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New Member
Posts: 3
Registered: ‎05-13-2013
0

Is Bill Me Later safe to use during home loan process?

We are waiting to close on our first home right now, appraisal done and just waiting on the final loan approval.

 

We have been very careful not to charge anything to our credit card during this time, haven't opened accounts or changed anything just like they've told us.

 

I do have a BML account that was approved and set up about 2 months, and everything I've read is that this won't report or change anything when making a purchase.  This isn't a super important purchase (only about $150), but I want to be absolutely sure that it won't affect things and show on a report if the bank pulls another one right when we close.

 

Thanks.

Valued Contributor
Posts: 1,200
Registered: ‎02-03-2013
0

Re: Is Bill Me Later safe to use during home loan process?

It should be, they don't report to CRA's, hope this helps


Starting Score TU 667 EQ 663 EX 655
Current Score TU 752 EQ 749 EX 757 Last Update 3/2015
Garden Club 04/10/2013 (Goal 2015 or Longer)



Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Is Bill Me Later safe to use during home loan process?

Should be however they once did a hp for me when they should not have and took about 45 days to remove

New Member
Posts: 3
Registered: ‎05-13-2013
0

Re: Is Bill Me Later safe to use during home loan process?

I already have the HP on my report from opening the account, the lenders have seen this and it shouldn't be an issue.

My main concern is that the balance will not be reported when it raises.

I have seen posts as recent as a few months ago that they don't report balances, but just wants to confirm this was still the case.
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Is Bill Me Later safe to use during home loan process?

They are a hidden TL. I always take caution when doing anything cr wise until the mtg is closed. Just probably my irrational behavior.
New Member
Posts: 3
Registered: ‎05-13-2013
0

Re: Is Bill Me Later safe to use during home loan process?

Yeah, and I'm trying to be extra cautious just in case. I may just hold off and not bother with it.

Frequent Contributor
Posts: 307
Registered: ‎03-03-2008
0

Re: Is Bill Me Later safe to use during home loan process?

When in the home loan process if you have to ask then you probably shouldn't do it.  Even if you did it wouldn't materially effect your closing for that amount.  Can always call your LO and ask them as well.

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
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Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Is Bill Me Later safe to use during home loan process?

BML does on occasion do a random HP.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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