Had my first Discover sale today. I didn't have any trouble entering the address on Discover's site.
Nice!
Data point:
I logged into my Capital One account and noticed it was restricted. I called to see what was going on, and they are requesting documentation for my AUs. They need copies of their drivers licenses or state ID, front and back. I emailed the guy from the TL company, hoping he can help a fella out. Anyone else have this experience? Am I about to get this account shut down?
Sucks. =/ Keep us in the loop when you submit all the docs.
Wow that's frustrating, it takes years to get a good card that the tradeline companies can use.
If starting from zero, yes. But I think most of us have a bunch sitting around doing nothing.
I've had this happen twice now. For some reason Discover's website really doesn't like some valid addresses.
I just call, tell them I want to add an Authorized User, and give them all the same info. Took all of 2 minutes.
Yeah, a hassle, but luckily a short one.
My wife however, has 2 AU's on her Capital one, today while she was at work we got a call on house phone from someone looking for " Mr John Doe ( he used his real name) who is her most recent add. I said that was my wife's business, but that John Doe could not be reached at this number. The guy was cordial and didn't want to say what this was about when I asked him. The caller ID said "Portfolio Recovery".
Anyone had this experience?
No. I'd just block the number.
I don't think there's any way to tie my phone to my address anyways, so I can't see something like that happening, but if it did, no big deal, tell them no one there by that name, please take my number off your list, hang up, block number.
I still have an AU on my Capital One that I added in January. I noticed Cap One has redesigned their statement. It now shows the AU's name, last four digits of their card and any purchases- so it shows no purchases made by my AU. I wonder if no purchases made by AU will be a red flag. I was keeping the AU on until I am instructed to remove him. I read it looks less suspicious to keep the AU on if you can. I wonder if I should be making some purchases with AU card as someone else has suggested.
I've never bothered. I don't think this is something they check.
Signed up at the New Year with the new company,via email then updated on new web portal. All cards are around 20 years old, limits over 20k, credit score a hair under 800. Still no adds. :(
My wife however, has 2 AU's on her Capital one, today while she was at work we got a call on house phone from someone looking for " Mr John Doe ( he used his real name) who is her most recent add. I said that was my wife's business, but that John Doe could not be reached at this number. The guy was cordial and didn't want to say what this was about when I asked him. The caller ID said "Portfolio Recovery".
Anyone had this experience?
Yikes.
You know, for $400 a tradeline, the risk of getting interfangulated with AU credit reports was kinda worth it. For $225? I dunno. I think I'm going to put it on hold for a while.
Of course I go through this cycle often. I find some reason to pause for a while, then the two months are up on old AUs, 2 new spots come in, and it's really hard to turn down the $450 (2x$225) for 5 minutes of work. So we'll see when May 29 rolls around.
haha, yeah, you do seem to go through this a lot whenever a negative pops up.
I totally understand.
My logic every time is:
1) This is the first time it's been reported. Out of dozens and dozens of mustachians selling many lines. Hundreds and hundreds of lines, and it's now happened... once? Odds that it does happen to me seem to be well under 1%.
2) Even if it DID happen, the hassle of getting a two minute call where you say you don't know them, then block the number is worth the payout.
So likely the negative thing won't happen, and if it does, it's not that negative. I'm okay with the 1% chance I have a two minute annoyance in the future. :)
Yep I still firmly believe they are so inundated with cards that they can't possibly give adds to everyone on a consistent basis. I got a couple adds immediately at the beginning of January and one in February and haven't heard a single peep out of the company since. The ones in January are still on there as I can't get a response if it's ok to remove them. I had to contact them to urge payment for January and I've received no payment for February. It was nice getting a little bit of money but I don't have a warm fuzzy anymore.
As soon as I read this today, I contacted them. I will make sure this is fixed ASAP. Like you said, growing pains, but you adding the AUs, but not getting timely payment isn't acceptable.
I have a question about procedure. I do have a cap one card that I plan to add. Is there a way to put a card on hold on the website? Or would I need to call in for that. My thoughts are that I'd get one AU and then ask that no further AUs be added for a while. Make purchases under the AU's card for maybe 6 months. Drop that AU and then open the card back up. Sounds ultra conservative, but I would think that it would make things far less likely to look suspicious.
You can email or call to put it on hold, or ask that they just do one line, or only do a sale every six months (they can do this by making the card unavailable and blocked out for certain months).
I'm not, I'll take whatever sales I get, within the limits. :)
It's too bad there isn't some kind of automated software or website that simply will connect those that wish to purchase a tradeline to those that want to sell one. It would be somehow automated with its own wiki, and online forum.
That would be great.
Unfortunately, the liability is such that I'd rather have a middle man, even if it means less profit. Regulatory compliance, potential fraud, etc. I'd rather not personally be adding an individual I "know" and have had contact with who then potentially commits fraud. It puts more of the onus on you, IMO. Not to mention dealing with safely and securely storing vital information to prove the compliance if an audit is done later.
It's a good idea, to directly sell them, in terms of making money, but makes me leery for other reasons.
On the other hand, I'd love to see a Mustachian start a TL company. If you do it right, it can make a lot, and there's room to get a lot of Mustachian cardholders. However, it is a lot of work up front, setting up the systems, growing to find AUs, etc.
I'll absolutely take the $1000/hour and make 20k by "working" about 20 MINUTES/week, rather than taking making 2MM+ but having to work (actual effort) for 50 HOUR weeks.
Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig (Read 2157710 times)
