Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig

[threepacballer]

Just got shut down with Chase. I had two cards with new company for about nine months. The letter stated they were closing account because of Adding and/or removing multiple authorized users in a short period of time. Both accounts received the same letter. I had 5 adds on the higher limit card during that time and none on my other card. I had been with them over 10 years.

[Cries]

Just got shut down with Chase. I had two cards with new company for about nine months. The letter stated they were closing account because of Adding and/or removing multiple authorized users in a short period of time. Both accounts received the same letter. I had 5 adds on the higher limit card during that time and none on my other card. I had been with them over 10 years.

Sorry for your loss.  How many AUs in total did you put on  each Chase card in that 9months?

[dlawson]

Just got shut down with Chase. I had two cards with new company for about nine months. The letter stated they were closing account because of Adding and/or removing multiple authorized users in a short period of time. Both accounts received the same letter. I had 5 adds on the higher limit card during that time and none on my other card. I had been with them over 10 years.

Did they shut down all your accounts or just the AU account?

[flashflooder]

Chase shuts down ALL your accounts.

[threepacballer]

I had 5 AU's in total on one card during that period. Yes, they shut down all my accounts. The one card did not have any AU's at all but they also shut it down as it is their policy. I got the same letter for the card that had no AU's ever added saying it had too many adds even though that card had none. I have stellar credit and been with them a long time so this sucks.

[secondcor521]

I had 5 AU's in total on one card during that period. Yes, they shut down all my accounts. The one card did not have any AU's at all but they also shut it down as it is their policy. I got the same letter for the card that had no AU's ever added saying it had too many adds even though that card had none. I have stellar credit and been with them a long time so this sucks.

What was the maximum number of AUs that you had on the first card at any given point in time?

[dlawson]

I had 5 AU's in total on one card during that period. Yes, they shut down all my accounts. The one card did not have any AU's at all but they also shut it down as it is their policy. I got the same letter for the card that had no AU's ever added saying it had too many adds even though that card had none. I have stellar credit and been with them a long time so this sucks.

Have you tried calling and asking to be reinstated? Odds of reinstatement are generally very good if Chase shuts you down for suspected bust-out/velocity concerns; it would be worth trying in this case as well.

[hgjjgkj]

Had an issue with barclays. They demanded a physical copy of the AU's SS card. Obviously didnt have it. Not sure what to do

Wow, really?  First, I don't know too many people who even have their SS card any more.  Second, I thought the government said you're not supposed to give your card to anyone, and you're not really supposed to give your SSN to anyone unless it's for official government purposes.

I'd consider (a) asking them to add without the SS card based on the above principles, (b) tell them they can't ask for the SS card because it violates US federal law (maybe it does?) and see what they say, (c) wait and see; maybe they'll add the AU anyway (not likely), or (d) give up and tell the TL company it didn't work this time.

Is this with new TL company?  I had an issue like yours and it was with new TL company and Barclays.

It was the new company. Also the new company says that if you add online barclays wont let you put the social in so you have to call. The new company claims without the social it wont post

That's a real contradiction to what arebelspy has said in the past about Barclays

I have talked to Arebelspy a lot but never on this topic of Barclays. I am just going by the adding instructions the company gives in their dashboard. I'll post back and let the thread know how it goes

Wanted to update anyone interested. I added the other Barclay AU by phone with no problems. Going to call again tonight to straighten out the other ad

[Car Jack]

When does the new company send out 1099's?  I got one from the old company already along with every bank I have money in and every brokerage and every W2.  Don't see anywhere on the site where they'd be.

[NinetyFour]

When does the new company send out 1099's?  I got one from the old company already along with every bank I have money in and every brokerage and every W2.  Don't see anywhere on the site where they'd be.

I haven't received mine either.  And I couldn't find it on the site.  I e-mailed them, but have not gotten a reply yet.  :(

[threepacballer]

I never had more than 2 adds on the Chase card at one time. I have not tried to be reinstated but I will give that a shot. Was not aware that was a possibility. Thanks for the suggestion. Will let you know what happens.

