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

[Archipelago]

Questions for moving forward:

1. Will that account closure raise alert to other lenders that I'm participating in tradelines? Do I need to lay low for a while?
2. How do I check and pay any open balances on the closed card, so that I'm not docked for late payments?
3. Anyone know if this will hurt my credit? I don't believe it will outside of overall utilization limit plus the credit history removal after 7 years.

I've added dozens of AUs and had a similar situation only once.  So I agree that it's rare.

Answers:

1.  No, and only if you want to, respectively.
2.  Contact the credit card company.  I think you can just pay the outstanding balance on your next regular payment date.
3.  No, other than your available credit will drop and your average account age might change.

Also, FWIW, I don't use TL cards for regular spending in order to avoid the above happening to me.  However, this does raise the risk that a credit analyst looking at my account would more easily see that I'm piggybacking.  My approach is to try to behave in such a way that credit analysts never have occasion to look at my accounts.

And of course, ARS's comments at the beginning of this thread still are true:  don't piggyback on any card you're not OK with it getting shut down.

And @frugalnacho, these TL customers are not the brightest bulbs in the box and/or don't have the best memories / organizational skills.

Many thanks for your reply and answers. It turns out that I only used this card for 1-2 purchases a month. It carried a very low balance. Is it better to just hook it up to a subscription or something? Or is that suspicious?

[katsiki]

Making this a separate post, as I think it deserves its own post.

OldCompany is opening enrollment for all cards.

They accept: American Express, Barclays, Capital One, Chase, Citibank, Discover, Elan/Fidelity, Huntington Bank, NFCU, PNC, Synch Bank (Care Credit), TD Bank, and US Bank cards.

Does anyone know if the Rooms to Go credit card works?  It is mysynchrony.com which seems to be the same parent company as care credit. 

[katsiki]

Questions for moving forward:

1. Will that account closure raise alert to other lenders that I'm participating in tradelines? Do I need to lay low for a while?
2. How do I check and pay any open balances on the closed card, so that I'm not docked for late payments?
3. Anyone know if this will hurt my credit? I don't believe it will outside of overall utilization limit plus the credit history removal after 7 years.

I've added dozens of AUs and had a similar situation only once.  So I agree that it's rare.

Answers:

1.  No, and only if you want to, respectively.
2.  Contact the credit card company.  I think you can just pay the outstanding balance on your next regular payment date.
3.  No, other than your available credit will drop and your average account age might change.

Also, FWIW, I don't use TL cards for regular spending in order to avoid the above happening to me.  However, this does raise the risk that a credit analyst looking at my account would more easily see that I'm piggybacking.  My approach is to try to behave in such a way that credit analysts never have occasion to look at my accounts.

And of course, ARS's comments at the beginning of this thread still are true:  don't piggyback on any card you're not OK with it getting shut down.

And @frugalnacho, these TL customers are not the brightest bulbs in the box and/or don't have the best memories / organizational skills.

@Archipelago  I agree with everything secondcor521 said above.  I also had an elan card shut down over tradelines.  I posted about it last year or so ago.  No negative impact really.  They put a remark about account closure in my credit reports but I think it indicated I closed the account actually or was unclear.  They did not shut down my other elan card at the time which was nice.

[secondcor521]

Questions for moving forward:

1. Will that account closure raise alert to other lenders that I'm participating in tradelines? Do I need to lay low for a while?
2. How do I check and pay any open balances on the closed card, so that I'm not docked for late payments?
3. Anyone know if this will hurt my credit? I don't believe it will outside of overall utilization limit plus the credit history removal after 7 years.

I've added dozens of AUs and had a similar situation only once.  So I agree that it's rare.

Answers:

1.  No, and only if you want to, respectively.
2.  Contact the credit card company.  I think you can just pay the outstanding balance on your next regular payment date.
3.  No, other than your available credit will drop and your average account age might change.

Also, FWIW, I don't use TL cards for regular spending in order to avoid the above happening to me.  However, this does raise the risk that a credit analyst looking at my account would more easily see that I'm piggybacking.  My approach is to try to behave in such a way that credit analysts never have occasion to look at my accounts.

And of course, ARS's comments at the beginning of this thread still are true:  don't piggyback on any card you're not OK with it getting shut down.

And @frugalnacho, these TL customers are not the brightest bulbs in the box and/or don't have the best memories / organizational skills.

Many thanks for your reply and answers. It turns out that I only used this card for 1-2 purchases a month. It carried a very low balance. Is it better to just hook it up to a subscription or something? Or is that suspicious?

