Author Topic: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig  (Read 1148854 times)

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3900 on: March 13, 2020, 03:18:19 PM »
Maybe one of us Mustachians could start a tradeline company and fix some of the issues we have been experiencing?

If you want to do this, jafr, you'd have a lot of support from people on this forum.

missundecided

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3901 on: March 13, 2020, 04:27:51 PM »
I would like to start tradelining, but all my credit cards dont have high enough limits. I will be raising the limits on these as much as I can but if they question my income I might have a problem haha. I just got my first barclays card, the AAdvantage Aviator Red World Elite Mastercard. I will be getting 60k miles after the first purchase. It has a $99 fee, but after the first year I will downgrade.
I hope to start tradelining this card soon, but I don't think its eligible for the new or the old company. Does anyone have any alternative companies they currently recommend?

YMMV but Barclays told me the downgrade option was no longer available on that particular card. I HUCA a LOT and was told the same. I also heard many others with this card receive the same message. So head's up.

dragoncar

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3902 on: March 14, 2020, 03:11:16 AM »
Maybe one of us Mustachians could start a tradeline company and fix some of the issues we have been experiencing?

This has been talked about for years in this thread, but no one has stepped up yet.
ARS tried for real a couple years ago - there are some significant barriers to entry it turns out.

What kinds of barriers?  Questionable legality?

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3903 on: March 14, 2020, 12:49:07 PM »
I tried building a tradeline company a couple years ago. The biggest hurdle I faced was finding customers. Who buys AU slots? Most people are completely unaware of them, so they have to be educated. It requires a source of leads and a sales team to go after them. I never found a good answer to this question.

The rest of the stuff - business, accounting, legal, etc - was pretty run-of-the-mill.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3904 on: March 14, 2020, 07:58:44 PM »
The leads are weak.

DadJokes

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3905 on: March 16, 2020, 09:59:14 AM »
I tried building a tradeline company a couple years ago. The biggest hurdle I faced was finding customers. Who buys AU slots? Most people are completely unaware of them, so they have to be educated. It requires a source of leads and a sales team to go after them. I never found a good answer to this question.

The rest of the stuff - business, accounting, legal, etc - was pretty run-of-the-mill.

I'm guessing targeted ads online are the best bet.

jafr1284

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3906 on: March 16, 2020, 10:01:06 AM »
I tried building a tradeline company a couple years ago. The biggest hurdle I faced was finding customers. Who buys AU slots? Most people are completely unaware of them, so they have to be educated. It requires a source of leads and a sales team to go after them. I never found a good answer to this question.

The rest of the stuff - business, accounting, legal, etc - was pretty run-of-the-mill.
I can imagine it would require a significant marketing budget. I wonder what sort of marketing would be most effective at generating leads.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3907 on: March 16, 2020, 01:07:20 PM »
Does anyone know if it's possible to see AU's online for Bank of America?  I know that I can add AU online, but I can't seem to find a way to see the AUs.  On the same note, if I just added someone and realized that I made a mistake (I copied "orth" rather than "North" for AU's address"), can I correct it online?  Do I need to call B of A?

Thank you

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3908 on: March 16, 2020, 01:20:47 PM »
You'll need to call for both of those things.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3909 on: March 16, 2020, 01:38:57 PM »
You'll need to call for both of those things.

Thanks

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3910 on: March 17, 2020, 05:39:17 AM »
I just had an add with the new company, their instructions don't say when I can remove the AU, do you guys know, or does it depend on the bank? 

MasterStache

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3911 on: March 17, 2020, 06:11:28 AM »
I just had an add with the new company, their instructions don't say when I can remove the AU, do you guys know, or does it depend on the bank?

They will usually send you a notification when it's time to remove.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3912 on: March 17, 2020, 07:50:46 PM »
I just had an add with the new company, their instructions don't say when I can remove the AU, do you guys know, or does it depend on the bank?

They will usually send you a notification when it's time to remove.
thanks

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3913 on: March 19, 2020, 07:39:24 PM »
Not sure what's going on with bank of america.  I got a notice to remove an AU so I called up BoA yesterday and was told the wait time was 2 hours and 47 minutes, so I hung up and decided to try again today.  Today I was told it was a 27 minute wait time, and was given the option to get a call back.  That was an hour ago and I haven't been called back.

