11-20-2012 01:55 PM
I just wanted to post this so that there is reference for future searchers looking for info on Bill Me Later.
I originally applied in May 2012 and it was kind of a disaster...I tried applying on check out for a big purchase on B&H photo and all it did was give me an error. I got hit with an inquiry anyway. Looking back now, it was probably because the total price was more than they wanted to approve, but at the time i complained that it was because of a home adress mismatch and was able to get it taken off my report about 2 months later.
I tried again today Noveber 20, 2012 and did it a little differntly this time. I signed in to my Paypal account and applied that way. My thinking behind this was that there was no purchase for them to consider "too big" resulting in a decline. The idea was simply to not waste an inquiry and get IN with Bill Me Later and then build up my limit, assuming it was going to be low to begin with.
So anyway, i applied through my Paypal account and was instantly approved this time! $1001 limit, which was much more than i was expecting, considering i was declined for that much back in March.
I havnet checked yet but im assuming they pulled my Equifax again and it only had 1 inquiry from May 2011, so pretty old. I have old baddied from over 3 years ago and have added a few accounts and got credit limit increases since the last time trying to apply.
So i think the best way to apply for this is to just apply without trying to make a purchase as the same time so the fact that you arent approved for THAT MUCH, but would otherwise be approved, wont be a problem.
Hopefully this helps someone else out there to not fall in the same situation I happened to find myself in.
11-20-2012 03:23 PM
11-20-2012 03:24 PM
I think u can simply try to purchase something about your limit and they will either approve or deny it without it costing you an inquiry or anything, right?
11-20-2012 03:30 PM
11-20-2012 07:34 PM
Good news: Bill Me Later accounts have available credit. Your available credit is determined by deducting your outstanding balance from your Bill Me Later credit line.
Even better news: This credit line is just that – a line, not a limit. You may be able to increase your credit line simply by using Bill Me Later to shop online. For each purchase you make, we'll make a decision in just seconds. You'll know immediately if we can extend your credit line. It's that easy!
There's no risk: If we can't increase your credit line at this time, we'll let you know why. But don’t worry, your credit report will not be affected – and there are no fees or penalties – so there's no downside to trying to increase your buying power.
11-20-2012 08:34 PM
ive read somewhere in my researching bill me later that you can have one or the other but dont quote me on that.
You can have only 1 ot the 3( Paypal MC, BillMeLater, or Smart Connect) for your paypal account. They still send me invites to apply and then say, sorry you can only have one.
11-20-2012 08:48 PM
Also, what I love the most is that it's a hidden tradeline so it doesn't report your utility to the CRAs. I use BML when ever I want to float a balance for a month or two or to take advantage of a 0% offer. Just recently I used BML to purchase a plane ticket for a unexpected family emergency. Quick- easy- and 0%. Tie your BML to your PayPal account as the primary funding source and you will always get the best financing offer for a large purchase.
12-14-2012 10:03 AM
Hey.Shane. so i need some advice since youve done this already. I tried to make a purchase through expedia using BML and was denied ($849 ) . This was on the 6th , denial was same day . It gave me a list of reasons for denail and credit score. hmm.. i wonder .. i have 2 new accounts from september , pays as agrees, i have 2 collection items obviously under negative but have already been paid off like 2 years ago. How was your credit at the time, good, fair, ??? I wonder if i should go ahead and try to apply agian but through my paypal acct with no purchase as you did? Thoughts anyone? has anyone ever done the same as Shane? thank you