topic Re: Started my tradeline in General Credit Topics

Started my tradeline

Anonymous — Mon, 29 Jul 2019 15:47:12 GMT

So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a $3,500 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.

Re: Started my tradeline

800FICOGoal — Thu, 20 Jun 2019 21:42:24 GMT

From the ShopSimplio FAQ:
IS MY ACCOUNT REPORTED TO THE CREDIT BUREAUS?
✔ YES, YOUR CREDIT AND BALANCE IS REPORTED TO EQUIFAX MONTHLY.

Interesting site, but I won't sign up with any lendor that doesn't report to all three CRA's. As that account ages, your EX & TU reports won't gain from that tradeline.

Re: Started my tradeline

coreysw12 — Thu, 20 Jun 2019 21:24:53 GMT

Looks like a really great way to rack up mountains of debt buying expensive gadgets you didn't need.

Any easy way to tell if you're falling for it - do you find yourself "browsing" the site, and muttering things like "ooo that looks neat"?

Re: Started my tradeline

Jnbmom — Thu, 20 Jun 2019 21:27:43 GMT

So I take it this is on the lines of the jewelry card and overpriced catalog items?

Much more reputable actual credit cards that one should apply for.

Re: Started my tradeline

CreditInspired — Fri, 21 Jun 2019 01:47:27 GMT

@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.

Hi and welcome to MyFICO

Congratulations on your approval.

Now I'm not trying to burst your bubble, but there are some things to watch out for with this TL because if you don't, you are going to be knee-deep in you know what--DEBT.

$10K is indeed a huge CL but their products are so overpriced! I searched for just two things featured on their home page and of course I found them on Amazon for less.
I noticed there's a $85 membership fee to join. Was this charged to your card already or was it waived?
I also noticed this: "Please note, in order for your report to be submitted, you must purchase at least one product." I am almost betting this means monthly.
What is your APR?
Is there a grace period? The FAQ kind of skirted around when payments are due instead of just saying something like 25 days. Hmmmm.
Another thing I noticed was that you can request a CLI in 4 months, as long as you have purchased 3 items. Hmmmmmm.
Did you get a fee schedule? If yes, what kind of fees are there?

No thanks, this card is not for me because it can only be used on their site for overpriced items.

GL2U

Re: Started my tradeline

Anonymous — Tue, 25 Jun 2019 00:55:51 GMT

$10K is indeed a huge CL but their products are so overpriced! I searched for just two things featured on their home page and of course I found them on Amazon for less.
A: well, I get it is overpriced but so is MJC, way.... you pay for the credit benefits.
I noticed there's a $85 membership fee to join. Was this charged to your card already or was it waived?
A: I Paid $49
I also noticed this: "Please note, in order for your report to be submitted, you must purchase at least one product." I am almost betting this means monthly.
A: no, as long as you keep your membership the account stays, and they report 2 cycle payments for each purchase
What is your APR?
A: currently no APR but they said in 2-3 months it will be 17.99%
Is there a grace period? The FAQ kind of skirted around when payments are due instead of just saying something like 25 days. Hmmmm.
A: payments are due every 30 days, all their products come with 2 payments, so 1st payment on purchase and second 30 days later.
Another thing I noticed was that you can request a CLI in 4 months, as long as you have purchased 3 items. Hmmmmmm.
A: Yep, asked them about it... they want to see good purchase and payment history in order to increase.
Did you get a fee schedule? If yes, what kind of fees are there?
A: currently no fees, but in 2-3 months new accounts will have 17.99 APR and $18 late payment fees... but grandfather accounts will stay without.

Re: Started my tradeline

coreysw12 — Tue, 25 Jun 2019 19:21:46 GMT

That sounds really complicated.

I think I'd rather just have a "normal" credit card with a $500 SL that I can use for "normal" purchases wherever I want, than this account with a $10k SL that I can only use on their overpriced gatgets and that has a bunch of obscure rules that I have to remember.

It also sounds expensive. You have to buy their overpriced stuff in order for this account to be of any use to you, so the price difference between what you're buying there, versus what you could've paid somewhere else for the same things, has to be added to the cost of having this account. Plus the interest and annual fees associated with it. I could see this card easily costing north of $500/yr when you add all that together. Not to mention, it costs money when you buy things just for the sake of buying things - kind of like how you're not really saving money when you buy something that's on sale, if it wasn't something you weren't already going to buy.

Re: Started my tradeline

coreysw12 — Tue, 25 Jun 2019 19:26:08 GMT

It's also suspicious that if you google "shopsimplio", the first 3 results are this thread, another thread you made on a different credit forum, a 3rd thread on this forum, and then finally the 4th result is the shopsimplio website. Kinda makes it seem like you're their only customer.

Re: Started my tradeline

Anonymous — Fri, 26 Jul 2019 23:34:15 GMT

An update... ShopSimplio Finally posted to my report

Not sure how to paste a screenshot here

Re: Started my tradeline

BallBounces — Fri, 26 Jul 2019 23:47:05 GMT

It's not hard to add a screen capture. I am sure you can sort it out.

A couple questions:

How long do you think you will keep this "tradeline" as you called it in the OP?

How much have you spent with them?

Re: Started my tradeline

SouthJamaica — Sat, 27 Jul 2019 01:17:37 GMT

@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.

Please

1. pay it off

2. stop using it

3. next time, before you jump in and sign up for something to improve your credit,

check with us first

Re: Started my tradeline

Anonymous — Mon, 29 Jul 2019 14:20:54 GMT

@BallBounces wrote:
It's not hard to add a screen capture. I am sure you can sort it out.

A couple questions:

How long do you think you will keep this "tradeline" as you called it in the OP?
How much have you spent with them?