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3914 on: March 19, 2020, 07:42:54 PM »
Not sure what's going on with bank of america.  I got a notice to remove an AU so I called up BoA yesterday and was told the wait time was 2 hours and 47 minutes, so I hung up and decided to try again today.  Today I was told it was a 27 minute wait time, and was given the option to get a call back.  That was an hour ago and I haven't been called back.
Probably because many call centers are closed and/or employees are missing work.

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3915 on: March 19, 2020, 07:51:11 PM »
Not sure what's going on with bank of america.  I got a notice to remove an AU so I called up BoA yesterday and was told the wait time was 2 hours and 47 minutes, so I hung up and decided to try again today.  Today I was told it was a 27 minute wait time, and was given the option to get a call back.  That was an hour ago and I haven't been called back.
Probably because many call centers are closed and/or employees are missing work.

It also depends on which card you're calling in about.  I think BofA allocates CSRs to various call queues, and doesn't do a good job of it.  So if you have multiple BofA cards, try calling the numbers on the other ones.  I had occasion to call them the other day about two cards of mine; one card was an hour and six minute hold time, and the other was two minutes.  The CSR on the two minute queue was able to help me with both cards.

ducky19

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3916 on: March 23, 2020, 02:14:07 PM »
I have used their online chat function to remove AU before, works great.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3917 on: March 24, 2020, 05:40:41 AM »
Not sure what's going on with bank of america.  I got a notice to remove an AU so I called up BoA yesterday and was told the wait time was 2 hours and 47 minutes, so I hung up and decided to try again today.  Today I was told it was a 27 minute wait time, and was given the option to get a call back.  That was an hour ago and I haven't been called back.

They did end up calling me back about 3.5 hours later.  The rep seemed rushed.  He didn't ask me if I got the card back or any of that, he just removed the AU and moved on like he had a backlog of calls 3+ hours out.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3918 on: March 28, 2020, 04:33:44 AM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3919 on: March 28, 2020, 06:08:53 AM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3920 on: March 28, 2020, 06:24:30 AM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.
Thanks.  I'm only wondering whether I will get paid or not by the tradeline company if the name on the card is my husband's not mine and they don't know that. 

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3921 on: March 28, 2020, 07:32:07 AM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.
Thanks.  I'm only wondering whether I will get paid or not by the tradeline company if the name on the card is my husband's not mine and they don't know that.

They pay you as long as the line shows up on the AU's report.  All you represent to the TL company is the issuer (Citi, Chase, etc), the age of the line (3 years or whatever), and the CL ($15,000 or whatever).  Nowhere in the process does your name show up on the AU's report, which is all the AU or the TL company would look at.  So it should work as far as I can tell.

At the end of the year, the 1099 will be issued to you in your name, so again, it could matter from a tax perspective.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3922 on: March 28, 2020, 07:54:15 AM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.
Thanks.  I'm only wondering whether I will get paid or not by the tradeline company if the name on the card is my husband's not mine and they don't know that.

They pay you as long as the line shows up on the AU's report.  All you represent to the TL company is the issuer (Citi, Chase, etc), the age of the line (3 years or whatever), and the CL ($15,000 or whatever).  Nowhere in the process does your name show up on the AU's report, which is all the AU or the TL company would look at.  So it should work as far as I can tell.

At the end of the year, the 1099 will be issued to you in your name, so again, it could matter from a tax perspective.

Thanks, I hope you are right.  I was concerned because when I login to there system it shows my tradeline and it states that my name is on the credit card.

frugalnacho

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3923 on: March 28, 2020, 12:33:53 PM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.
Thanks.  I'm only wondering whether I will get paid or not by the tradeline company if the name on the card is my husband's not mine and they don't know that.

Wouldn't someone purchasing that tradeline get associated with your husband's credit history instead of your credit history if the card is in your husband's name?  There may be a lot of shared accounts on your credit reports, but you will have separate and independent credit reports and I would think each tradeline account would be restricted to only listing cards under their own name. 

