[Winning]

Merchant looking to leverage a high credit score against securing multiple 0% 12 to 21 month Credit Card approvals.

If you have experience doing this chime in. If you don't want to post publically PM me.

Need to understand how much experience you have with getting multiple lines secured, & how you would like to be compensated for consulting or facilitating this. Flat fee, or a percentage of the total amount approved.

[abfunders]

Please do let me know if you want to work with me, or if you're just shopping. You know that I do it ;-)
Send me your trimerge credit report, I'm sure you're still subscribed. Ideally don't use Experian, they put them on separate pages.
https://www.identityiq.com/creditpre...rcode=431142BG - Will get you the VantageScore
$1 for a 7-day trial.

If you want a FICO https://www.myscoreiq.com/get-fico-p...rcode=432122NL

[Winning]

( Info I found about the various versions of the Fico Score. Model 8 looks to be the most current model.. https://www.myfico.com/credit-educat...score-versions )

My Amex card gives me access to my "FICO SCORE 8 based on Experian Data"

My Discover card gives me access to my "FICO SCORE 8 model from TransUnion Data".

My Capital One card gives me access to my "CreditWise Score" which is the TransUnion VantageScore 3.0 credit score.

My Chase card gives me access to my Experian VantageScore 3.0.

My Credit Karma gives me access to the VantageScore 3.0 from Transunion and Equifax.


I just checked them all and everyone of those have the same score, Fico and Vantage..


Would the scores from those places I mentioned suffice, or do I need to get it from Identityiq and myscoreiq as well?

[abfunders]

What many MCA funders don't realize is that score is only a balanced metric, it won't say much about the habits. Not all 700 FICOs are created equal. I have personally seen a client with $100,000 of credit card debt with a 715 FICO.

What really matters is how well you built your credit profile, which sounds like you are very very on top of that. How many cards, what type of balances you ran up on them, how to pay down debt, are they under 20% now, do you have at least one installment loan (mortgage), are you maxed out on your HELOC, how many inquiries in the last 24 months, how recent are the lines you have. The lenders are worried that you'll run up all of these various extra debts and declare BK and have 7 years to pay them off.

Every lender chooses which FICO to use. FICO score 10, 10T and Ultra are the newest models, but they're not widely adopted yet.

Read more about it here: https://www.myfico.com/credit-educat...ew-fico-scores

Hence, when I work on the 0 APR credit card method, we look at the credit report, not the final "score."

[Winning]

My report show 0 inquires. I don't have a heloc. My house is paid off 100%, as of about 3 years ago. No lates on anything on my report. Credit utilization is at 30%. Have 2 open car loans on my credit...

Have about a total of about 6 credit cards.

If it is best to get the utilization down to 20% before I try to secure new auths, I can do that within 2 month. Even sooner if I decide to use money I have now to pay it down, versus earmarking future incoming funds to pay it down.

Also, is it a negative that I no longer have a house payment on my credit? It does show that for 17 years I had a house payment and that never missed a payment.

[abfunders]

My report show 0 inquires. I don't have a heloc. My house is paid off 100%, as of about 3 years ago. No lates on anything on my report. Credit utilization is at 30%. Have 2 open car loans on my credit...

Have about a total of about 6 credit cards.

If it is best to get the utilization down to 20% before I try to secure new auths, I can do that within 2 month. Even sooner if I decide to use money I have now to pay it down, versus earmarking future incoming funds to pay it down.

Also is it a negative, that I no longer house payment on my credit? It does show that for 17 years I had a house payment and never missed a payment.

Depends who you ask!
Having paid off the mortgage is a plus. It means that you pay loans you take.
Having car payments going is going to take care of installment loans, but also are good.
0 inquiries in amazing, shows you're not out there throwing your name, searching for any money (obviously that changes as you actually do start looking for money)
Under 30% is also excellent. Under 20% is slightly better, but there's no hard and fast rule. Getting a preapproval ("underwrite the underwriters") now, and base paying down the cards on what we think we can do. There's no reason not to pay down the credit cards (and be paying interest) if you can get a bunch more at 0 APR.
If you do it right, you'd be paying about 2-4% yearly as you bounce between credit programs.
And your wife can join the fun also, if her credit is as stellar as yours

[Winning]

Thanks you to everyone that has responded on this thread or sent me a PM! Keep them coming!

Thus far I have received fee charges anywhere from 3% to 10% of approval amounts.

That made me think about when will the fees be paid....???

The fees are tied to an approval that's once issued, isn't actually usable until the credit card is received. So do you all float collecting on the fees until the cards are actually received, and at that point charge each card the percentage owed based on that particular cards limit?

