Huge bummer.
The 10k-20k tier cards are the most common ones, so going from $225 to $125 per spot is a bummer ($100/mo hit). But the bigger hit is the custom ones. I have a B of A at 45k limit paying $400/line... now just $225 (a $175/mo hit).
I'm sure I'm hit more than most people, having 10+ cards in the program between the wife and I, and I'm betting this may not have happened if I didn't refer all these Mustachians. But I'm still glad I did. I got one PM in particular a few days ago about how someone I had referred in August was putting the funds to really good use towards medical bills that totally made it worth it. I'm guessing a few I shared this with initially (in my journal) wish I hadn't started this thread though. :P
It's worth noting that the biggest jump between tiers is when you bump over 20k+ (it's a $50 payment jump, the others are $25). REALLY worthwhile to ask for credit line bumps, move credit around, etc. to hit that 20k tier.
This new commission schedule reflects more closely what the other tradeline companies are paying their investors.
Yeah.
I spent a few hours last weekend emailing a BUNCH (a dozen+) different tradeline companies. I was merely hoping to find a company I could feel comfortable recommending to the people still emailing me for a referral for the next few months, until January, and possibly after in case this company didn't open back up to new investors in January.
The disappointing thing is that most of the tradeline companies didn't even get back to me. And many other ones have lower commissions--even now, after this decrease with this company, they're lower ($100/order, some even less).
Now I will be increasing the search, to see if there are other alternatives for us to move to for better commissions. The company I'm using right now is the one I'm most comfortable with based on their protections and procedures, but also happened to be the highest paying. Now it'll be a determination of if the lower pay is worth less risk, or vice-versa.
For example--if I can get $150 from a shady company (theoretically), or $125 from a good one... I'll probably take the $125 and good company. It'll cost me about 16%, so a few thousand dollars over the course of a year (a few hundred bucks if you only have a tradeline or two), but I'll feel more comfortable knowing the identity of the AU is verified, so the amount of fraud will be much less likely, the chance of my cards being cancelled will be much less likely, and the chance the company isn't fly-by-night, but will still be around come tax season to issue the 1099, etc.
That's probably worth the tradeoff in costs.
If another company was offering a lot more though, not just a $25 difference...I'd have to think about it. Riskier, but possibly worth the risk. Maybe enroll a few cards I care less about.
For now, I'm planning to continue with the same company, and keep researching alternatives.
Summary: This will obviously be a big hit in terms of income--I'll personally be going from current estimates of 20-25k annually to maybe 12k (guessing on this.. we'll see how it falls out).
The decrease won't stop me from continuing. I'll keep looking for alternate companies (as above; and will post here if I find something), but
it's still a $125+ payment for the amount of work to go online, spend 5 minutes adding the AU, then spend 5 minutes removing them a few months later. The hourly wage dropped from like $600 per hour to $350 per hour, or something like that.Disappointment is about expectations, and so it's a bummer it just fell, but if it had been this price originally, I'd still have signed up, and still be ecstatic about the essentially free money. If it had been lower, I likely would have signed up, and if they had just boosted it to this, I'd be thrilled. So, all in all, I'd like to make as much as possible, but I'll still be happy making what I can, given it's basically no work, and fairly low risk (with this company) of any shutdowns, fraud, etc.
And I'll cross my fingers it lasts. If it stays even at this lower tier, but lasts another year, I'll be happy. Whatever I can collect, if it eventually ends (as it will, I'm sure), I'll count it as free money, and move on. To date, I've gotten paid about $5500 (for 2.5 months--half of June, July, Aug), with another $2500 coming in about a week (for Sept). That's what I'd consider a successful side-gig, even if it ended tomorrow. This lower tier will slow it, but 10k/yr for maybe an hour of "work" per month? I'm still okay with that. Much easier to look on the bright side in this situation than actual bad ones.
:)