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09Lexie
Posts: 25,321
Registered: ‎09-13-2012
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Re: Bill Me Later changing to Comenity Capital Bank.

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john398
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Re: Bill Me Later changing to Comenity Capital Bank.

+1 Thanks for Calling and finding out

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FinStar
Posts: 5,319
Registered: ‎10-21-2012
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Re: Bill Me Later changing to Comenity Capital Bank.


DaveSignal wrote:

I just got off the phone with Bill Me Later support.  I asked the CSR about this change and she put me on hold to verify with a supervisor.  The word is that BML is switching to Comenity bank but WILL NOT be reporting to the credit bureaus and all other BML practices will indeed remain the same.  BML is still an invisible tradeline.


I would say the jury is still out on this one.  When Comenity Capital Bank took over the Barneys New York CC portfolio, the same was mentioned for their TLs (usually just reported as charge accounts like AMEX since no limit was reported)... the changeover took effect, new CA was sent to cardholders (including APR/payment sturcture changes, etc) and guess what... the TL reports differently now.  So, until the change is effective, plan accordingly.  As with all acquisitions, the CSRs would probably not be fluent in the entire IOCs since these things are fluid until the change becomes effective.  Don't be surprised if your account may change as a result.

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DaveSignal
Posts: 2,096
Registered: ‎07-29-2011
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Re: Bill Me Later changing to Comenity Capital Bank.

[ Edited ]

no problem.  I was actually going to close the account before the change, but first just asked if it was going to be reporting.  Thankfully, BML is not going to start reporting to the CRAs, so there is no reason to close it.

 

ETA:  @FinStar - I realize that there is no way to know for sure until it actually happens, but hearing it from BML that they will not report is somewhat assuring.

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lhcole77
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Registered: ‎09-18-2012
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Re: Bill Me Later changing to Comenity Capital Bank.

So when opening a BML account it only hits our reports as an INQ and not a new TL?




EX08 FICO 738. EQ08 FICO 725. TU08 FICO 742.
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DaveSignal
Posts: 2,096
Registered: ‎07-29-2011
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Re: Bill Me Later changing to Comenity Capital Bank.


lhcole77 wrote:

So when opening a BML account it only hits our reports as an INQ and not a new TL?


there is an inq for opening the account.... there is no tradeline reported.   the account is invisible and so can be used to carry balances with no utilization penalty.  it often offers promotions for 6 or 12 months no interest and no payments, so it can be used for buying something now, paying it 12 months later, and being charged no interest or suffering a FICO score penalty.  Its a great account to have.  I would wait for the change mentioned in the original post of this thread before applying though.  BML has confirmed it will still be invisible, but, if it was me, I would wait anyway.... its only a few weeks.

EX:694 TU:744 EQ:709
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
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lhcole77
Posts: 1,122
Registered: ‎09-18-2012
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Re: Bill Me Later changing to Comenity Capital Bank.


DaveSignal wrote:

lhcole77 wrote:

So when opening a BML account it only hits our reports as an INQ and not a new TL?


there is an inq for opening the account.... there is no tradeline reported.   the account is invisible and so can be used to carry balances with no utilization penalty.  it often offers promotions for 6 or 12 months no interest and no payments, so it can be used for buying something now, paying it 12 months later, and being charged no interest or suffering a FICO score penalty.  Its a great account to have.  I would wait for the change mentioned in the original post of this thread before applying though.  BML has confirmed it will still be invisible, but, if it was me, I would wait anyway.... its only a few weeks.


Thanksssssssssssssssssss, Dave! I appreciate that explanation. I will take your suggestion as well...that's brilliant!




EX08 FICO 738. EQ08 FICO 725. TU08 FICO 742.
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kelpreme7
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Registered: ‎08-11-2013
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Re: Bill Me Later changing to Comenity Capital Bank.

I received the notification as well and I called both CS at Bill Me Later and CS at Comenity. Bill Me Later stated that there would be no reporting while Comenity Capital stated there would be report roughly 30 days after the effective date.

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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Bill Me Later changing to Comenity Capital Bank.


kelpreme7 wrote:

I received the notification as well and I called both CS at Bill Me Later and CS at Comenity. Bill Me Later stated that there would be no reporting while Comenity Capital stated there would be report roughly 30 days after the effective date.


:smileysurprised:




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PNut08
Posts: 51
Registered: ‎08-25-2011
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Re: Bill Me Later changing to Comenity Capital Bank.

I can't imagine that Comenity wouldn't report the TL which is a serious bummer. As with others, I used BML for larger purchases that I could pay off over 6/12/18 months. I guess we'll find out soon whether it reports or not. Also, when I received the letter from Comenity about the change, I got a CLI. I've had the account now for ~8 months and that's the first auto CLI.


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