Have you received and read the FAQs from the TL companies?  They specifically answer these questions.

[katsiki]

Making this a separate post, as I think it deserves its own post.

OldCompany is opening enrollment for all cards.

They accept: American Express, Barclays, Capital One, Chase, Citibank, Discover, Elan/Fidelity, Huntington Bank, NFCU, PNC, Synch Bank (Care Credit), TD Bank, and US Bank cards.

Does anyone know if the Rooms to Go credit card works?  It is mysynchrony.com which seems to be the same parent company as care credit.

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

[sonofsven]

ptf

[missundecided]

I'm enrolling an amex everyday but seeking recommendations of another amex to open to park my rewards balance as a backup in case my card gets murdered.

[Padonak]

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

For those who have care credit, what's the deal with this card? Can you only use it for healthcare expenses and nothing else? It's not 100% clear from reading their website.

Another question: when you got the card, did they give you a high credit line compared to other issuers?

[frugalnacho]

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

For those who have care credit, what's the deal with this card? Can you only use it for healthcare expenses and nothing else? It's not 100% clear from reading their website.

Another question: when you got the card, did they give you a high credit line compared to other issuers?

When my wife got lasik surgery they were running a 0% APR financing, which turns out to just be the care credit card.  Surgery was a little over $4k and I think they put the limit slightly over that at like $5k.  We set up autopayments to complete at the end of the promo period, and never used the card for anything else.  When I found out the old company accepted the care credit card I requested a credit limit increase to $16k to get into the next payment tier and was instantly approved, despite never using the card outside of the original financing like 3 years ago.  Since we never used it I can't comment on how it's actually used (I actually posted the same question a week ago or so).  I'm pretty sure when we originally got the account and they sent us a physical card we decided we were never going to use it, so just shredded it immediately.  Now that we are going to sell TL on it I've requested they send me another physical copy of the card, but it hasn't arrived yet.  When it does I'm going to try and see where/what I can charge on it and will report back in this thread.

[Car Jack]

Don't Get Fooled

Got the following email that had me immediately creating stories in my head to tell Chase CSR in a phone call:

Dear Chase OnlineSM Customer:

 

We're writing to let you know that your account locked

To see a detailed notice about this situation, please log on to www.Chase.com and go to the Account Activity page or the Account Notices page for this account.

If you aren't enrolled to receive Paperless Statements and Notices or you think you've received this message in error, please call our Customer Support team immediately. To find the appropriate phone number for your account type, go to the Customer Center on Chase Online click the "Contact us" link.

Please don't reply directly to this automatically-generated e-mail message.

Sincerely,

Online Banking Team

Then I thought about it and hit "block", which tells me the actual email address, which is tin@01tech.hk     Sure sounds NOT like a Chase email address.  The goodest news for me....my 2 Chase cards being regularly sold are still A-OK.

[ilsy]

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

For those who have care credit, what's the deal with this card? Can you only use it for healthcare expenses and nothing else? It's not 100% clear from reading their website.

Another question: when you got the card, did they give you a high credit line compared to other issuers?

When my wife got lasik surgery they were running a 0% APR financing, which turns out to just be the care credit card.  Surgery was a little over $4k and I think they put the limit slightly over that at like $5k.  We set up autopayments to complete at the end of the promo period, and never used the card for anything else.  When I found out the old company accepted the care credit card I requested a credit limit increase to $16k to get into the next payment tier and was instantly approved, despite never using the card outside of the original financing like 3 years ago.  Since we never used it I can't comment on how it's actually used (I actually posted the same question a week ago or so).  I'm pretty sure when we originally got the account and they sent us a physical card we decided we were never going to use it, so just shredded it immediately.  Now that we are going to sell TL on it I've requested they send me another physical copy of the card, but it hasn't arrived yet.  When it does I'm going to try and see where/what I can charge on it and will report back in this thread.

My original card (the closed one) had a CL of +20k (don't remember exactly and don't really want to waste time on that). I think this is their max. I have other cards with similar CL, so I guess the same as others. My new card that I got absolutely right away (which is very nice of them) has only $5.5K CL, and I still mature it, so don't really care about the CL as of right now, plus I don't use it now (even for vet bills).

Usage: my old card was used heavily for vet appointments, pets emergency rooms and such, you can put (don't quote me - vet's offices would tell you better) >$200 on 6m financing. They have 9 and 12m financing for more expensive purchases (when you have financing on you card, it's a balance that counts for TL purposes as long as it's less than 10% of your CL). When I didn't have any financing on the card, I was able to use the card at Walmart for purchasing beauty products which actually included soap and shampoo, vitamins and such. I'm pretty sure there is a list of all those things on their website (I didn't try to find the list bc I thought by the time I get the link or a pic here, someone would have posted it already).