To me, this would seem to be the least evasive, customer friendly way of going about collecting on the fees that are owed.

For example, you facilitate $50,000 of approvals total across 3 cards and you charge a 5% fee. So you are owed a total of $2500 in fees.

Card 1 has an approval of $16,000. You send invoice 1 to merchant for 5% of the $16K = $800.
Card 2 has an approval of $25,000. You send invoice 2 to merchant for 5% of the $25K = $1250.
Card 3 has an approval of $9,000. You send invoice 3 to merchant for 5% of the $9k = $450.

Card 1 is delivered to the merchant in 3 days.
Card 2 is delivered to the merchant in 7 days.
Card 3 is delivered to the merchant in 10 days.

So would you collect the fees as follows???
When card 1 comes in (3 days), Merchant pays invoice 1 with card 1.
When card 2 comes in (7 days), Merchant pays invoice 2 with card 2.
When card 3 comes in (10 days), Merchant pays invoice 3 with card 3.

That method seems so nice and neat! The merchant that is trying to get money, is not having to come out of any money on the front end to facilitate this deal..

Everyone wins!

Now is this how you all go about collecting on fees? If not what is the method?

[CFSCCorp]

Winning,

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

[abfunders]

My favorite deal I've worked on in this area is $76,000 in approvals. We used the merchant's fiancé's outstanding credit to refi her cash advances at 1.4999 and a reverse on top of it that caused her a lot of trouble and strangling her cash-flow (caused by a combination of a lying broker and her being a bit of simpleton, but a sweetheart), and she also used it to finance some wedding-related items at 0%. She was THRILLED to pay.

Years ago, one of the people I used to work with on these worked on a file that got $806,000. They had 25 years of perfect credit and amazing income verification.
Someone with good credit pays their bills. Especially when the only way to legally have someone else apply for these cards/lines is when you give a limited power of attorney, and that same POA will give the group who applies the ability to close them down as well.
There's no way to avoid the inquiries. It's essentially quadruple-funding. But doing them one at a time

There are also ways to do this through business credit cards that usage won't report to the personal credit as long as they are kept in good standing. You'd be surprised that some business cards report like CapOne, some do not like Chase, which means that an inquiry wash could be done on those. If the credit card line is showing on the personal credit, then that inquiry cannot be removed. However, business cards, while meant to be used at 90%, will a lower 0 APR period, meaning 6-12 months. However, if they are paid down properly, then they are amazing, since then 18 month 0 APR checks will be sent without having to anything else. And the lines will increase with proper usage as well. Gotta have a good coach to help

I wouldn't recommend to @Winning to ask for increases in current cards, as that will create a new inquiry, and that needs the right timing to maximize approval. A very skilled person will be able to take the current cards that Winning has and be able to convert them to 0 APR as well.

Knowing what is on the file is pretty easy - require a credit monitoring service that updates daily and approvals show up automatically once the credit cards have been activated, and the credit limits are clear.

10% commissions are standard, I've seen brokers charge 15%. Lots of mouths to feed, it's a TON of work. Of course, they should be paid out of the cards themselves, so that also will be financed at 0% over a year+.

On top of all of this, there are also personal loans and LOCs that can be secured. Grabbing one or two of those first won't harm the credit card chances, but they can make significant headway into needed cheap money (9-13% APR, over 7 years).

There's a simple reason why I outsource all of this: If I did it, then I would never have time for anything else. It needs underwriting, processing, follow-up.

[abfunders]

Card 1 has an approval of $16,000. You send invoice 1 to merchant for 5% of the $16K = $800.
Card 2 has an approval of $25,000. You send invoice 2 to merchant for 5% of the $25K = $1250.
Card 3 has an approval of $9,000. You send invoice 3 to merchant for 5% of the $9k = $450.

Card 1 is delivered to the merchant in 3 days.
Card 2 is delivered to the merchant in 7 days.
Card 3 is delivered to the merchant in 10 days.

So would you collect the fees as follows???
When card 1 comes in (3 days), Merchant pays invoice 1 with card 1.
When card 2 comes in (7 days), Merchant pays invoice 2 with card 2.
When card 3 comes in (10 days), Merchant pays invoice 3 with card 3.

That method seems so nice and neat! The merchant that is trying to get money, is not having to come out of any money on the front end to facilitate this deal..

Everyone wins!

Now is this how you all go about collecting on fees? If not what is the method?

Precisely.
I can do this with personal loans as well, but those require income verification. However, inquiries are less of a challenge when we go that route.

