Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 1675680 times)

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3750 on: January 09, 2020, 04:56:21 PM »

To date Barclaycard has been incredible. This tradeline company makes an exception for Barclaycard and lets you add 6 AUs at once. Apparently Barclaycard's policy is to allow up to 54 AUs before they shut down your card (according to tradeline company representative). However, after shutting down my Chase and Capital One cards I'm gonna take a mini retirement from tradelines before I lose any more cards.

In my experience, Barlaycard lets you add 34-35 tradelines per card before you hit the limit. They don't shut down your card but you can no longer add new tradelines to it.

bernardnb

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3751 on: January 10, 2020, 01:42:22 PM »

Good to know they shut down multiple on you, though that sucks. I don't think anyone else has reported having multiple shut down from anyone but Chase, that I recall.


When my Discover card got shut down I was seasoning a second Discover card that they also closed.  On the bright side, that card was also included in my case against them that PointsLawyer handled.

MsFrugalista

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3752 on: January 10, 2020, 08:38:03 PM »
From the new company regarding payout date:  10 weeks after the closing date

It's been 12+ weeks and still no payment nor any response from the owner to my repeated inquiries about my payment. It was my only sale with new company last year. Very disappointing to say the least. But I am also not sweating it. Old company is just a pleasure to work with and they have been getting all my cards.

RedwoodDreams

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3753 on: January 12, 2020, 11:11:56 PM »
Last year and this year I made $2400 per year selling TLs on two cards, each with two slots available.

I've had Capital One and Discover cards shut down, but my Citibank and US Bank cards are holding up (with old TL company) just fine, and I'm happy with the easy extra money every month. Thanks again to ARS for vetting the safer companies for us.

(I do occasionally seem to be stalked by a collections co. here and there looking for one of these past AUs. I just ignore the calls. One of them I answered and said I didn't know the guy, and they apologized and said they'd stop calling.)

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3754 on: January 13, 2020, 08:54:40 AM »
I don't get any collections stuff, but Cap One has been spamming the crap out of one of my old AUs to open a card with them.  I just laugh.  They denied me for a Savor card, yet they are going after someone with a somewhat fictitious address to give them a card.

Oh yah.....SoFi has sent offers to many of my AUs.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3755 on: January 13, 2020, 11:55:05 AM »
Capital one is bastards.  They also denied me and my wife getting the savers card (I was going to let it season for TL sales), but they are basically spamming our address with applications for their cards, including the savers card.  They come addressed to me, my wife, and many AUs I've added.

Truthseeker

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3756 on: January 14, 2020, 08:18:56 AM »
Just to follow-up, I was using the tradeline company recommended by the Wealthy Accountant's blog. I started with the old and then new companies recommended here, but at the time the rates across the board were better with the Wealthy Accountant's recommended tradeline company for what it's worth. We followed the usual guidelines of only 2 AUs at a time, keep them on for at least 2 months, etc.

Yeah. They tend to see a lot higher rate of shut down due to sketchy AUs. Their AU verification methods are much worse, IMO, so it leads to more shutdowns. Even if you follow the guidelines of limiting the number of AUs, if they are AUs that get red flagged, then you do too.

Not worth seeing a higher volume of sales or slightly higher amount per sale if it leads to a quicker shut down, for me personally. I'd rather keep the cards open for a long time and slowly milk them. For someone wanting to burn through them quicker and maximize profit in the short run, there are plenty of tradeline companies that can do that.


Could very well be. I guess I didn't do enough due diligence on their buyer sourcing and vetting methods. For the community, do you have certain questions you'd ask a tradeline company when vetting? Clearly I didn't ask the right ones on how they source and vet their buyers. I know they used third party referrals, but was told anecdotally they have very stringent parameters, but maybe not.

frozen

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3757 on: January 14, 2020, 09:47:18 AM »
Has anyone with a credit card shutdown due to authorized users had success getting approved again after reapplying?

I have been shut down by Citi, Disco, and BofA and wondering if itís worth reapplying at some point.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3758 on: January 14, 2020, 10:46:32 AM »
Just to follow-up, I was using the tradeline company recommended by the Wealthy Accountant's blog. I started with the old and then new companies recommended here, but at the time the rates across the board were better with the Wealthy Accountant's recommended tradeline company for what it's worth. We followed the usual guidelines of only 2 AUs at a time, keep them on for at least 2 months, etc.