What I usually do with my cards used for TLs only: I find one-two days a months when I can use all of them to post (they close on different dates and I like to keep it that way). So, for example on the 23rd each month I personally go to Walmart and buy bread or something that we always need and then pay with a different card for each bread (as long as the purchase is >$2 so it's not "forgiven"). And with care credit I pay for soap or vitamins. It does look weird, but I use self service and as long as I don't steal, I don't think anybody minds.

I'm pretty sure you can use Care credit in dental office (not all, just ask), some private clinics. They extend the list every year.

[frugalnacho]

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

For those who have care credit, what's the deal with this card? Can you only use it for healthcare expenses and nothing else? It's not 100% clear from reading their website.

Another question: when you got the card, did they give you a high credit line compared to other issuers?

When my wife got lasik surgery they were running a 0% APR financing, which turns out to just be the care credit card.  Surgery was a little over $4k and I think they put the limit slightly over that at like $5k.  We set up autopayments to complete at the end of the promo period, and never used the card for anything else.  When I found out the old company accepted the care credit card I requested a credit limit increase to $16k to get into the next payment tier and was instantly approved, despite never using the card outside of the original financing like 3 years ago.  Since we never used it I can't comment on how it's actually used (I actually posted the same question a week ago or so).  I'm pretty sure when we originally got the account and they sent us a physical card we decided we were never going to use it, so just shredded it immediately.  Now that we are going to sell TL on it I've requested they send me another physical copy of the card, but it hasn't arrived yet.  When it does I'm going to try and see where/what I can charge on it and will report back in this thread.

My original card (the closed one) had a CL of +20k (don't remember exactly and don't really want to waste time on that). I think this is their max. I have other cards with similar CL, so I guess the same as others. My new card that I got absolutely right away (which is very nice of them) has only $5.5K CL, and I still mature it, so don't really care about the CL as of right now, plus I don't use it now (even for vet bills).

Usage: my old card was used heavily for vet appointments, pets emergency rooms and such, you can put (don't quote me - vet's offices would tell you better) >$200 on 6m financing. They have 9 and 12m financing for more expensive purchases (when you have financing on you card, it's a balance that counts for TL purposes as long as it's less than 10% of your CL). When I didn't have any financing on the card, I was able to use the card at Walmart for purchasing beauty products which actually included soap and shampoo, vitamins and such. I'm pretty sure there is a list of all those things on their website (I didn't try to find the list bc I thought by the time I get the link or a pic here, someone would have posted it already).

What I usually do with my cards used for TLs only: I find one-two days a months when I can use all of them to post (they close on different dates and I like to keep it that way). So, for example on the 23rd each month I personally go to Walmart and buy bread or something that we always need and then pay with a different card for each bread (as long as the purchase is >$2 so it's not "forgiven"). And with care credit I pay for soap or vitamins. It does look weird, but I use self service and as long as I don't steal, I don't think anybody minds.

I'm pretty sure you can use Care credit in dental office (not all, just ask), some private clinics. They extend the list every year.

I don't use vet or dr services frequently enough to ensure I get a charge on every cycle. 

I've read on their website how it can be used at certain vendors for OTC medicine and health/beauty stuff, but I don't understand the mechanism.  How do they differentiate between aspirin and soda when I'm at the register? I know CVS can differentiate between them, but when the card is scanned how does synchrony know what exactly is being purchased? 

[ilsy]

Looks like it is only care credit from the email they sent out this week.  (Also, listed above from ARS but I missed it originally).

For those who have care credit, what's the deal with this card? Can you only use it for healthcare expenses and nothing else? It's not 100% clear from reading their website.

Another question: when you got the card, did they give you a high credit line compared to other issuers?

When my wife got lasik surgery they were running a 0% APR financing, which turns out to just be the care credit card.  Surgery was a little over $4k and I think they put the limit slightly over that at like $5k.  We set up autopayments to complete at the end of the promo period, and never used the card for anything else.  When I found out the old company accepted the care credit card I requested a credit limit increase to $16k to get into the next payment tier and was instantly approved, despite never using the card outside of the original financing like 3 years ago.  Since we never used it I can't comment on how it's actually used (I actually posted the same question a week ago or so).  I'm pretty sure when we originally got the account and they sent us a physical card we decided we were never going to use it, so just shredded it immediately.  Now that we are going to sell TL on it I've requested they send me another physical copy of the card, but it hasn't arrived yet.  When it does I'm going to try and see where/what I can charge on it and will report back in this thread.

