@Anonymous wrote:
that's kind of dumb IMO
Not really. An UW (manual or computer) should be able to determine patterns of balance & payment habits, compared to just taking face value of stated income, and employer. If you notice on the approvals, lower scores are out, and balance carriers are getting lower limits than pif'ers
@Anonymous wrote:
still doesn't change the fact it's dumb. patterns aren't all that should determine a CL. keep in mind that you wanna know income because if the user were to max all cards you want to determine the eligibility of payback and seeing if the issuer will recover funds. i see what you're saying (and what's happening) but it's still quite dumb.
Only way for a company to know the truth is a 4506-T regardless. If I were an UW, I'd take what I see at face value over someone typing an income amount.
Payment amount history is a good indicator of money access.
@Anonymous wrote:
then ask for VOI... statistically if people go into hard times financially the first things they stop paying are their credit cards. and sure call it "face value" but you know that the issuer can at any time ask for proof and, if not provided or doesn't verify as stated, the issuer has the right to revoke the card. this company pretty much gave that right up. but sure, call it as you will. i will continue to disagree with it being a smart idea.
If you haven't looked up the staff of this fiasco, you'll see that the majority are younger (especially their marketing), and by the app methods I'd say this is targeted towards younger individuals. Average limits $5-8k range for experienced credit users..I think they're being sufficiently cautious for a start up.
I'm not interested in applying for Blispay at this time, but as someone who makes a habit of saving my rewards for a future purchase I personally wouldn't be too bothered by the immediate redemption.
In my case, I would treat it the same way I treat my Amex statement credits... when I pay the bill, I simply "pay" the amount of the statement credit to myself (in my case, a legacy Serve account). It would be workable with a savings account or spare checking account as well.
Granted, it's an extra 'step', but it takes minimal time and would only be necessary 12 times a year anyway. I'm generally 'laid-back' when it comes to rewards redemption (I can 'roll' with whatever I must) but I do mildly prefer an immediate option to being forced to wait, all other things being equal. Also, in the event Blispay doesn't work out, I would prefer to have my rewards up-front... many folks unceremoniously lost their accumulated rewards when Perk Street Financial closed/went under.
Lots of good conversation on this new product, and lots of wisdom even in conflicting views. 
@UncleB wrote:I'm not interested in applying for Blispay at this time, but as someone who makes a habit of saving my rewards for a future purchase I personally wouldn't be too bothered by the immediate redemption.
In my case, I would treat it the same way I treat my Amex statement credits... when I pay the bill, I simply "pay" the amount of the statement credit to myself (in my case, a legacy Serve account). It would be workable with a savings account or spare checking account as well.
Granted, it's an extra 'step', but it takes minimal time and would only be necessary 12 times a year anyway. I'm generally 'laid-back' when it comes to rewards redemption (I can 'roll' with whatever I must) but I do mildly prefer an immediate option to being forced to wait, all other things being equal. Also, in the event Blispay doesn't work out, I would prefer to have my rewards up-front... many folks unceremoniously lost their accumulated rewards when Perk Street Financial closed/went under.
Lots of good conversation on this new product, and lots of wisdom even in conflicting views.
im clueless. what's the 'beauty' of paying your amex bills with serve over a regular checking account? does it have something to do with the 'm.spend' that is frowned upon here? if so, don't bother explaining. we don't need getting infractions here. =p