BTCJam Credit Rating System

[jadefalke]

Hi,

i used BTCJam until now for investing (with limited Success due to all the Runner). Now i tried to do all the nescsarry verification Steps to get a Loan.

I did the following Steps:

 - send my ID (got verified)
 - send my Utility Bill for Adress Verification (got verified)
 - send my Salary Sheet to prove my Income (got verified)
 - connected my Facebook
 - connected my BTCtalk User
 - connected my Google Account
 - connected my Paypal Account
 - connected my Ebay Account
 
Since i'm not from US, i cannot verify my Credit Card or Bank Account. (BTCJAM should really work on that...)

After all that i had a Score of B- and could lend BTC for roughly 12%. After some Days with NO Changes to my Account i have now
a Credit Score of C. I try to contact BTCJAM via Support, but they don't have a Ticket System you can only write an E-Mail. (which i did)

After all that on my Credit Rating Page it looks like that:



I have no more information i can add and still i have only 58% Profile completed? WTF.

Can anyone explain me what i have done wrong or need to add to complete that?
Lending Money for >20% a Week does not make to much sense...

Thanks for any Tips.

[1715123515]

1715123515

[1715123515]

1715123515

[1715123515]

1715123515

[1715123515]

1715123515

[1715123515]

1715123515

[OmegaStarScream]

"Your Credit Score is calculated by taking into account the amount of verified information we have about you, your past repayment behaviour, number of open credit lines, frequency of loans, and number of late payments. "
You can't get higher unless you verify the others and you can't get higher then that unless you loan and repay as should be AFAIK but for the profile thing It's normal since you missed some steps like : Verifying Twitter account , LinkedIn Account and also Online Wallets (Localbitcoins and Volabit) that should be the reason for that pourcentage on your profile Reference .

[arallmuus]

After all that i had a Score of B- and could lend BTC for roughly 12%.

I seem to miss this but do you have an open loan? If you have got a loan then your rating will goes down. This is to prevent someone from getting alot of loan in one time ( lower rating harder to get loan ).
It will be up once you fully repay your loan besides if you want to increase your rating, all you need to do is to "repay your loan" that is the reason why people open a "reputational loan" . Reputational loan is a loan with lower interest and fast repayment (almost instant) thus if you do this multiple times than your rating will be higher

[jadefalke]

After all that i had a Score of B- and could lend BTC for roughly 12%.

I seem to miss this but do you have an open loan? If you have got a loan then your rating will goes down. This is to prevent someone from getting alot of loan in one time ( lower rating harder to get loan ).
It will be up once you fully repay your loan besides if you want to increase your rating, all you need to do is to "repay your loan" that is the reason why people open a "reputational loan" . Reputational loan is a loan with lower interest and fast repayment (almost instant) thus if you do this multiple times than your rating will be higher

no i had no open Loan. I now opend one just to see if that increase my Reputation, if i pay it back instant.

[arallmuus]

-snip-

no i had no open Loan. I now opend one just to see if that increase my Reputation, if i pay it back instant.

The reputation increase correspondent to the number of loan that you have repaid also with the positive rating that you get from your lender but keep in mind that it doesnt mean that your reputation will increase with just 1 loan ( I dont know the exact math but it will take few loan ).
Also there is a 4 % fee applied to your loan, so if you open a loan with 1 % interest for reputational purposes in fact you need to pay 5 % of the amount that you loaned ( 4 % + 1 % ) . That is quite a sacrifice to lose some but it is quite needed if you want a faster higher rating

[jadefalke]

-snip-

no i had no open Loan. I now opend one just to see if that increase my Reputation, if i pay it back instant.

The reputation increase correspondent to the number of loan that you have repaid also with the positive rating that you get from your lender but keep in mind that it doesnt mean that your reputation will increase with just 1 loan ( I dont know the exact math but it will take few loan ).
Also there is a 4 % fee applied to your loan, so if you open a loan with 1 % interest for reputational purposes in fact you need to pay 5 % of the amount that you loaned ( 4 % + 1 % ) . That is quite a sacrifice to lose some but it is quite needed if you want a faster higher rating

which is odd, BTCjam makes money thru the Reputation System...