My original card (the closed one) had a CL of +20k (don't remember exactly and don't really want to waste time on that). I think this is their max. I have other cards with similar CL, so I guess the same as others. My new card that I got absolutely right away (which is very nice of them) has only $5.5K CL, and I still mature it, so don't really care about the CL as of right now, plus I don't use it now (even for vet bills).

Usage: my old card was used heavily for vet appointments, pets emergency rooms and such, you can put (don't quote me - vet's offices would tell you better) >$200 on 6m financing. They have 9 and 12m financing for more expensive purchases (when you have financing on you card, it's a balance that counts for TL purposes as long as it's less than 10% of your CL). When I didn't have any financing on the card, I was able to use the card at Walmart for purchasing beauty products which actually included soap and shampoo, vitamins and such. I'm pretty sure there is a list of all those things on their website (I didn't try to find the list bc I thought by the time I get the link or a pic here, someone would have posted it already).

What I usually do with my cards used for TLs only: I find one-two days a months when I can use all of them to post (they close on different dates and I like to keep it that way). So, for example on the 23rd each month I personally go to Walmart and buy bread or something that we always need and then pay with a different card for each bread (as long as the purchase is >$2 so it's not "forgiven"). And with care credit I pay for soap or vitamins. It does look weird, but I use self service and as long as I don't steal, I don't think anybody minds.

I'm pretty sure you can use Care credit in dental office (not all, just ask), some private clinics. They extend the list every year.

I don't use vet or dr services frequently enough to ensure I get a charge on every cycle. 

I've read on their website how it can be used at certain vendors for OTC medicine and health/beauty stuff, but I don't understand the mechanism.  How do they differentiate between aspirin and soda when I'm at the register? I know CVS can differentiate between them, but when the card is scanned how does synchrony know what exactly is being purchased?

An absolutely legitimate question, and I don't have an answer to that. To be honest, this question has never crossed my mind, like the question of the mechanism of a car motor, or how exactly I can talk to my daughter over a phone and see her face if I want to video chat. All legitimate questions - I admit.

You could call and ask them - you'll be talking to them once you get AUs, Their website doesn't allow for SS# and they won't take it over the phone. And if memory serves me correctly, you can only add on line, and have to call to remove. But I have never had a problem with them not posting.

[ilsy]

I don't use vet or dr services frequently enough to ensure I get a charge on every cycle. 

I don't think I have explained that part clear enough. You go one time to a dr, like for a colonoscopy (I know, you are not at the age yet), or whatever guys do these days. Well, you go to a dentist at lease once a year, correct? if you have cavities and stuff, and once a year x-ray. If your bill is $300, you put it on care credit 6 months financing and you pay it off over 6m (it's zero interest), and this balance counts for TL purposes, you don't need to make any other purchases on the card. As long as your purchase is less than 10% of you CL and your dentist accepts care credit - you are set for 6m till the next dental appointment.
What I'm trying to say is that you only go once or twice to a dr/year, once if your bill is high enough to be put on a 12m zero interest financing. And don't pay it off until the end of your financing period.

[SilverAg47]

I just added 3 Amex cards yesterday to the Old Company and I already have an order today!  I like that Amex is very simple to add a person online.  Does anyone know if removal can also be done online?

[Rusted Rose]

Would I be a jerk if I repeated a question I have about Amex? I feel like my post probably got lost in the kerfuffle that ensued.

On the site it looks like there may be no way to decline having a physical card shipped out.

Does anyone know if the mail piece is sent to the AU's name or to the cardholder's?

(They say it is sent to our address, but we know about some posties having issues with us getting mail in others' names.)

[arebelspy]

I don't know for Amex--maybe someone can report once they have an Amex card sent to them?

Some issuers put it in your name, some in the AUs name. If your mail person doesn't deliver it, it's not a big deal.

[Rusted Rose]

Thanks ARS. Yes, I know that it varies among issuers, hence my question.

I was thinking that others may already know what happens from either using other tradeline companies or the more usual AUs like family members.

I suppose it's not a big deal, but I'm a little squirmy when my mail person delivers something with circled names and question marks all over it, haha. I feel like they're just waiting to denounce me to the Powers That Be. I wouldn't want a pile of cards returned to Amex to flag me as a dirty fraudster in their system, yannow? ;)

[EliteZags]

I've gotten Amex AU cards addressed to their name

 and I wouldn't worry, mailmen have to constantly look away from much much shadier stuff than potential credit piggybacking

[frugalnacho]

I don't use vet or dr services frequently enough to ensure I get a charge on every cycle. 