Yeah. They tend to see a lot higher rate of shut down due to sketchy AUs. Their AU verification methods are much worse, IMO, so it leads to more shutdowns. Even if you follow the guidelines of limiting the number of AUs, if they are AUs that get red flagged, then you do too.

Not worth seeing a higher volume of sales or slightly higher amount per sale if it leads to a quicker shut down, for me personally. I'd rather keep the cards open for a long time and slowly milk them. For someone wanting to burn through them quicker and maximize profit in the short run, there are plenty of tradeline companies that can do that.


Could very well be. I guess I didn't do enough due diligence on their buyer sourcing and vetting methods. For the community, do you have certain questions you'd ask a tradeline company when vetting? Clearly I didn't ask the right ones on how they source and vet their buyers. I know they used third party referrals, but was told anecdotally they have very stringent parameters, but maybe not.

I won't use any that ars didn't thoroughly vet and recommend.

MasterStache

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3759 on: January 15, 2020, 06:12:25 AM »
From the new company regarding payout date:  10 weeks after the closing date

It's been 12+ weeks and still no payment nor any response from the owner to my repeated inquiries about my payment. It was my only sale with new company last year. Very disappointing to say the least. But I am also not sweating it. Old company is just a pleasure to work with and they have been getting all my cards.

I feel your pain. You would think after years of dropping the ball on untimely payments/non responsiveness, they would have figured out a better system.

BikeFanatic

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3760 on: January 15, 2020, 06:52:30 AM »
Quote
Has anyone with a credit card shutdown due to authorized users had success getting approved again after reapplying?

I have been shut down by Citi, Disco, and BofA and wondering if itís worth reapplying at some point.

You have had alot of shut downs, do you care to share  or have any thoughts on why they shut you down? I know BOA shut me down becasue I put too many users on at once, and Capital one shut me down I believe Because I added all users on line. They did re open my accunt though after I provided  my social security card.

 

frozen

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3761 on: January 15, 2020, 07:34:06 PM »
Quote
Has anyone with a credit card shutdown due to authorized users had success getting approved again after reapplying?

I have been shut down by Citi, Disco, and BofA and wondering if itís worth reapplying at some point.

You have had alot of shut downs, do you care to share  or have any thoughts on why they shut you down? I know BOA shut me down becasue I put too many users on at once, and Capital one shut me down I believe Because I added all users on line. They did re open my accunt though after I provided  my social security card.

BofA shut me down a few years ago. I added 3 users at once and was immediately shut down. If I opened BofA again Iíd only add one user at a time.

Citi - I was adding users for a few years and eventually was shut down.

Disco - same situation as Citi

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3762 on: January 15, 2020, 07:53:34 PM »
Quote
Has anyone with a credit card shutdown due to authorized users had success getting approved again after reapplying?

I have been shut down by Citi, Disco, and BofA and wondering if itís worth reapplying at some point.

You have had alot of shut downs, do you care to share  or have any thoughts on why they shut you down? I know BOA shut me down becasue I put too many users on at once, and Capital one shut me down I believe Because I added all users on line. They did re open my accunt though after I provided  my social security card.

BofA shut me down a few years ago. I added 3 users at once and was immediately shut down. If I opened BofA again Iíd only add one user at a time.

Citi - I was adding users for a few years and eventually was shut down.

Disco - same situation as Citi

Which company were you using?  Old, New, or someone else?

Gogore

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3763 on: January 16, 2020, 06:24:51 AM »
Hey, I just wanted to say thanks to everyone that contributed to this blog and Mr. Money Mustache himself.   I stumbled across the MMM blog three years ago.   I was in 8 grand of credit card debt, which sucked for me because I was working a crappy paying job, with an unreliable car at the time, and I was quite literally going no where.  Paying that debt off seemed impossible and I was scheduled to see a bankruptcy lawyer. 

This blog gave me a different mindset on money.   It took me three years to build up my credit limits on 15 credit cards, but man was it worth it.  I made $3000 in 2018, and $7000 in 2019 with just piggybacking.   That different mindset also got me into other side hustles like selling on eBay ($100,000 in 3 years), test driving vehicles for gift cards at $500 to $1000 per year, abusing checking account opening bonuses at $2000 per year, and finding crazy ways to save money (look up free meal cards for your favorite fast food places, and also sign up for birthday clubs/apps)   

 I'm 26 years old and I am no longer in debt.  I pursued an A+ Comptia certification and started a career working on electronics, which is something that I always enjoyed.  I paid off my starter home and my 2019 vehicle that I bought brand new in October.  I feel blessed every day.   Now I have my sights set on retiring early, and every dollar after $10,000 in savings is going towards qualified dividend stocks, so that I can build my wealth free of federal taxes on up to $78,000 per year... 