[Quickseller]

I see that you also don't have any personal references which I would think would play somewhat of a part in your score.

I wouldn't lend any money on BTCjam though, there are way too many scams and you probably won't get any money you lend to someone back.

[arallmuus]

which is odd, BTCjam makes money thru the Reputation System...

They dont but they make money from their platform, from all of the loan there. Basically every loan under 5 BTC will have 4 % fee and over 5 BTC will have 2 % fee. The reputation loan is not a must, you can go through it slowly but if you want to get a faster rating then this is how you do that , it is pretty common there and almost everyone do this to boost their rating to at least B / B- because it is pretty hard to even get 0.5BTC loan with C rating

I see that you also don't have any personal references which I would think would play somewhat of a part in your score.

Yes this as well but unless you got personal references from someone with high rating then it wont affect any difference at all

[jadefalke]

which is odd, BTCjam makes money thru the Reputation System...

They dont but they make money from their platform, from all of the loan there. Basically every loan under 5 BTC will have 4 % fee and over 5 BTC will have 2 % fee. The reputation loan is not a must, you can go through it slowly but if you want to get a faster rating then this is how you do that , it is pretty common there and almost everyone do this to boost their rating to at least B / B- because it is pretty hard to even get 0.5BTC loan with C rating

I see that you also don't have any personal references which I would think would play somewhat of a part in your score.

Yes this as well but unless you got personal references from someone with high rating then it wont affect any difference at all

Actually it looks like BTCJam is not consistent in the way they run there System or the recently changed it. My Reputation Loan Request got deleted and the Supporter wrote me i should link my Facebook and verify my Income (so he obv. did not looked at my account at all)
For a Plattform which is out more then 2 Year's it looks not that pro. So either i start "fake Loan" which i actually don't need or i have to live with my credit Rating.

[arallmuus]

-snip-

Actually it looks like BTCJam is not consistent in the way they run there System or the recently changed it. My Reputation Loan Request got deleted and the Supporter wrote me i should link my Facebook and verify my Income (so he obv. did not looked at my account at all)
For a Plattform which is out more then 2 Year's it looks not that pro.

This happened to few others sometimes. The reason for that could be the lack of activity in your facebook so they thought that it isnt your real facebook ( dont know the reason of them to ask you to verify income again ). Sometimes suspicious reputation loan got flagged by the system, therefore you will see alot of reputational loan request disguised as "short term trading loan" with 1 week or earlier repayment.

So either i start "fake Loan" which i actually don't need or i have to live with my credit Rating.

It depends on the amount that you wish to loan. If it is a low amount then just bear with your rating for now and slowly build up your rating instead of going with the fast way

[jadefalke]

-snip-

Actually it looks like BTCJam is not consistent in the way they run there System or the recently changed it. My Reputation Loan Request got deleted and the Supporter wrote me i should link my Facebook and verify my Income (so he obv. did not looked at my account at all)
For a Plattform which is out more then 2 Year's it looks not that pro.

This happened to few others sometimes. The reason for that could be the lack of activity in your facebook so they thought that it isnt your real facebook ( dont know the reason of them to ask you to verify income again ). Sometimes suspicious reputation loan got flagged by the system, therefore you will see alot of reputational loan request disguised as "short term trading loan" with 1 week or earlier repayment.

So either i start "fake Loan" which i actually don't need or i have to live with my credit Rating.

It depends on the amount that you wish to loan. If it is a low amount then just bear with your rating for now and slowly build up your rating instead of going with the fast way

Thanks for that Information, very valuable. I appreciate that BTCJAM finaly do something about the Reputation, but i think they do it in the wrong way and even more important it looks like they run the whole site with a very small team. The Support did not Answer my second mail at all.

[Sourgummies]

Site asks for way to much details and offers little protection for any one. Imagine the day they have a big enough database to sell to telemarketers.

[jadefalke]

Site asks for way to much details and offers little protection for any one. Imagine the day they have a big enough database to sell to telemarketers.

that's true i'm worried about that too, they are not certified in any way.