I don't think I have explained that part clear enough. You go one time to a dr, like for a colonoscopy (I know, you are not at the age yet), or whatever guys do these days. Well, you go to a dentist at lease once a year, correct? if you have cavities and stuff, and once a year x-ray. If your bill is $300, you put it on care credit 6 months financing and you pay it off over 6m (it's zero interest), and this balance counts for TL purposes, you don't need to make any other purchases on the card. As long as your purchase is less than 10% of you CL and your dentist accepts care credit - you are set for 6m till the next dental appointment.
What I'm trying to say is that you only go once or twice to a dr/year, once if your bill is high enough to be put on a 12m zero interest financing. And don't pay it off until the end of your financing period.

Is everything 0% with this card?  I can't find an APR anywhere in my account.

[ducky19]

I don't know for Amex--maybe someone can report once they have an Amex card sent to them?

Some issuers put it in your name, some in the AUs name. If your mail person doesn't deliver it, it's not a big deal.

For AmEx, the card is mailed in the user's name, not yours. It is important that you receive and activate the card though, because if you don't activate the card it may not report.

Side note, I constantly get cards and junk mail in the name of authorized users - probably more than what I receive in my name. One time, the postmaster wrote ??? on an envelope - I'm sure they were wondering! But yeah, I really don't worry about what they think.

[Padonak]

For AmEx, the card is mailed in the user's name, not yours. It is important that you receive and activate the card though, because if you don't activate the card it may not report.

Side note, I constantly get cards and junk mail in the name of authorized users - probably more than what I receive in my name. One time, the postmaster wrote ??? on an envelope - I'm sure they were wondering! But yeah, I really don't worry about what they think.

What happens if the card is not delivered because it's not in your name? Can you still activate it online?

[frugalnacho]

Does it really need to be activated for amex?  I've never activated any other AU cards and they report fine, but I've never added an AU to amex.

[Rusted Rose]

Thanks for the answers so far, everyone.

I've gotten Amex AU cards addressed to their name

 and I wouldn't worry, mailmen have to constantly look away from much much shadier stuff than potential credit piggybacking

Haha, I'm sure you're so right!

[secondcor521]

Whether the envelope with the original CC comes in your name or the AU name varies by issuer.  I've seen it both ways.

Whether the mailman delivers the original CC can depend on the enthusiasm of the mailman.  I think the most likely behavior is to deliver it with no question (which is really the right answer; it's not the mailman's job to monitor and decide what gets delivered and what doesn't).  Sometimes they write "??" on it as well.

For the later junk mail, if it is First Class (and also possibly if it has address service requested), you can write "return to sender - not at this address) and drop it back in the mail, and the sender should stop.  Or if it's not First Class, you can just shred it, since that's what the post office will do if you try to return to sender.

I have been trying lately to do return to sender, just so my mailman has an easier job of it.  I figure eventually it will stop.

You can in theory activate most cards without the actual card.  I did have one issuer last week who sent a card and they wanted the three digit security code from the card in order to activate it, so obviously that would be problematic if you didn't receive the card for any reason.

I try to have cards sent and always active them, although I don't do purchases with the actual AU card (only my own "parent" card).  That system has worked for me at nearly 100% success rate.  But I know many others don't even have a card sent, or don't activate them, and also have success.  Up to you I guess.

[ducky19]

Does it really need to be activated for amex?  I've never activated any other AU cards and they report fine, but I've never added an AU to amex.

I've been told by the company I've worked with selling AmEx that you do need to both get the card and activate it to ensure posting. You need to input the full card number when activating, along with the 4 digit code and last 4 of the user's SSN.

[Car Jack]

Another reason to have a card sent is if it doesn't post, but you find it's listed on the CC page.  Getting that screen shot and a picture of the actual credit could get you paid.  I've had it happen where sometimes I still get paid and sometimes I don't.

Once or twice, the AU was too stupid to even get the credit bump.  They challenged the entry with the cc company.  I got paid those times.

[katsiki]

How many spots are you all doing on amex's?  I didn't specify and it looks like they set to 1 which seems lows.  I am thinking 2 or 3 to start.

[frugalnacho]

Mine were also set to 1 per amex card

[secondcor521]

How many spots are you all doing on amex's?  I didn't specify and it looks like they set to 1 which seems lows.  I am thinking 2 or 3 to start.

