage right ? It only works for renters and car buyers?

Why wouldn't it? It's increasing their credit score, which should get them a better mortgage rate.