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Started my tradeline

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SouthJamaica
Mega 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.


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


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 11 of 25
Anonymous
Not applicable

Re: Started my tradeline


@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.

Message 12 of 25
Anonymous
Not applicable

Re: Started my tradeline


@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! Smiley Happy 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?

Message 13 of 25
CreditInspired
Community Leader
Super Contributor

Re: Started my tradeline


@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! Smiley Happy 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. 


|| 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 14 of 25
Remedios
Credit Mentor

Re: Started my tradeline


@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! Smiley Happy 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 

 

 

Message 15 of 25
Anonymous
Not applicable

Re: Started my tradeline

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

Message 16 of 25
Anonymous
Not applicable

Re: Started my tradeline


@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! Smiley Happy 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?

Message 17 of 25
CreditInspired
Community Leader
Super Contributor

Re: Started my tradeline


@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. 


|| 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 18 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 $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.


Thanks for making edit to approval amount.


|| 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 19 of 25
SouthJamaica
Mega Contributor

Re: Started my tradeline


@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! Smiley Happy 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.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 20 of 25
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