From my registration email:

"I've got your card added to the system! With Amex we'll start with one spot. After we see it post on the credit report we can add another spot. We haven't nailed down how many AUs you can have at once and their website doesn't provide much information about that. Until we confirm their AU limit (and risk) we'll keep them around 2-3 spots."

[katsiki]

How many spots are you all doing on amex's?  I didn't specify and it looks like they set to 1 which seems lows.  I am thinking 2 or 3 to start.

From my registration email:

"I've got your card added to the system! With Amex we'll start with one spot. After we see it post on the credit report we can add another spot. We haven't nailed down how many AUs you can have at once and their website doesn't provide much information about that. Until we confirm their AU limit (and risk) we'll keep them around 2-3 spots."

Thanks!!!  I didn't get that extra info in my response.  Appreciate it.

[TheAgileCamel]

Is the old company taking Barclays? I have heard mixed news about Barclays reporting in July and August.

[Archipelago]

Is the old company taking Barclays? I have heard mixed news about Barclays reporting in July and August.

Yes but it's currently on pause until that Barclays reporting getting sorted out.

[Padonak]

About Barclays misreporting: how does credit bureau reporting by banks generally work? Are they supposed to report to all the bureaus? What happens if they stop reporting to one of them or more? Do they stop getting credit report data from that bureau too? If they can choose which bureaus to report their data to, what's stopping all of them from just dropping one bureau and getting making tradeline reporting useless?

[secondcor521]

About Barclays misreporting: how does credit bureau reporting by banks generally work? Are they supposed to report to all the bureaus? What happens if they stop reporting to one of them or more? Do they stop getting credit report data from that bureau too? If they can choose which bureaus to report their data to, what's stopping all of them from just dropping one bureau and getting making tradeline reporting useless?

AFAIK:

Issuers of credit can choose to which credit bureaus to report their customer's credit activity.

Nothing will happen if they choose not to report to one or more.  Except that customers usually appreciate the credit reporting done on them because it helps them build their credit file, so there may be some customer pressure to do so.

Pulling credit reports and reporting credit activity are two independent activities.  The latter does not impact the former.  The former costs the bank (or landlord) a fee for each report.  I'm not sure how much, but that's why there is often an application fee for renting an apartment.  The application fee covers the credit report fee plus a bit for the landlord hassling with your application.

Credit issuers continue to report credit activity to credit bureaus because it's a mutually beneficial ecosystem.  All credit issuers want to know if their potential customers are creditworthy.  To the extent that they can manage their credit risk properly, they can make more money.  Reporting credit activity helps them do so; therefore they have a pecuniary self-interest that will continue.

TL reporting is a cost for the credit card companies, both in terms of the overhead of sending out cards and providing IT support for adding and removing users online.  I suspect also sometimes their is a cost to potentially mispricing the credit risk.  But it's a leak in their process which they have decided is still a net positive for their business model, so they put up with the losses which are relatively small compared to everything else.

It's possible all of this will change if the ecosystem evolves, or technology changes, or something.  But I would guess the current system will continue for a few more years based on my observations of playing credit card games for about 15 years.  The game changes every 3-5 years.  But there are always games to play.

[kindoflost]

Hey,
I finally got my first sale on the old company. It was a Chase Explorer and when I added it I saw a warning that there is a $75 fee to add an AU to the Chase Sapphire Reserve. I had never heard of this before so I thought you all should know (of course I haven't read the whole thread yet, still working on it, so this could have been mentioned).
Also, a quick question, I am still a newbie and I am opening cards to use in the future, when trying to decide which cards to open it seems that the most relevant factor is how many AU can be added and it seems that the best option in this regard is the Barclays cards, where you can add 5 AU per cycle, is this correct? Seems like Barclays is the most lenient of issuers.
Your input will be appreciated.
Finally, a thought popped in my head last night: if a card gives you 5 AU*6 sales per year*$200 = $6,000 yearly. At the 4% FIRE estimation the card is worth $150,000. I am starting to have a lot of respect for my little plastics (and metals). And once you have 7 cards you are a "tradelines millionaire"?
Thanks

[Nutty]

@kindoflost  I'm trying to answer the same questions.  Yes, some cards charge for adding AU.

I read the "how to add AU" FAQ and decided I didn't want to call to add or remove AU.  I'm targeting the online add cards for the first year.  I'm getting denials for too many new lines of credit and paltry credit limits, so choose yours carefully.  Followed by sign up bonuses and high credit limits.  What I have learned/am learning:  the more applications, the higher your risk to the banks and the lower the credit limit.  The lower the credit limit, the lower the potential earnings.  It is a trade off.  Quality versus quantity.  I'm targeting quality because I'm lazy.

