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  1. #1
    Senior Member Reputation points: 30747
    Join Date
    Aug 2016
    Posts
    486

    Wanted: 0% Credit Card Consultant / Facilitator

    I have a new leg of business that I am getting started. In a few months I think I may want to leverage a high credit score against 0% 12 to 21 month Credit Card offers.

    I know Abfunders has experience doing this, anyone else?

    A few years ago, with my own limited understanding of how this works, I was able to get several great cards with what I felt was pretty substantial limits. Hind sight 20/20, I always wonder how much money I left on the table by doing it myself versus getting help by someone more familiar with this type of product.

    I know there is no free lunch, so I am interested in how I would compensate you all for consulting or facilitating this for me. Would you charge a flat fee, if so what would be the fee? Or would you charge a percentage of the total amount of the credit lines secured? Once I have more info regarding the fees, I can make a decision to either do it again by myself, or get some help from one of you all..

    Thanks.
    Last edited by Winning; 09-24-2020 at 10:05 AM.

  2. #2
    Senior Member Reputation points: 1232
    Join Date
    Jan 2017
    Posts
    116

    I tried this a couple of times -- one of the main issues I saw with this technique was how to collect from your client?

    Helps to have a merchant account and a PFS signed upfront.... but:

    Often you don't know if the approval was granted because it's referred to manual underwriting..... So you'll never know for how much the credit limit was approve for unless your client tells you.
    Even if approved you don't often know for how much exactly?
    It seems like you have to lean on the relationship with the client quite a bit to collect your commission.... I don't see what's to stop them from not paying you.
    Seems like a very vulnerable process... That said a few groups out there have mastered it, so what do I know?

    Some of the keys to getting this done include: Getting your client 3 major credit card primary accounts with limits of $25,000+, at least 2 more AU accounts -- these accounts need to report to their credit. They need to have 720+ on each credit bureau for best results. Cannot have any derogatory in the past 2 years whatsoever and under 30% utilization rate.

    The next issue is executing on applying for multiple cards SIMULTANEOUSLY. This was tricky as you have to apply for them simultaneously and get the timing right before you rack up 6 inquiries. Once you have 6 inquiries you're locked out of the credit card game. (you have to get those inquiries deleted and then start over)

    PROBLEMS I FOUND WITH THIS:

    Can anyone with experience on executing on this chime in and say how they got around all the hurdles?
    Can anyone advise on how to get the best results when physically applying for the credit cards to AVOID racking up 6 inquiries and getting locked out?
    Can anyone recommend best way to collect your commission? Send an OVERESTIMATED invoice upfront? This might compell the merchant to CORRECT you by disclosing the actual limits approved to reduce their bill?
    What kind of results are you seeing? 50k, 100k? more? I've seen claims as high as 250k+ in credit cards limits approved and charging 10% $25,000 commission
    Last edited by CFSCCorp; 09-28-2020 at 11:14 PM.

  3. #3
    Senior Member Reputation points: 752
    Join Date
    Apr 2014
    Location
    Chicago, IL
    Posts
    185

    This is 75% of my business right now. Personal loans, business credit cards, etc. Average loans are near $200-$250K for full funding (depending on state) and business cc's are topping out around $50-$75K. DM me and we can discuss it more if you're serious.

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