Wondering if I could get some input if anyone thinks this is a good business idea that would serve an actual need for people.
I'm thinking of creating a website that anyone can have their CCs charged $1.50 every month or $4 every year.
It would be a set and forget type of thing.
The purpose would be twofold.
1. If someone has multiple CCs that sit in his sock drawer and aren't ever used, eventually the bank is going to close them down.
This can happen after 2 years, 1 year, or even 6 months of no transactions on an account.
If this happens, not only do you lose a chunk from your total line of credit, your average credit account age will dip (this is especially true with very old cards that people don't use often), and on top of that it will say "closed by by issuer" (or something to that effect) on your credit report which isn't exactly a great look if you're looking to finance a car or house.
2. If you have a few cards, you will most likely only spend on 2 or 3 of them on a regular basis. The other cards will never get swiped.
Because of this you will only have a credit history of months paid in full and on time for 2 or 3 accounts.
What would be better is if every card had at least one small transactions per month which would reflect on your credit report as more (6 or 7 in my case) cards all being used responsibly and being paid on time and in full every month.
That is where this idea of mine would be beneficial.
You sign up for one of the two subscription options, and you don't have to worry about any of the issues I've described.
The yearly plan would cost you $4 every year, and the monthly would be $18 per year - A small price to pay for some peace of mind and an increased credit score.
It would obviously help to put the CCs that would use this service on Autopay...
What does everyone think?
Feel free to PM me.
Thanks!
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