You are also assuming that your cards will sell out every year.  This is a best case scenario and subject to the whims of the market and buyers.  Yes, the potential is there.  Reality will slap you in the face with a cold fish. 

Not wanting to throw cold water on your parade and I like your enthusiasm, I suggest you research a bit more before diving in.  I was researching on the way down and found the bottom.

[tj]

Hey,
I finally got my first sale on the old company. It was a Chase Explorer and when I added it I saw a warning that there is a $75 fee to add an AU to the Chase Sapphire Reserve. I had never heard of this before so I thought you all should know (of course I haven't read the whole thread yet, still working on it, so this could have been mentioned).
Also, a quick question, I am still a newbie and I am opening cards to use in the future, when trying to decide which cards to open it seems that the most relevant factor is how many AU can be added and it seems that the best option in this regard is the Barclays cards, where you can add 5 AU per cycle, is this correct? Seems like Barclays is the most lenient of issuers.
Your input will be appreciated.
Finally, a thought popped in my head last night: if a card gives you 5 AU*6 sales per year*$200 = $6,000 yearly. At the 4% FIRE estimation the card is worth $150,000. I am starting to have a lot of respect for my little plastics (and metals). And once you have 7 cards you are a "tradelines millionaire"?
Thanks

It certainly would not make sense to do this on a card that charges for AU's, such as the CSR.

[secondcor521]

Hey,
I finally got my first sale on the old company. It was a Chase Explorer and when I added it I saw a warning that there is a $75 fee to add an AU to the Chase Sapphire Reserve. I had never heard of this before so I thought you all should know (of course I haven't read the whole thread yet, still working on it, so this could have been mentioned).
Also, a quick question, I am still a newbie and I am opening cards to use in the future, when trying to decide which cards to open it seems that the most relevant factor is how many AU can be added and it seems that the best option in this regard is the Barclays cards, where you can add 5 AU per cycle, is this correct? Seems like Barclays is the most lenient of issuers.
Your input will be appreciated.
Finally, a thought popped in my head last night: if a card gives you 5 AU*6 sales per year*$200 = $6,000 yearly. At the 4% FIRE estimation the card is worth $150,000. I am starting to have a lot of respect for my little plastics (and metals). And once you have 7 cards you are a "tradelines millionaire"?
Thanks

Yes, Chase charges for AUs on some of their premium CCs - CSR and probably also CSP, maybe others.  It sounds like in your case that this message was just a generic message and didn't apply because your card was not one of the ones that charge the AU fee.  Usually you can downgrade the CC from the premium one to a no-annual-fee card.  You'll keep the same credit line and age and can still add AUs, but there won't be the $75 charge.  But you'll also lose whatever premium benefits you got with the premium card (for example, you might lose the premium for spending UR points).  You'll have to make the tradeoffs for yourself.

I look at a lot of factors when deciding which cards to open - number of slots would be one of those factors.  Right now the main factor for me is issuer.  I have a lot of credit lines with all the major issuers; if I apply for new cards with them they're likely to move CL from my existing lines to the new cards.  Which is fine, except they might move CL from an existing card that I'm already using for piggybacking, which would be problematic, especially if I have an active AU on there - they would not get what was contracted for.  So my next round of cards will be with issuers who (a) are accepted by the TL company I use, and (b) with whom I currently do not have any cards.  YMMV.

Barclays is lenient.  I think as @Nutty said, it's also nice to know which issuers are easy to add and remove.  I like CapOne, because online add and remove is very easy.  The other factor, if you're doing the math on that, is how long an AU needs to be on the card.  With the TL company I use, some issuers are 2 months, some are 3 months, and others are 4 months.

As @Nutty also said, there are a lot of buyers for TLs, but there are also a lot of sellers as well, so you shouldn't expect to sell every slot every month.  I don't even know what the average number of slots sold vs. available is, but I'd guess it's way under 50% and probably even under 25%.  It's also not very clear to me how the TL companies allocate sales.  I think it varies a lot from person to person.

But yeah, your notion of being a TL millionaire is probably essentially accurate after you (a) account for the load factor mentioned in the previous paragraph, (b) account for the risk of getting individual cards shut down - which does happen to people on a regular basis, and (c) account for the risk the piggybacking game could get shut down entirely or just winnowed down by CC restrictions.  There are at least several people here who have solid four figure side gigs just on TLs.

[MoneyTree]

As with most things, your selling depends on supply and demand. It is possible but unrealistic to think that you will sell every slot with every opportunity you get.

