Hi! I’m new to Fragile Deal, recommended by a friend who used to hang out on FatWallet. I’m considering purchasing a trade line from someone local to me and am looking for advice on what to look for wrt the account as well as pricing.
I have no credit, not bad credit, and my motivation for doing this over getting a secured card is twofold:
I rent in New York City so nonexistent or bad credit greatly limits my options and means putting up a large deposit (I currently have over $10k with my landlord despite making over 80x rent…).
I travel a lot for work and feel like I’m losing money because I can’t qualify for a points card. An Amex signup bonus alone might cover the cost of the trade line if I can use it for a long haul business class flight I would purchase anyway.
It should go without saying that I do not have any family or friends with an account like this that they could add me to.
The accounts I would be added to are credit cards with around a $40k limit. I’m told once one hits my report in 30-45 days I would be approved for one with a limit of about half that. Other than the obvious (age, average balance) what should I look for to determine how these will affect my report? Any red flags?
Finally, it’s very difficult to know whether I’m paying a fair price for something like this. The guy I’m talking to charges roughly 10% of the limit, which seems really high. It’s over twice what the scam sites you see charge, although that likely means nothing. However, as I’ve noted above it’s justified based on how it would help me financially right now.