[frugalnacho]

I received a hard copy W2 in the mail yesterday from the new company.

[dlawson]

New Old company emailed me a password-protected copy of my 1099, so I assume they aren't sending hard copies. I suggest checking your emails.

[Car Jack]

New company emailed me a password-protected copy of my 1099, so I assume they aren't sending hard copies. I suggest checking your emails.

I got one from the old company.  I'll check my snail mail today.

[dlawson]

New company emailed me a password-protected copy of my 1099, so I assume they aren't sending hard copies. I suggest checking your emails.

I got one from the old company.  I'll check my snail mail today.

Sorry, I meant old company! I onboarded with them in reverse order and always get the pseudonyms mixed up. New company sent me a physical 1099; old company sent me an electronic 1099.

[medinaj2160]

I get both text and email from both companies to add and to remove.  The old company's web page is nice in that it shows how many spots are sold and how many total spots are available for each card.  So I know that if one card says 2/2, that it's not going to be sold until at least one AU is removed.

Lame. I forgot to remove some AU's last month and I didn't get and email or text.

[arebelspy]

New company sent me a physical 1099; old company sent me an electronic 1099.

Yep, everyone should have gotten a 1099 from new company in the mail this week, and an electronic one from old company via email/portal a week or two ago.

Note that you may not receive a 1099 if the amount earned was less than $600 but you are still responsible for reporting the income on your taxes.

[wudged]

Just posting to say that I did receive a 1099 from the new company even though it was less than $600.  So anybody who may be trying to skirt reporting that income - beware.

[Padonak]

Just posting to say that I did receive a 1099 from the new company even though it was less than $600.  So anybody who may be trying to skirt reporting that income - beware.

Is there a way to check online which companies sent you 1099s and for what amounts for 2018 tax year before you file taxes?

For example, in case one of the 1099s gets lost in the mail or you change an address and by mistake receive a 1099 to your previous address.

[secondcor521]

Just posting to say that I did receive a 1099 from the new company even though it was less than $600.  So anybody who may be trying to skirt reporting that income - beware.

Is there a way to check online which companies sent you 1099s and for what amounts for 2018 tax year before you file taxes?

For example, in case one of the 1099s gets lost in the mail or you change an address and by mistake receive a 1099 to your previous address.

It's not public information, so no, it wouldn't be online.

But what you should be doing is keeping track throughout the year of your taxable income and where it came from.  You can also find out the deadlines for when the forms need to be sent.  Then if a 1099 or other tax form does not show up, you can call the company or person who should have sent it to you and investigate.  I do this.

In theory one should also confirm that the data on the form is accurate.  I usually don't do this; as long as the numbers are in the ballpark I assume they are correct.  Especially for complicated tax form like those related to stock options exercises.

[kpd905]

Just posting to say that I did receive a 1099 from the new company even though it was less than $600.  So anybody who may be trying to skirt reporting that income - beware.

Is there a way to check online which companies sent you 1099s and for what amounts for 2018 tax year before you file taxes?

For example, in case one of the 1099s gets lost in the mail or you change an address and by mistake receive a 1099 to your previous address.

The Wage and Income Transcript listed on this page will show all banks/companies that reported 1099 income: https://www.irs.gov/individuals/tax-return-transcript-types-and-ways-to-order-them

[topshot]

My 30-year BoA card was just closed (supposedly during a periodic review) for irregular AU activity. I don't know whether the rep really couldn't or just wouldn't give me more details when I pressed him several times such as what would constitute irregular activity or why their site says it's "a great way to extend your credit line" to others.

I requested to re-open and he said the reply back was "the terms & conditions you originally agreed to are no longer available". I pressed him on that, too. I can see T&C changing but how do they become unavailable? I wondered if he was just playing with me.

It had 3 current AUs and 9 prior to that since Sep 2017.

[secondcor521]

My 30-year BoA card was just closed (supposedly during a periodic review) for irregular AU activity. I don't know whether the rep really couldn't or just wouldn't give me more details when I pressed him several times such as what would constitute irregular activity or why their site says it's "a great way to extend your credit line" to others.