Thanks again for changing my life.

I'd love to know, for anyone willing to share, an approximate figure of what your 2019 income was.  It doesn't have to be detailed, like how many cards and or how many sales, but in general, I'd like to know if this is a 20-40k/yr side gig or a 2-4k/yr side gig.  I have some valuable cards and could start applying for new cards to season them, but I'm only really interested if this really is a 20k-ish side gig.

It likely isn't a 20k+ gig anymore, but solid low five-figures if you have the cards. If you're seasoning new ones, it won't be. Then likely low four-figures. If you just have a single card or two that's eligible, low three figures.

First, it depends on the details of the cards (their limits and ages and especially how many you have enrolled) for how many sales you get.

I know a few people making low five figures (10-15k range) per year. Based on information I have of MMM members, I'd say the average person has 1-2 cards enrolled, sees a sale or two every few months and makes $600-$1500 per year.

Regardless of what you make, the main benefit is the lack of time/effort required. It pays about $1000/hour because it takes about 5 minutes to add someone, 5 minutes to remove them two months later, and you get paid $150-200 for that effort. So whether you're doing it 60+ times a year and making 10k+ (and spending 10 hours a year doing it) or doing it 6 times a year (and spending 1 hour a year doing it, making about $1000 doing it), the effort to amount ratio is well worth it, for me personally.

If it's only worth it to you if you make 20k doing it for 20 hours (~2 hours/mo, say 10 AUs/mo), it likely won't be that. You'd want a dozen+ cards, old/high limits. More doable if you have a spouse with lots of cards.

I think it's most valuable for those new to MMM--still getting their financial stuff together, perhaps in debt, wanting a side-gig to accelerate things, but don't know where to start or don't have a lot of time. Even a few hundred or few thousand bucks can make a big difference to them, and the amount of effort or energy required is so low that it's huge to them.
« Last Edit: January 16, 2020, 06:27:58 AM by Gogore »

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3764 on: January 16, 2020, 03:26:22 PM »
From the new company regarding payout date:  10 weeks after the closing date

It's been 12+ weeks and still no payment nor any response from the owner to my repeated inquiries about my payment. It was my only sale with new company last year. Very disappointing to say the least. But I am also not sweating it. Old company is just a pleasure to work with and they have been getting all my cards.

I feel your pain. You would think after years of dropping the ball on untimely payments/non responsiveness, they would have figured out a better system.


It is pretty comical how bad the new company is about communication and timeliness.

EliteZags

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3765 on: January 16, 2020, 05:10:42 PM »
I've only had a few sales with new company but no issues with timely payment

had a few cards with BoostMyScore but they recently shut down, anyone care to recommend another company they've had good sales frequency with (either on here or PM)

I'm assuming the old company hasn't gotten any better with sales

« Last Edit: January 16, 2020, 05:17:38 PM by EliteZags »

BikeFanatic

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3766 on: January 17, 2020, 04:17:12 AM »
I forgot to mention that TLS does not take Citibank last time I checked. So if your cards are Citibank heavy as mine are, TLS may not work for you.

I consider this Tradeline business a bonus and do not expect it to last, can get shut down anytime. My best card is discover and they have audited me twice but no shut down and they have not contacted me in a year but I totally expect a letter at any point.

I do appreciate Arebelspy offering to include us in the tradeline business, he could have kept his mouth shut and I would never have made that money, thank you.
« Last Edit: January 17, 2020, 08:47:33 AM by BikeFanatic »

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3767 on: January 17, 2020, 04:21:33 AM »
It's been 3 months now and I have not gotten any adds neither from old or new company, is this normal?

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3768 on: January 17, 2020, 07:02:22 AM »
I'm assuming the old company hasn't gotten any better with sales

Better than what?  I fill 8 to 10 spots a month with them.

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3769 on: January 17, 2020, 07:19:17 AM »
I'm assuming the old company hasn't gotten any better with sales

Better than what?  I fill 8 to 10 spots a month with them.

What kind of cards do you use? I have 5+ years, 20k+ credit line and don't get a lot of orders. I heard that there is more demand for cheaper cards.

MasterStache

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3770 on: January 17, 2020, 08:06:10 AM »
It's been 3 months now and I have not gotten any adds neither from old or new company, is this normal?

