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Started my tradeline

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Anonymous
Not applicable

Started my tradeline

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! Smiley Happy So far I would reccommend them.

Message 1 of 25
24 REPLIES 24
800FICOGoal
Established Contributor

Re: Started my tradeline

 

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.



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Message 2 of 25
coreysw12
Valued Contributor

Re: Started my tradeline

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"?

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 3 of 25
Jnbmom
Credit Mentor

Re: Started my tradeline

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.

EXP 780 EQ 791TU 795
Message 4 of 25
CreditInspired
Community Leader
Super Contributor

Re: Started my tradeline


@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! Smiley Happy 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.

 

  1. $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.
  2. I noticed there's a $85 membership fee to join. Was this charged to your card already or was it waived?
  3. 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.
  4. What is your APR?
  5. Is there a grace period? The FAQ kind of skirted around when payments are due instead of just saying something like 25 days. Hmmmm.
  6. Another thing I noticed was that you can request a CLI in 4 months, as long as you have purchased 3 items. Hmmmmmm.
  7. 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

 

 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 5 of 25
Anonymous
Not applicable

Re: Started my tradeline

  1. $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.

  2. 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

  3. 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
  4. What is your APR?
    A: currently no APR but they said in 2-3 months it will be 17.99%

  5. 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.

  6. 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.

  7. 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.
Message 6 of 25
coreysw12
Valued Contributor

Re: Started my tradeline

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.

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 7 of 25
coreysw12
Valued Contributor

Re: Started my tradeline

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.

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 8 of 25
Anonymous
Not applicable

Re: Started my tradeline

An update... ShopSimplio Finally posted to my report Smiley Happy

 

Not sure how to paste a screenshot here Smiley Surprised

Message 9 of 25
BallBounces
Valued Contributor

Re: Started my tradeline

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?

 

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 10 of 25
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