[Steven_O]

My favorite deal I've worked on in this area is $76,000 in approvals. We used the merchant's fiancé's outstanding credit to refi her cash advances at 1.4999 and a reverse on top of it that caused her a lot of trouble and strangling her cash-flow (caused by a combination of a lying broker and her being a bit of simpleton, but a sweetheart), and she also used it to finance some wedding-related items at 0%. She was THRILLED to pay.

Years ago, one of the people I used to work with on these worked on a file that got $806,000. They had 25 years of perfect credit and amazing income verification.
Someone with good credit pays their bills. Especially when the only way to legally have someone else apply for these cards/lines is when you give a limited power of attorney, and that same POA will give the group who applies the ability to close them down as well.
There's no way to avoid the inquiries. It's essentially quadruple-funding. But doing them one at a time

There are also ways to do this through business credit cards that usage won't report to the personal credit as long as they are kept in good standing. You'd be surprised that some business cards report like CapOne, some do not like Chase, which means that an inquiry wash could be done on those. If the credit card line is showing on the personal credit, then that inquiry cannot be removed. However, business cards, while meant to be used at 90%, will a lower 0 APR period, meaning 6-12 months. However, if they are paid down properly, then they are amazing, since then 18 month 0 APR checks will be sent without having to anything else. And the lines will increase with proper usage as well. Gotta have a good coach to help

I wouldn't recommend to @Winning to ask for increases in current cards, as that will create a new inquiry, and that needs the right timing to maximize approval. A very skilled person will be able to take the current cards that Winning has and be able to convert them to 0 APR as well.

Knowing what is on the file is pretty easy - require a credit monitoring service that updates daily and approvals show up automatically once the credit cards have been activated, and the credit limits are clear.

10% commissions are standard, I've seen brokers charge 15%. Lots of mouths to feed, it's a TON of work. Of course, they should be paid out of the cards themselves, so that also will be financed at 0% over a year+.

On top of all of this, there are also personal loans and LOCs that can be secured. Grabbing one or two of those first won't harm the credit card chances, but they can make significant headway into needed cheap money (9-13% APR, over 7 years).

There's a simple reason why I outsource all of this: If I did it, then I would never have time for anything else. It needs underwriting, processing, follow-up.

Micah knows what he's talking about when it comes to stacking cards! Dammit Man!

[CFSCCorp]

Micah, I'd happily outsource this too..... It just sucks to hit a client for say 5 to 10 points ontop of the 10 points already being charged by say Seek Capital, MidWest (I think that was their name) or National Credit is the other one...

I'd refer these deals happily if we could charge 10-15 points and split it down the middle. I don't know anyone offering 50% on these. I'd rather do it myself... but like you said, it's a project, fixing their credit, getting them tradelines, chasing down your money, etc.

[abfunders]

Micah, I'd happily outsource this too..... It just sucks to hit a client for say 5 to 10 points ontop of the 10 points already being charged by say Seek Capital, MidWest (I think that was their name) or National Credit is the other one...

I'd refer these deals happily if we could charge 10-15 points and split it down the middle. I don't know anyone offering 50% on these. I'd rather do it myself... but like you said, it's a project, fixing their credit, getting them tradelines, chasing down your money, etc.

I don't take "an additional" 5%. I just send it out and take a payout from them. Just because you want 10 points on every deal doesn't justify that. Shoot me an email, I'll introduce you to a group that does it for the upsell from 8%, up to 15%. The others pay about 2-3% per funded. None of these are credit repair or tradelines-adding or inquiry removal companies.

[Winning]

Great info being shared!

Abfunders mention "income verification". What's the best form of verification that would appease the underwriters the best?

In the past, I've seen where the credit card apps just simply ask you to enter your income.

[Winning]

A very skilled person will be able to take the current cards that Winning has and be able to convert them to 0 APR as well.

Perhaps it is you who is this Credit Card Ninja that can work such magic?

[abfunders]

Winning:
Depends on the credit card. If you know what you're doing, you can call them and request a higher approval, and then they might ask for tax returns or a W9 or 1099's. All are good.
Winning, while I might be a "funding ninja", I didn't invest the time into creating this method, I found that having more options was the best method of making money. I just refer it out, so I try to work on passive income on these and focus on things that can make me larger sums of money, like real estate or MCAs. I actually refer out and profit-share most of my credit card processing clients as well, it's hard to sell more than one thing at a time.

[abfunders]

Oh, one other thing, not all cards throw their inquiries onto the same bureau. If you really know how to do it right, and you hit the inquiries in the right order, you can capitalize really well.