I requested to re-open and he said the reply back was "the terms & conditions you originally agreed to are no longer available". I pressed him on that, too. I can see T&C changing but how do they become unavailable? I wondered if he was just playing with me.

It had 3 current AUs and 9 prior to that since Sep 2017.

Emphasis added.  Bummer.  Old Company recommends a max of 2 AUs at a time on BofA cards.

[Shade00]

I had my Discover closed last September, probably due to selling tradelines. I would like to get a new Discover account at some point in the near future; anyone who has a had a Discover account closed, have you been able to reapply for a new account? Any idea on how long I'd have to wait? I really liked the Discover card, too.

[topshot]

Emphasis added.  Bummer.  Old Company recommends a max of 2 AUs at a time on BofA cards.

That is all I wanted on it and had the company change that when I got the 3rd one. As everyone else says, it's not IF your card will be closed, it's WHEN it will be. I was hoping for another year or 2 at least.

[gamzarme]

My 30-year BoA card was just closed (supposedly during a periodic review) for irregular AU activity. I don't know whether the rep really couldn't or just wouldn't give me more details when I pressed him several times such as what would constitute irregular activity or why their site says it's "a great way to extend your credit line" to others.

I requested to re-open and he said the reply back was "the terms & conditions you originally agreed to are no longer available". I pressed him on that, too. I can see T&C changing but how do they become unavailable? I wondered if he was just playing with me.

It had 3 current AUs and 9 prior to that since Sep 2017.

All my BoA accounts were closed. I only had credit cards. The youngest line was on fire, I played with it, and it got me burned. (Senseless, lowest earn tier and 5 AUs - company never asked to remove AUs, just add more.) The oldest line was almost 7 years, altogether over $25k in credit with BoA. All that history is gone. From reading this thread I know that there isn't any hope of having having the accounts reopened. Effective ban from BoA.

[DavidAnnArbor]

You take your chances with selling tradelines. It's not guaranteed.

[Padonak]

The last two or three times I added Citicard AUs over the phone, I was asked if i wanted them to issue the card for AU. The last time the rep asked me "if I wanted the card issued or just add that person as an administrator", whatever that means. I opted for issuing the card. Does anybody know what happens if I ask them not to issue one? Will the tradeline still post?

The problem with Citi is that they issue actual cards and mail them to my address but put AU's name on the envelope. Then the postman most of the time doesn't deliver these letters because the name on the mailbox doesn't match the name on the letter.

[charuhans]

New company emailed me a password-protected copy of my 1099, so I assume they aren't sending hard copies. I suggest checking your emails.

I got one from the old company.  I'll check my snail mail today.

I haven't got the 1099 from the New Company, yet. I emailed them but as usual no response. I know the amount that they paid me in 2018 but am not confident that they will report it correctly to the IRS. So now am held up and probably will have to request Joe to nudge them.

[DarrellEW]

New company emailed me a password-protected copy of my 1099, so I assume they aren't sending hard copies. I suggest checking your emails.

I got one from the old company.  I'll check my snail mail today.

I haven't got the 1099 from the New Company, yet. I emailed them but as usual no response. I know the amount that they paid me in 2018 but am not confident that they will report it correctly to the IRS. So now am held up and probably will have to request Joe to nudge them.

I'm in the same boat. Just e-mailed them and got a reply within minutes. Make sure you e-mail one (or all) of the three employees directly (not sure if we're allowed to share their names), as they don't monitor the 'info' and 'support' e-mail addresses.

Update: Apparently, my 1099 was sent to my old address (from ~1.5 years ago) despite the portal showing my current address. Now working to resolve that issue, but they sent me a PDF of my 1099 in the meantime.

[SilverAg47]

The problem with Citi is that they issue actual cards and mail them to my address but put AU's name on the envelope. Then the postman most of the time doesn't deliver these letters because the name on the mailbox doesn't match the name on the letter.

I hate that some Credit Card Companies do this.  I have the same problem with letters not being delivered to me because it is not my name on the outside.  I'm signed up for Informed Delivery, so I will see that a card is coming, but then I won't get it because it isn't my name.  So stupid.