It comes and goes in waves. Also depends on the cards you have. I'll get a rush of adds and then go "silent" for a bit. I actually prefer it that way as it likely reduces the chance of getting shut down.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3771 on: January 17, 2020, 01:15:53 PM »
I'm assuming the old company hasn't gotten any better with sales

Better than what?  I fill 8 to 10 spots a month with them.

What kind of cards do you use? I have 5+ years, 20k+ credit line and don't get a lot of orders. I heard that there is more demand for cheaper cards.
All my cards are 5+, one is 30K and the other two are $17,000 and $19,000.  I have gotten 0 adds since I joined. 

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3772 on: January 18, 2020, 07:38:18 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

jdnews0614

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3773 on: January 20, 2020, 10:47:24 AM »
From the new company regarding payout date:  10 weeks after the closing date

It's been 12+ weeks and still no payment nor any response from the owner to my repeated inquiries about my payment. It was my only sale with new company last year. Very disappointing to say the least. But I am also not sweating it. Old company is just a pleasure to work with and they have been getting all my cards.

I feel your pain. You would think after years of dropping the ball on untimely payments/non responsiveness, they would have figured out a better system.
From the new company regarding payout date:  10 weeks after the closing date

It's been 12+ weeks and still no payment nor any response from the owner to my repeated inquiries about my payment. It was my only sale with new company last year. Very disappointing to say the least. But I am also not sweating it. Old company is just a pleasure to work with and they have been getting all my cards.

I feel your pain. You would think after years of dropping the ball on untimely payments/non responsiveness, they would have figured out a better system.

I am seriously so annoyed with the new company. I've only had 3 adds with them over the last year, and I have not gotten paid within 2 months of "on-time" (11 weeks after is what they told me is standard) and have had to send follow-up after follow-up email. I'm so frustrated! I just emailed Cliff for the 3rd time about my AU added in September 2019. After I get paid for my last add I am DONE with them. It's not worth the hassle of chasing down my payment every. single. time. ACCKK!

MoneyTree

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3774 on: January 20, 2020, 02:07:48 PM »
seriously, i don't understand how the new company can have such issues with timely payment. I've got 3 sales from last year that I'm still waiting on payment for. I don't think they are going to get their act together.

going to start slowly moving cards away from them as I find other places that will accept my lines.

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3775 on: January 20, 2020, 05:09:41 PM »
No such issues with old company.  Move your cards there if possible.

DadJokes

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3776 on: January 20, 2020, 06:39:52 PM »
It sounds like there is room for a business-minded mustachian to establish a better-ran company.

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3777 on: January 21, 2020, 01:02:17 AM »
No such issues with old company.  Move your cards there if possible.

Yeah, that's what I've recommended for awhile; if they'll take your cards, use old company. Unfortunately they're totally saturated with cards, so they only take very old/high limit cards.

Otherwise, yeah, the payment issues with New Company are frustrating. As far as I know, everyone has always been paid, it's just very poor business practice to not have it timely. As always, if you need assistance with something like that, PM me.

It sounds like there is room for a business-minded mustachian to establish a better-ran company.

Yeah. This has been the case for years. Interestingly, one of the larger and longest lived (since 2008 or so?) TL companies, BoostMyScore, just went out of business. https://www.boostmyscore.com/
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Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3778 on: January 21, 2020, 07:05:43 AM »
I'm assuming the old company hasn't gotten any better with sales

Better than what?  I fill 8 to 10 spots a month with them.

What kind of cards do you use? I have 5+ years, 20k+ credit line and don't get a lot of orders. I heard that there is more demand for cheaper cards.

These are all low limit, new cards.  A couple times, they opened up for these.  2 months and $25 each. 

I have one that's older with a $20k limit and it only gets an AU maybe every 4 months or so.  I also was able to recently add a very old (17 year) $20k limit card but have had no adds on it.

EliteZags

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3779 on: January 21, 2020, 10:46:52 AM »
BoostMyScore was actually bought out by another company so their going to transition cardholders over

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3780 on: January 21, 2020, 02:20:38 PM »
BoostMyScore was actually bought out by another company so their going to transition cardholders over

Who bought it? How did you come by this intel?

EliteZags

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3781 on: January 21, 2020, 02:47:57 PM »
COO told me over phone forgot the name wasn't one I'd heard of before, said they're working to move everyone over within the next few weeks

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3782 on: January 21, 2020, 08:06:23 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

Is that right? A $1000 card? I didn't know you could get one that low.

flashflooder

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3783 on: January 22, 2020, 06:38:13 AM »
Anyone gotten their 1099-MISC from the New Company yet?  I realize it's early, but I never got one last year until I e-mailed them about it.