My wife isn't signed up, but I am assuming when we do sign her up she will need to provide her SSN, contact info, etc along with the cards, and set up her own account and the tradeline company would deal with her directly.

DavidAnnArbor

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3924 on: March 28, 2020, 12:43:34 PM »
Is a charge of as small as $4.50 enough to have it still be reported to the credit agencies, like equifax, transunion, experian ?

BikeFanatic

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3925 on: March 28, 2020, 12:44:20 PM »
I have both my spouse and my cards combined with one company. I do remember last year when the trade line company pulled my credit karma report, some of my spouses cards showed up as mine .

Padonak

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3926 on: March 28, 2020, 12:47:51 PM »
Is a charge of as small as $4.50 enough to have it still be reported to the credit agencies, like equifax, transunion, experian ?

Last time I did $2.50 per card to keep my cards active. If I remember correctly, the balances were reported. Not sure if they were reported to all the bureaus for all the cards.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3927 on: March 28, 2020, 12:53:48 PM »
Discover will forgive small balances, like 2$ happened to me. Maybe 4$ is enough. I fill with amazon gift card if I am caught with a low balance I go in ten dollar increments.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3928 on: March 28, 2020, 01:01:18 PM »
If you enroll spouses card, is it necessary to tell the company that the card is in your spouses name?

I might set up a spouse as a separate client with a separate email and separate cards, for two reasons.  First, if we were also doing bank bonuses, it would be helpful to have two different paychecks from the company to more easily facilitate getting multiple bank bonuses at a time.  And second, just because I view it as cleaner somehow - it makes things line up with the tradeline company the way things actually are, and it doesn't misrepresent to the tradeline company whose card it actually is.

But as a practical matter, if you're sharing finances, I think it would work just fine.  I can't think of a reason it wouldn't.
 Actually, now that I think about it, there are a couple of minor practical snags to consider:

First, if you get the email to add an AU on your spouse's card and they have to call in to add the AU, then you'd have to coordinate that handoff with your spouse.  Sometimes their can be tight timeframes to add AUs, and if you're busy or don't share an email or aren't otherwise able to coordinate the handoff (and hand-back to mark the AU as added) then that could occasionally create minor issues and perhaps even a situation where you're not able to add the AU in time, which is generally not good for anyone.

Second, from a tax perspective, if you're using your piggybacking income to contribute to a retirement plan, then the income and the retirement plan both have to be in your name.  This could affect you in situations where you're claiming the retirement savings tax credit because there is a per-spouse limit and spouses' contributions are treated individually.  Or if you want to max everything out, then having that income in just your name could hamper that goal, but that is probably only in extreme scenarios.

HTH.
Thanks.  I'm only wondering whether I will get paid or not by the tradeline company if the name on the card is my husband's not mine and they don't know that.

Wouldn't someone purchasing that tradeline get associated with your husband's credit history instead of your credit history if the card is in your husband's name?  There may be a lot of shared accounts on your credit reports, but you will have separate and independent credit reports and I would think each tradeline account would be restricted to only listing cards under their own name. 

My wife isn't signed up, but I am assuming when we do sign her up she will need to provide her SSN, contact info, etc along with the cards, and set up her own account and the tradeline company would deal with her directly.
Yes, and that's fine.  I don't see it as a problem.  Is this a problem?  I just want to make sure I get paid by the tradeline company.

Catica

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3929 on: March 28, 2020, 01:03:35 PM »
I have both my spouse and my cards combined with one company. I do remember last year when the trade line company pulled my credit karma report, some of my spouses cards showed up as mine .
But did you tell the company which cards are in your name and which ones are your spouse's name?

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3930 on: March 28, 2020, 01:29:14 PM »
No , the company pulled my credit report and said I will take these six cards. Some were  my spouses. Then later I added more cards, they pulled both our credit karma reports, and took the other 2 cards. I do remember the new company did split it up some payment for DW others for me. My new company that I am with just pays me.

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3931 on: March 28, 2020, 01:32:32 PM »
I don't think it will matter for sales purposes.

@secondcor521  raised some good points on tax impacts.

I can tell you that old company told me I could do it either way.  Since we are married, they did not carry which way we went.  Either option was acceptable to that company.


Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3932 on: March 30, 2020, 06:35:12 AM »
Some cards forgive low balances.  Discover and Wells forgive $2.  Most others that do forgive $1.  I make sure my tradeline cards have $2.01 into Amazon every month.  It helps to have a spread sheet to make sure your tradeline cards have something reported and so you get the forgiveness on the others.

jafr1284

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3933 on: March 31, 2020, 03:20:47 PM »
https://www.ftc.gov/system/files/documents/cases/192_3059_boost_my_score_complaint_filed_0.pdf
What do you all think of this lawsuit? Is this something  we need to worry about?

secondcor521

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3934 on: March 31, 2020, 04:02:30 PM »
https://www.ftc.gov/system/files/documents/cases/192_3059_boost_my_score_complaint_filed_0.pdf
What do you all think of this lawsuit? Is this something  we need to worry about?

Most of it relates to bad behavior by a TL company, who is the entity being sued by the FTC here.  I am not a TL company and don't work with this particular one, so I don't have a direct concern.

The only points that personally interest me in the slightest are numbers 26 and 67, which is where the FTC is basically saying that this TL company is behaving in a way that harms the general credit extension system.  I think this is a legitimate concern of the FTC.  I thought it was generally understood that piggybacking is exploiting loopholes, and that loopholes have a way of eventually getting closed.

My interest here is an indirect one.  I'd rather not see piggybacking become limited / restricted / shut down, and this TL company's bad behavior is probably accelerating that happening.  Oh well, not much I can do, and not much risk to me personally that I can see.  :shrug:

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3935 on: March 31, 2020, 05:01:39 PM »
https://www.ftc.gov/system/files/documents/cases/192_3059_boost_my_score_complaint_filed_0.pdf
What do you all think of this lawsuit? Is this something  we need to worry about?

I guess this explains why boostmyscore shut down.

arebelspy

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3936 on: March 31, 2020, 05:43:09 PM »
Yeah, Lifehacker posted about it like 3 weeks ago:
https://twocents.lifehacker.com/dont-pay-for-credit-repair-piggyback-scams-1842243066

Same thing as the previous FTC judgement/settlement.

The key takeaways:
1) Don't promise things re: score bump.
2) Don't do credit repair and take payment up front.

Neither are allowed. Notice the FTC headline on the press release is that the company "deceived consumers" (item 1). And said they did item 2, which is illegal.

Tradelines itself is fine. Both companies that ran afoul of the FTC did both of those things not allowed. Neither TL company I use does (and I spoke with both owners at length after the previous FTC ruling, last Spring/early Summer IIRC).

It remains to be seen if the FTC will go after them, as they do somewhat seem to be targeting tradeline companies, but it would have to be on different issues than the previous two complaints.
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jafr1284

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3937 on: March 31, 2020, 06:17:49 PM »
Yeah, Lifehacker posted about it like 3 weeks ago:
https://twocents.lifehacker.com/dont-pay-for-credit-repair-piggyback-scams-1842243066

Same thing as the previous FTC judgement/settlement.

The key takeaways:
1) Don't promise things re: score bump.
2) Don't do credit repair and take payment up front.

Neither are allowed. Notice the FTC headline on the press release is that the company "deceived consumers" (item 1). And said they did item 2, which is illegal.

Tradelines itself is fine. Both companies that ran afoul of the FTC did both of those things not allowed. Neither TL company I use does (and I spoke with both owners at length after the previous FTC ruling, last Spring/early Summer IIRC).

It remains to be seen if the FTC will go after them, as they do somewhat seem to be targeting tradeline companies, but it would have to be on different issues than the previous two complaints.
Hey thanks! I should have searched first. Hopefully our little gig doesn't get shut down, but if it is predatory and not helping the customers than ethically I would have trouble continuing to supply the tradelines. I hope this works out ok, seems like they were just not doing this properly and got sued.

DarrellEW

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3938 on: March 31, 2020, 09:17:55 PM »
Has anyone had any luck getting through to Citi lately?

I have an AU add that I need to request, but their phone lines are so busy that they don't even put you on hold. The automated system just tells you to try again later and hangs up on you (after wasting 5 minutes of your time going through the automated prompts, argh).