[secondcor521]

The problem with Citi is that they issue actual cards and mail them to my address but put AU's name on the envelope. Then the postman most of the time doesn't deliver these letters because the name on the mailbox doesn't match the name on the letter.

I hate that some Credit Card Companies do this.  I have the same problem with letters not being delivered to me because it is not my name on the outside.  I'm signed up for Informed Delivery, so I will see that a card is coming, but then I won't get it because it isn't my name.  So stupid.

The post office has always delivered anything to my address, regardless of the addressee.  I get stuff here for me, my kids, my AUs, the previous homeowners, and my sister.  I'd suggest taking the issue up with your local post office; my understanding is they're not doing their job.

[FrontRanger]

Is this below message from Barclays the "death message" of you can't add any more AUs? I have added close to 30+ so far and tried one more and got this message below. Never received it before when adding online.

"We apologize for the inconvenience, but we could not complete your request. Please try again."

[Padonak]

^yes, that was my death message from Barclays

[ducky19]

Well, it finally happened. I got letters in the mail today stating that Chase was closing all of my accounts due to "too many requests for credit" and "account not used as intended". I knew it would happen eventually, was just hoping it wouldn't be for a white yet. I really don't mind burning that bridge with Chase as I have other issues with them, and I was able to pocket $1725 before they closed them. I am redoubling my focus on getting new Barclay cards and aging them so that when my current crop maxes out I have new ones coming online. Most other card issuers are becoming a hassle to work with, but Barclay can be done completely online and they don't seem to really give a shit if you're adding users or not.

[DavidAnnArbor]

Sorry to hear that Ducky. Hope you were able to transfer any card rewards points out of those credit cards.

[ducky19]

I lost about $7 in Amazon rewards and probably 2000 Hyatt points that hadn't posted yet. Otherwise I didn't keep points in there for long, for that reason.

[SilverAg47]

For the New Company, was there a price change that occurred on 2/14/19?  When I go to "My Cards" and click the plus sign of any of the cards, I see in the Notes section it mentions a raise in prices and it is dated 2/14/19 with the initials EW.

[frugalnacho]

I haven't seen any activity for awhile.  I logged into my account thinking I might be not getting any messages, but I don't have any tasks.  However when I check the availability of my card it shows a new person listed for March 2019 and April 2019, but I never received a message to add them.  Their name is followed by (C.O.) for April.  Should I be expecting them to add a task to add this person some time in March?   

[therethere]

When I'm going to do my taxes HR Block is making me create a business to input my 1099-MISC from my (1) tradeline. Is there any way to input this so I won't have to pay self employment taxes? Bummed because this and a $800 side gig is forcing me to pay for the $70 small business package from HR Block, or $100 from TurboTax!

[merula]

When I'm going to do my taxes HR Block is making me create a business to input my 1099-MISC from my (1) tradeline. Is there any way to input this so I won't have to pay self employment taxes? Bummed because this and a $800 side gig is forcing me to pay for the $70 small business package from HR Block, or $100 from TurboTax!

Not sure how to do this in Turbo Tax, but you can report it as "Other Income" on line 21 of Schedule A. I did the equivalent of this the first year I sold tradelines. It was like $100 and I wasn't sure I would keep doing it or that it would be profitable in the long term, so I figured it would work under a couple of descriptions of "Other Income" described in Publication 525:

Activity not for profit. You must include on your return income from an activity from which you don't expect to make a profit. An example of this type of activity is a hobby or a farm you operate mostly for recreation and pleasure. Enter this income on Schedule 1 (Form 1040), line 21. Deductions for expenses related to the activity are limited. They can't total more than the income you report and can be taken only if you itemize deductions on Schedule A (Form 1040). See Not-for-Profit Activities in chapter 1 of Pub. 535 for information on whether an activity is considered carried on for a profit.

