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Does a Bill Me Later option have the same credit standards as a credit card? I saw that option at Walmart and I don't want to apply for another credit card. I realize they probably check credit and it counts as an inquiry, but are the standards the same? What scores qualify usually?
I use BML and looove it!! They changed the way things are done over there, it use to be that they would pull your credit each time you made a purchase at one of the qualifying stores but not anymore since the credit card act changed. Your credit report/file will be viewed (a hard pull) the 1st time you apply, you don't get a credit card. If approved, your repayment terms are then like the cc, the interest rates are high so if possible, pay it off before it's due. Go onto the Bill Me Later website and it will explain how it works in terms of granting you credit. From what I remember, if your your purchase at walmart totals $100, your BML buying power will be $500; the total of your purchase or $500, which ever is greater. You will make your payments as usual and if you decide to make another purchase the same will apply, increasing your buying power. My buying power has to be over $1000 because I just made several purchases totaling just under this amount and they were all approved. The best thing about BML is you don't have to worry about your fico score going down because you actually used your credit line :-).
Yes. Once you open a Bill Me Later account you will have a credit line, which we call your "buying power".
Once you have completed your first purchase using Bill Me Later, we at WebBank open a Bill Me Later account with buying power equal to the amount of your purchase or $500, which ever is greater. You can now use Bill Me Later to make additional purchases. If those purchases would cause your outstanding balance to go above your buying power, then we will reevaluate your buying power and may increase it, subject to credit approval. This happens seamlessly during the checkout process you don't need to do anything and it won't slow down your checkout.
On an ongoing basis, your buying power will be either the highest total of balances you have had outstanding on your account at any time or a lower amount of which you have received notice, but will not be less than $500. Here's an example of how this works:
No, we only pull a credit report on your first purchase. We do periodically get updates to this report but these updates have no impact on your credit score.
We take into account your credit history and history with Bill Me Later to dynamically increase your line any time you request a purchase that is above your buying power.
We review your account quarterly. If for any reason we reduce your buying power, we will notify you in writing of the reason.
Bill Me Later is a credit account that you can use to make purchases. When you open your account, WebBank will review and consider your credit report and other credit related information prior to approval. Creditworthiness is determined by WebBank. Once you are a customer, we will review your credit history and history with Bill Me Later to dynamically increase your line to make purchases, and also to review your account on a quarterly basis.
In rare situations, your purchase may be declined even though your account is in good standing and you have enough buying power to cover the purchase amount. These situations often happen when the information you entered for the purchase does not match our information. You may want to try your purchase again if you may have mis-entered your information. The following are common reasons a purchase is declined:
Your purchase may also be declined if your account is closed or otherwise not in good standing or if the purchase would take you over your buying power and WebBank is unable to increase your buying power at the time.
If you are applying for Bill Me Later for the first time, your application is based on your creditworthiness as determined by WebBank. You will receive an email or letter in the mail within 30 days explaining the reason for the decline. The letter also contains information on how to contact the credit bureau to obtain a copy of your credit report and to correct any errors in the file.
To protect consumer privacy, neither the merchant nor Bill Me Later Customer Service has access to the reason a purchase might have been declined.
BML does an INQ on your CR and yes it counts. The account doesn't show up on your CR which IMHO is a good thing in most cases. Also the BML Newegg CC doesn't report either.
so is the criteria stricter or looser than that of a credit card or store card?
The criteria is the same as credit cards, if I remember correctly, citi provide the lending with BML.
@marty56 wrote:BML does an INQ on your CR and yes it counts. They account doesn;t show up on your CR which IMHO is a good thing in most cases. Also the BML newEgg CC doesn't report either.
Tell me that's not true!
I'm sure about the Newegg one but I didnt know it was same with BML!
@Anonymous wrote:
@marty56 wrote:BML does an INQ on your CR and yes it counts. They account doesn;t show up on your CR which IMHO is a good thing in most cases. Also the BML newEgg CC doesn't report either.
Tell me that's not true!
I'm sure about the Newegg one but I didnt know it was same with BML!
I used BMI once and it never showed up. They stated that it wouldn't when I asked them. I have had the Newegg card for 10 months and it never showed up on my CR, at least EQ and TU. I can't remember if I had an EX report since I got the Newegg card but I haven't seen a CC that didn't show up on all 3 CRs. BofA is only updating my EX report on an old account, but it still shows up on a 3 CRs
BML accounts do not show up on your credit reports, an inquiry is all that you will ever see during the initial approval process however, if you default on the credit terms and not pay ONLY then will it appear as a derog on your credit reports. I like BML because I can use credit without it affecting my fico score PLUS they are adding new merchants all the time; my favorite is Overstock.com & Zappos.com!
My credit score is relly low, (620 ), I was wondering if any one know the fico score you need for BML?????
@Anonymous wrote:
@marty56 wrote:BML does an INQ on your CR and yes it counts. They account doesn;t show up on your CR which IMHO is a good thing in most cases. Also the BML newEgg CC doesn't report either.
Tell me that's not true!
I'm sure about the Newegg one but I didnt know it was same with BML!
It is true. BML has a lot of defferred payment deals. So not reporting is good if you make maximum use of these deals. Utilization is not affected.