FrugalZony

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3939 on: March 31, 2020, 09:48:58 PM »
Has anyone had any luck getting through to Citi lately?

I have an AU add that I need to request, but their phone lines are so busy that they don't even put you on hold. The automated system just tells you to try again later and hangs up on you (after wasting 5 minutes of your time going through the automated prompts, argh).
I have the same problem, been trying to remove one for over a week now.
Chat is unavailable as well

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3940 on: April 01, 2020, 10:18:31 AM »
Has anyone had any luck getting through to Citi lately?

I have an AU add that I need to request, but their phone lines are so busy that they don't even put you on hold. The automated system just tells you to try again later and hangs up on you (after wasting 5 minutes of your time going through the automated prompts, argh).
I have the same problem, been trying to remove one for over a week now.
Chat is unavailable as well

I'm sitting on hold as we speak. There's no other way to add/remove, so we just have to wait, I guess.

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3941 on: April 01, 2020, 08:42:35 PM »
Has anyone had any luck getting through to Citi lately?

I have an AU add that I need to request, but their phone lines are so busy that they don't even put you on hold. The automated system just tells you to try again later and hangs up on you (after wasting 5 minutes of your time going through the automated prompts, argh).
I have the same problem, been trying to remove one for over a week now.
Chat is unavailable as well

I'm sitting on hold as we speak. There's no other way to add/remove, so we just have to wait, I guess.

I called three times today, waiting over an hour each time. Finally I gave up and added the AU online. The only problem with adding online is there is no place to enter a SSN. So I sent a secure message through the site asking them to add the SSN to the AU I just added. Hope it works!

ducky19

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3942 on: April 03, 2020, 10:13:03 AM »
First time I tried I was disconnected due to high call volume. Tried again later that night and got through and was able to make the add.

solon

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3943 on: April 04, 2020, 08:09:13 AM »
I was able to get through to Citi, after spending an hour on hold, early on Saturday morning.

Michael in ABQ

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3944 on: April 08, 2020, 02:21:14 PM »
Is the new company still taking one-year old cards? I've got a Barclay's card with $15k limit that's about to hit the one-year mark.

MM_MG

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3945 on: April 09, 2020, 09:20:48 AM »
The leads are weak.

This made me laugh.

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3946 on: April 09, 2020, 11:10:59 AM »
Is the new company still taking one-year old cards? I've got a Barclay's card with $15k limit that's about to hit the one-year mark.

Nope.

You have to keep your ear to the ground (or just watch this thread).  They tend to open up for new/low limit cards now and then and close up accepting them fairly quickly.  I've got in twice.

Michael in ABQ

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3947 on: April 09, 2020, 11:24:34 AM »
Is the new company still taking one-year old cards? I've got a Barclay's card with $15k limit that's about to hit the one-year mark.

Nope.

You have to keep your ear to the ground (or just watch this thread).  They tend to open up for new/low limit cards now and then and close up accepting them fairly quickly.  I've got in twice.

I got one new card in with the old company several months ago but nothing yet. I'd hoped to have one with each to double my chances.

Car Jack

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3948 on: April 09, 2020, 12:42:37 PM »
Is the new company still taking one-year old cards? I've got a Barclay's card with $15k limit that's about to hit the one-year mark.

Nope.

You have to keep your ear to the ground (or just watch this thread).  They tend to open up for new/low limit cards now and then and close up accepting them fairly quickly.  I've got in twice.

I got one new card in with the old company several months ago but nothing yet. I'd hoped to have one with each to double my chances.


It *may* increase your chances but it won't likely double your chances.  I've got 7 cards with the old company and 4 with the new.  20 AU spots or so sold through the old company this year so far.  1 with the new company.

SilverAg47

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Re: Selling Tradelines / Piggybacking Part II: $1000+/hr, 20-40k/yr. Side Gig
« Reply #3949 on: April 09, 2020, 02:12:30 PM »
I have 4 AU adds that just popped up today with the New Company.  It is the same two people, twice.  They both are to be added on a Barclay card and also on a Discover card.  Both people have an identical address, and when I google it, it is a UPS store.  Should I be concerned at all by doing these adds?