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3784 on: January 22, 2020, 12:35:29 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

Is that right? A $1000 card? I didn't know you could get one that low.

I know, right? Funny thing is it started at a $500 card and I had to bug them for a limit increase. Twice. They wouldn't do one until the card was 12 months old.

I only opened it to sell tradelines on it and it's my most consistent seller. I have no idea what 18 months of on-time payments could possibly do on only a $1000 credit line, but, apparently someone out there is buying it.

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3785 on: January 22, 2020, 01:18:05 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

Is that right? A $1000 card? I didn't know you could get one that low.

I know, right? Funny thing is it started at a $500 card and I had to bug them for a limit increase. Twice. They wouldn't do one until the card was 12 months old.

I only opened it to sell tradelines on it and it's my most consistent seller. I have no idea what 18 months of on-time payments could possibly do on only a $1000 credit line, but, apparently someone out there is buying it.

What bank is it? Maybe I'll pick one up. And do you have a referral link?

EliteZags

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3786 on: January 22, 2020, 01:50:40 PM »
selling for what? $30-40? I guess that's still worth the effort?

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3787 on: January 22, 2020, 02:22:53 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

Is that right? A $1000 card? I didn't know you could get one that low.

I know, right? Funny thing is it started at a $500 card and I had to bug them for a limit increase. Twice. They wouldn't do one until the card was 12 months old.

I only opened it to sell tradelines on it and it's my most consistent seller. I have no idea what 18 months of on-time payments could possibly do on only a $1000 credit line, but, apparently someone out there is buying it.

What bank is it? Maybe I'll pick one up. And do you have a referral link?

Citi. Somewhere else in the thread it was mentioned how comically tight they are in limits.

YMMV, of course, I just signed up out of the blue and that's the limit they gave me. I guess you can always call in and have an existing line reduced. Tell them you're lowering your limits for whatever reason... getting finances under control, adjusting your credit score, whatever.

And thanks, but, it doesn't appear the Citi Double Cash card gives referral links.
« Last Edit: January 22, 2020, 02:29:29 PM by chuckster »

therethere

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3788 on: January 22, 2020, 02:35:24 PM »
30K card, 20 years perfect history, 3 sales in 3 years
10K card, 24 months old, 6 spots sold in the last year
1K card, 18 months old, haven't had a month without both spots sold

Is that right? A $1000 card? I didn't know you could get one that low.

I know, right? Funny thing is it started at a $500 card and I had to bug them for a limit increase. Twice. They wouldn't do one until the card was 12 months old.

I only opened it to sell tradelines on it and it's my most consistent seller. I have no idea what 18 months of on-time payments could possibly do on only a $1000 credit line, but, apparently someone out there is buying it.

What bank is it? Maybe I'll pick one up. And do you have a referral link?

Citi. Somewhere else in the thread it was mentioned how comically tight they are in limits.

YMMV, of course, I just signed up out of the blue and that's the limit they gave me. I guess you can always call in and have an existing line reduced. Tell them you're lowering your limits for whatever reason... getting finances under control, adjusting your credit score, whatever.

And thanks, but, it doesn't appear the Citi Double Cash card gives referral links.

What is the payout on that type of card (1 year, <10k limit)?

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3789 on: January 22, 2020, 02:49:17 PM »

What is the payout on that type of card (1 year, <10k limit)?

A whopping $25 per slot. So best case $200/year. Eventually it might age up and I might consider raising the limit. Or if a higher limit slows sales, I'll just get a new card and start over. I'd rather have a lot of small cards grinding out a little bit of earnings rather than a few big cards that collect nothing but dust.

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3790 on: January 22, 2020, 08:45:49 PM »
Anyone gotten their 1099-MISC from the New Company yet?  I realize it's early, but I never got one last year until I e-mailed them about it.

I stopped using new company so I don't know. 

FYI for anyone with old company wondering.  1099's are available in their payroll web site.  Looks like I downloaded mine on the 12th.

nickelwise

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3791 on: January 24, 2020, 08:35:21 AM »
Are you guys doing the self-employment schedules or reporting your sales as other income? Not excited about paying self-employment taxes, but I don't want to get myself in trouble either. Would appreciate any guidance from those of you who've been doing this for a while.

If anyone doesn't want to post publicly about how they report the income, I would appreciate PMs as well. Thanks!