[Winning]

Oh, one other thing, not all cards throw their inquiries onto the same bureau. If you really know how to do it right, and you hit the inquiries in the right order, you can capitalize really well.

Now that's the type of info, that is extremely valuable and the difference in a merchant doing this themselves and getting $40K across 2 cards. Versus letting someone like you help facilitate this and potentially getting way more than that.

The conundrum is, assigning a value to what I feel it's worth to have someone more well versed helping facilitate this, in the hopes of potentially getting higher approvals than what I could have gotten by attempting to do this myself.

Arrrggg!!!

I took your advice about 3 years ago regarding your posts about the "Lowest cost access to funds being 0% CC approvals".. 3 years ago, I did it myself and in like 30 minutes I had 2 approvals for credits cards with a combined total of like $40K, 0% interest 18 months... So using that historical transaction, I wonder if I would have let a "Funding Ninja" facilitate that for me, would they have came out with the same $40K, or would they have increased that number so much past that, that I would feel their fee is justified.

Decisions Decisions...

Where is a good crystal ball when you need one!

[abfunders]

@Winning, send me your 3-bureau credit report (you did it once before, you cleaned you name off of it if I recall) and ideally from IDIQ so it's on ONE page, unlike Experian, and it's $1 for a 7-day trial
https://www.identityiq.com/securemax...rcode=431142BF

I need the HTML version to do it the right way. Then we can "underwrite the underwriters" and you can compare what we think we can do vs what you think you can do by yourself.

[Winning]

@Winning, send me your 3-bureau credit report (you did it once before, you cleaned you name off of it if I recall) and ideally from IDIQ so it's on ONE page, unlike Experian, and it's $1 for a 7-day trial
https://www.identityiq.com/securemax...rcode=431142BF

I need the HTML version to do it the right way. Then we can "underwrite the underwriters" and you can compare what we think we can do vs what you think you can do by yourself.

Jesus Christ! It looks like you may also be a "Customer Service Ninja" as well! lol..

I present a friction point, and you knock it down.

So if I pull the html version of the Identityiq report, save it, then proceed to modify the HTML code (yes I am a nerd) and remove my identifying info contained in the HTML, will the html file still work for your preliminary process?

[abfunders]

Jesus Christ! It looks like you may also be a "Customer Service Ninja" as well! lol..

I present a friction point, and you knock it down.

So if I pull the html version of the Identityiq report, save it, then proceed to modify the HTML code (yes I am a nerd) and remove my identifying info contained in the HTML, will the html file still work for your preliminary process?

I've done this a lot and watched you a lot, so I have gotten to know you a bit. Winning, we spoke in April 2018 via email, so any information that I have about you I know somewhat. I should at least have your real name! b@th.com (abbreviation) is all I have at this time!

[Winning]

I've done this a lot and watched you a lot, so I have gotten to know you a bit. Winning, we spoke in April 2018 via email, so any information that I have about you I know somewhat. I should at least have your real name! b@th.com (abbreviation) is all I have at this time!

Ok, cool!! I pray to God that you don't enter my info into some sort of lead generation database... It's unbelievable the amount of spam and telemarketing phone calls I receive on a daily bases. Plus in the past I have been a victim of fake checks drafted on one of my bank accounts... Had to shutdown the account and get a brand new account number... The bank replaced all the funds, but it was a huge inconvenience to have to go through. So now I am just really cautious when giving out any real info.

[abfunders]

Winning, I think my integrity on this board has shown itself enough, you don't need to pray. When I got you the approval at Fundbox, did it go anywhere else? I'm not asking for your social, not asking for you bank account info, all I'm looking for is just your real name and credit report. I promise that I won't post it on the forum!

[Winning]

Yeah your cool. if you have my company email address, you pretty much already have my entire name anyway, and if you didn't its only a few google searches away..

If I wanted to also take a look at doing this with business credit what else do I need to prepare for you?

Perhaps it would be best to present the Funding Ninjas with my personal, my wife's personal, & our business credit profiles.

[abfunders]

Yeah your cool. if you have my company email address, you pretty much already have my entire name anyway, and if you didn't its only a few google searches away..

If I wanted to also take a look at doing this with business credit what else do I need to prepare for you?

Perhaps it would be best to present the Funding Ninjas with my personal, my wife's personal, & our business credit profiles.

Winning, let's start with the credit reports. I'll send you an email with the app (which is really just a questionaire)

PS: thefundingninjas.com is an ISO I work with, but that's not me