Fees for services. Include all fees for your services in your income. Examples of these fees are amounts you receive for services you perform as:
• A corporate director;
• An executor, administrator, or personal
representative of an estate;
• A manager of a trade or business you operated before declaring Chapter 11 bankruptcy;
• A notary public; or
• An election precinct official.
If you aren't an employee and the fees for your services from a single payer in the course of the payer's trade or business total $600 or more for the year, the payer should send you Form 1099-MISC.

You can also use a different free tax program like Credit Karma taxes or the free file (AGI under $65k) or free fillable forms from the IRS.

[Unique User]

When I'm going to do my taxes HR Block is making me create a business to input my 1099-MISC from my (1) tradeline. Is there any way to input this so I won't have to pay self employment taxes? Bummed because this and a $800 side gig is forcing me to pay for the $70 small business package from HR Block, or $100 from TurboTax!

TaxAct is $57.95 for the Premier package.  Don't forget to go through ebates for 10% back. 

[therethere]

When I'm going to do my taxes HR Block is making me create a business to input my 1099-MISC from my (1) tradeline. Is there any way to input this so I won't have to pay self employment taxes? Bummed because this and a $800 side gig is forcing me to pay for the $70 small business package from HR Block, or $100 from TurboTax!

TaxAct is $57.95 for the Premier package.  Don't forget to go through ebates for 10% back.

I was actually able to go through Credit Karma for FREE, including state which I usually have to do separate. It covered everything I was really surprised.

[Padonak]

Can everybody report their income as other income and not pay self employment taxes or is there an income limit?

For example, if the total income is a couple of thousand with 1099 recieved from both tradeline companies, does it have to be reported as earned income?

[secondcor521]

Can everybody report their income as other income and not pay self employment taxes or is there an income limit?

For example, if the total income is a couple of thousand with 1099 recieved from both tradeline companies, does it have to be reported as earned income?

Everyone should report the income on their tax return in the proper place.

There are criteria - surprisingly a little tricky to find, but if you're persistent you can find them - as to whether it should be reported as self-employment income or other income.

These criteria depend on the facts and circumstances, not on the amount of income.  There is no income limit to either option as far as I know.

[topshot]

However when I check the availability of my card it shows a new person listed for March 2019 and April 2019, but I never received a message to add them.  Their name is followed by (C.O.) for April.  Should I be expecting them to add a task to add this person some time in March?

Yes, that is a future spot sold on that card.

[frugalnacho]

However when I check the availability of my card it shows a new person listed for March 2019 and April 2019, but I never received a message to add them.  Their name is followed by (C.O.) for April.  Should I be expecting them to add a task to add this person some time in March?

Yes, that is a future spot sold on that card.

When are they going to notify me to add them?  Waiting until my billing cycle gets closer so they can jam me up and make it a last minute add?

[frogstomp81]

That's normally what they do to me.

[arebelspy]

However when I check the availability of my card it shows a new person listed for March 2019 and April 2019, but I never received a message to add them.  Their name is followed by (C.O.) for April.  Should I be expecting them to add a task to add this person some time in March?

Yes, that is a future spot sold on that card.

When are they going to notify me to add them?  Waiting until my billing cycle gets closer so they can jam me up and make it a last minute add?

I'd guess it's more to make sure it isn't cancelled.

Does a five minute thing that you have multiple days to do really "jam you up"?

[frugalnacho]

However when I check the availability of my card it shows a new person listed for March 2019 and April 2019, but I never received a message to add them.  Their name is followed by (C.O.) for April.  Should I be expecting them to add a task to add this person some time in March?

Yes, that is a future spot sold on that card.

When are they going to notify me to add them?  Waiting until my billing cycle gets closer so they can jam me up and make it a last minute add?

I'd guess it's more to make sure it isn't cancelled.

Does a five minute thing that you have multiple days to do really "jam you up"?

Depending on how much lead time - yes.  They've given me only 24 hours notice to add someone before.  If I happen to be working a 12+ hour day, or I'm working out of town, or I have other obligations keeping me busy for a day or two, I may not have the time to log on and get the info and make the phone call.  It's also no guarantee to be "a five minute thing" with citi, it might be more like a 20 minute ordeal of sitting on hold and getting transferred to the fraud dept.