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3792 on: January 24, 2020, 09:25:34 AM »
Are you guys doing the self-employment schedules or reporting your sales as other income? Not excited about paying self-employment taxes, but I don't want to get myself in trouble either. Would appreciate any guidance from those of you who've been doing this for a while.

If anyone doesn't want to post publicly about how they report the income, I would appreciate PMs as well. Thanks!

I found and read the rules for determining where to report the income - if it's "hobby" income, it goes on other income; if it's "business" income it goes on schedule C.  However, the rules are, IIRC and IMHO, more of a set of examples that try to codify "you should know when it's a hobby and you should know when it's a business".  So it's not clear cut.

In the past I've reported it as hobby income because somewhere in those rules I remember reading about it being sporadic or occasional.  Also I didn't make much, if any effort, to improve my income in this area.  In 2019 my sales were reasonably regular, and I did do some things to increase my piggybacking income, so I'm probably going to report it on a Schedule C for 2019.

Note that although a Schedule C requires the payment of SE taxes, you get one half of SE taxes as a credit.  You can also deduct business expenses against your business income.  Your Schedule C business might qualify for the QBI (AKA Section 199A) deduction.  Schedule C net income also counts as earned income, which enables you to make contributions to an IRA, which may entitle you to a deduction/adjustment as well as the retirement savings tax credit.

nickelwise

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3793 on: January 24, 2020, 11:04:59 AM »
secondcor521 - Thanks for lots of good info.

You make it sound like something of a gray area as to when it's considered a hobby or a business. I might follow your example and stick it in other income until my sales start getting a little closer to the numbers in the topic title. I'd be encouraged if lots of users here have been reporting AU sales as other income for years with no flags raised.

For my situation, I work full-time as a regular W2 employee so I'm already maxing my regular IRA with that earned income, so I don't think Schedule C income benefits me there since I already have plenty of earned income to show. But if I do start using Schedule C, I might look into SEP-IRA - I don't know much about it, but as far as i know you can do 401(k), HSA, IRA, and SEP-IRA all in the same year. My understanding is also that SEP-IRA can be converted into Roth IRA when you're doing a conversion ladder, just like a regular IRA.

I doubt I have much to deduct as a business expense - there's really no expense incurred to me.

Being able to deduct half of the FICA taxes makes sense - that's just like how the "employer half" of the employment taxes for any given employee would be a business expense, right?
 
I wasn't familiar with the QBI deduction so it seems I have a lot to research about it.

Appreciate any more input anyone has!

Michael in ABQ

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3794 on: January 24, 2020, 12:30:16 PM »
I'll just chime in, I don't think this could be considered a hobby. Anyone entering into selling tradelines is doing so to make a profit. It's not like you're gardening and maybe sell some produce to your neighbors or doing some woodworking and occasionally selling something. My understanding of tax law/regulation is that if you're doing it to make a profit it's not a hobby, it's a business.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3795 on: January 24, 2020, 12:58:42 PM »
I report tradeline income as Schedule C income, not as a hobby. Last year used QBI deduction (20% of that income) and opened a SEP IRA to reduce it even further.

chuckster

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3796 on: January 24, 2020, 01:08:45 PM »
I report tradeline income as Schedule C income, not as a hobby. Last year used QBI deduction (20% of that income) and opened a SEP IRA to reduce it even further.

Same here. Not a hobby.

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3797 on: January 24, 2020, 01:30:06 PM »
For those who report tradeline income as business income, do you pay estimated quarterly taxes and FICA contributions? I never paid them quarterly but was never fined because I also had employment income and normally overpaid my income tax with each paycheck, so it probably canceled itself out between overpaid income tax by employer and non-paid taxes and FICA for tradeline income throughout the year. I just received a smaller refund as a result. In the future, when I no longer work, this could change, so I wonder if I should start paying quarterly just in case to avoid fines. Is there a good rule of thumb to determine that?
« Last Edit: January 24, 2020, 01:34:42 PM by Padonak »

EliteZags

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3798 on: January 24, 2020, 03:24:05 PM »
doubt I'll ever care enough to go through the trouble or reporting it as business income, unless I'm approaching 5 figures in a year

IRS should just be impressed that I'm reporting it at all

katsiki

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3799 on: January 25, 2020, 07:00:33 AM »
I report tradeline income as Schedule C income, not as a hobby. Last year used QBI deduction (20% of that income) and opened a SEP IRA to reduce it even further.

Same for the last 2 years.  Will do the same this time.  Funded sep ira first year but did not fund last year as I recall.

 

Wow, a phone plan for fifteen bucks!