Even if you do, which you won’t, there are other factors that will come into play. A card might be sold but might not post, which generally means you don’t get paid. You can get your card shut down after a few months of doing this which means no more income from that card and possible other cards from that issuer.

That said, you make money for doing very little work. So totally worth it, but I think it’s helpful to adjust your expectations going into it.

[Zamboni]

@kindoflost you are getting good replies to your questions, and I like your zeal for the upsides!

Here is something you aren't thinking about: some issuers cap the total lifetime number of AU you can put on a card. This is something that Barclays does. Once you reach that max, then that card is toast from a TL perspective. So, a good tradeline card is not an infinite well of money . . . it's more of a "well, that was nice while it lasted!" side income situation.

[Archipelago]

@kindoflost you are getting good replies to your questions, and I like your zeal for the upsides!

Here is something you aren't thinking about: some issuers cap the total lifetime number of AU you can put on a card. This is something that Barclays does. Once you reach that max, then that card is toast from a TL perspective. So, a good tradeline card is not an infinite well of money . . . it's more of a "well, that was nice while it lasted!" side income situation.

Not necessarily. There are 2 ways to "reset" the number of users.

1. Obtaining another card from the same lender and transferring your credit limit/history to that card. I did this with an Amex switch to Visa. Elan Financial was the lender.

2. [UNCONFIRMED] When you are issued a new card after your current card is expired, it resets the # of accumulated AUs. Someone would need to confirm if this is true.

[frugalnacho]

Just got my first amex order.  Super easy to add online.

[Zamboni]

^Warning: save the last four of the client's SS#, because Amex now has a sticker on the card that comes in the mail that they will cancel the card if you don't activate it and put in the last four digits of the SS# during activation. Old company has advised me to both save that info and to activate and hang onto cards now for at least the first month cycle to make sure everything goes through ok.

Edited to add: Congrats, Frugalnacho!

[Padonak]

^Warning: save the last four of the client's SS#, because Amex now has a sticker on the card that comes in the mail that they will cancel the card if you don't activate it and put in the last four digits of the SS# during activation. Old company has advised me to both save that info and to activate and hang onto cards now for at least the first month cycle to make sure everything goes through ok.

Edited to add: Congrats, Frugalnacho!

Do you need both the AU card and the last 4 digits to activate it? Or do you just need access to your online account and 4 digits, without the AU card?

[frugalnacho]

Well fuck, I already added them and cleared the notification from the portal.  I was not aware I needed to save that info.

[MoneyTree]

so I'm having trouble with this AMEX requirement. I received the card, and went to activate it on the AMEX website. I entered the card number and the 4-digit security code, and then was greeted with a message that:

"This Card cannot be linked to this User ID. A separate User ID is required."

and it prompted me to create another username and password, which i did NOT do. Do we really have to create an online amex account for every authorized user that we add?

funny thing is, when I go to the "Manage Additional Card Members" page in my account, the Authorized user shows up there just fine.

I have no idea if I did things right or not.

[Zamboni]

it prompted me to create another username and password, which i did NOT do. Do we really have to create an online amex account for every authorized user that we add?

I got this with Amex also and did the same as you (just closed out and didn't create the new user ID). AU's are all showing up on my online portal . . . even the one that I trashed before I realized I needed to activate the card with the SS#. I mean it's right there on the sticker on the card, but I don't look closely at those anymore. I've just been shredding cards. I guess we'll see if they post?

Well fuck, I already added them and cleared the notification from the portal.  I was not aware I needed to save that info.

If it's for Old company, just call them and they can advise you what to do. If you haven't gotten the cards yet, then they will give you the last four digits you need for the new AU's. She said they were in the process of keeping that info on the listings we can continue to see after adding new AU's, but that it wasn't up and running yet. She also said they had something about it in their latest newsletter, but I didn't see that. Pretty sure my email sorts that newsletter to the "promotions".

Do you need both the AU card and the last 4 digits to activate it? Or do you just need access to your online account and 4 digits, without the AU card?

I needed both their new card number and their 4 digits to activate the card. It said right on the sticker on the card that they would cancel it if it wasn't activated. Seems like Amex is trying their best to quash the tradeline piggybacking. We'll see how serious they are if they start canceling our primary cards. I use mine quite a bit, so that would be a money losing proposition for them in my case.

[frugalnacho]

Yeah it's old company.  I emailed and she emailed me the needed numbers so I can activate when it comes.

[Reddart67]

Is activating the card actually needed? I haven’t used old company yet, but I have never activated any card with 2 other tradeline companies, even with Amex, and have never had any problems posting.