1. I will keep this revolving account for as long as it makes sense, so far it bumped my score 15pts

2. Spent $69 to sign up but i see right now they are offering an introductory free lifetime membership + spent $50 on a product.

Re: Started my tradeline

Anonymous — Mon, 29 Jul 2019 14:21:44 GMT

@SouthJamaica wrote:
@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.
Please
1. pay it off
2. stop using it
3. next time, before you jump in and sign up for something to improve your credit,
check with us first

1. pay it off - WHY?

2. stop using it - WHY?

3. next time, before you jump in and sign up for something to improve your credit,

check with us first - WHY?

Re: Started my tradeline

CreditInspired — Mon, 29 Jul 2019 15:12:34 GMT

@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.
Please
1. pay it off
2. stop using it
3. next time, before you jump in and sign up for something to improve your credit,
check with us first
1. pay it off - WHY?
2. stop using it - WHY?
3. next time, before you jump in and sign up for something to improve your credit,
check with us first - WHY?

Hi and welcome to MyFICO

Anytime you’re required to make a purchase to open a CC and/or to build credit is nonsense.

$10K CL for only products purchased from them — nonsense

Products are way more expensive than, let’s say, Amazon

These type of cards actually encourages getting into debt because they want you to use the card, which means you’re buying stuff you really dont need.

Just the phrase “bad credit history approved” shows it’s not a good card to have.

So I agree with SouthJamaica’s comment.

Re: Started my tradeline

Remedios — Mon, 29 Jul 2019 15:25:02 GMT

@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.
Please
1. pay it off
2. stop using it
3. next time, before you jump in and sign up for something to improve your credit,
check with us first
1. pay it off - WHY?
2. stop using it - WHY?
3. next time, before you jump in and sign up for something to improve your credit,
check with us first - WHY?

Because it's a rip off on so many levels.

I totally understand the need for TLs, especially when there are not that many options, but you're being forced to buy things you dont need. You're wasting your money, and unless you continue to buy useless trinkets, they will stop reporting.

This is as close to blackmail as you're going to get.

You might think this is a good deal because of $10k, but it's really not. The money you already paid them would have been better suited for deposit on secured card(s) with decent lenders.

You did not provide much information about your profile, so it's hard to gauge what your options are, but they cannot be worse than this.

If you are rebuilding, go to https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

You will get some great idea on how to start your credit recovery without having to resort to fake TLs like this.

I know you thought this was a good deal, and it might be a little disheartening to hear the opposite, but you can get help here and build a better future for yourself without having to resort to shady lending such as this.

If some of the responses sounds a bit harsh, it's nothing personal against you, it's really against "lenders" like this that our members get to be pretty vocal about and rightfully so.

I do sincerely hope you take into consideration things you've read here so far, and reevaluate your approach to building credit. Let us know if you have any other questions

Good luck with whatever you chose to do

Re: Started my tradeline

Anonymous — Mon, 29 Jul 2019 15:28:01 GMT

1. I was approved for $3500, not 10K

2. Even american express has a yearly membership fee on some of their cards

3. MyJewelrsclub is x3x4 times the same price on amazon yet it is highly popular

4. my score jumped 15pts since it was reported

Re: Started my tradeline

Anonymous — Mon, 29 Jul 2019 15:40:16 GMT

@Remedios wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.
Please
1. pay it off
2. stop using it
3. next time, before you jump in and sign up for something to improve your credit,
check with us first
1. pay it off - WHY?
2. stop using it - WHY?
3. next time, before you jump in and sign up for something to improve your credit,
check with us first - WHY?
Because it's a rip off on so many levels.
I totally understand the need for TLs, especially when there are not that many options, but you're being forced to buy things you dont need. You're wasting your money, and unless you continue to buy useless trinkets, they will stop reporting.
This is as close to blackmail as you're going to get.
You might think this is a good deal because of $10k, but it's really not. The money you already paid them would have been better suited for deposit on secured card(s) with decent lenders.

Sorry, dont see it - You do this action Every day - Shopping on Fingerhut or even Amazon - Your argument is that i am shopping for useless items - But what if i really use them?

Re: Started my tradeline

CreditInspired — Mon, 29 Jul 2019 15:44:24 GMT

@Anonymous wrote:
1. I was approved for $3500, not 10K
2. Even american express has a yearly membership fee on some of their cards
3. MyJewelrsclub is x3x4 times the same price on amazon yet it is highly popular
4. my score jumped 15pts since it was reported

In your very first post, copied below, you said you were approved for $10K

@Anonymous wrote:

So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line

So JoyfulJohnson, you have been given some excellent advice from members on this forum. Of course, it’s up to you whether you want to follow it or not.

GL2U.

Re: Started my tradeline

CreditInspired — Mon, 29 Jul 2019 18:09:29 GMT

@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a $3,500 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.

Thanks for making edit to approval amount.

Re: Started my tradeline

SouthJamaica — Mon, 29 Jul 2019 18:09:42 GMT

@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
So im pretty excited, I started my new tradeline with ShopSimplio and got approved for a 10,000 credit line. They did a hard inquiry to my equifax, it reported pretty quick. I've already ordered some cool gadgets, i think its a really cool way to build your credit and im looking forward to see how this goes, i will keep you guys posted as well! So far I would reccommend them.
Please
1. pay it off
2. stop using it
3. next time, before you jump in and sign up for something to improve your credit,
check with us first
1. pay it off - WHY?
2. stop using it - WHY?
3. next time, before you jump in and sign up for something to improve your credit,
check with us first - WHY?

Because this is an exploitive kind of outfit which takes advantage of vulnerable people. Next time, we can guide you toward more reputable types of lenders.