Blispay - "Personal Loan Company" or "Bank/Credit Card"?

[Aahz]

Have seen several reports over the last week or so of Blispay inquiries being reported as  "Personal Loan Company".  My inquiry reported yesterday as "Bank/Credit Card".
My initial thought is that they realized they were coding wrong at some point and corrected the error.

Was hoping to see if we could find a trend behind what's causing it to report differently.  So, if you apped for Bispay please share the date you applied and how the inquiry was reported-

4/15/16

BLISPAY/FEB

Bank/Credit Card

Also, if the tadeline has shown up on reports yet it would be great to see how it's actually reporting as well.

[Anonymous]

Applied 4/6/16 and the inquiry said installment loan.

[Anonymous]

One of our forum contributors was told by a BlisPay CSR that the account, when it finally appeared on the credit report, would be listed as an installment account.

A number of us are mildly skeptical, but if it does this would be important to know.  For those people who are choosing to add a BP account, please let us know when it does appear how it reads,  (Not the inquiry but the account itself.)

[Anonymous]

I guess we will see as soon as the first statements cut... I applied the first day, and made a purchase, so we should see in 2 weeks or so..

[Aahz]

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@Anonymous wrote:

One of our forum contributors was told by a BlisPay CSR that the account, when it finally appeared on the credit report, would be listed as an installment account.

A number of us are mildly skeptical, but if it does this would be important to know.  For those people who are choosing to add a BP account, please let us know when it does appear how it reads,  (Not the inquiry but the account itself.)

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Anothert forum contributor was also told they could apply for a CLI once they received the card.  They then received the card and were told CLIs were not being considered at all.

So, things are rapidly chaning with this card and, as usual, the CSRs word is not exactly golden.

[Anonymous]

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@Aahz wrote:

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@Anonymous wrote:

One of our forum contributors was told by a BlisPay CSR that the account, when it finally appeared on the credit report, would be listed as an installment account.

A number of us are mildly skeptical, but if it does this would be important to know.  For those people who are choosing to add a BP account, please let us know when it does appear how it reads,  (Not the inquiry but the account itself.)

---

Anothert forum contributor was also told they could apply for a CLI once they received the card.  They then received the card and were told CLIs were not being considered at all.

So, things are rapidly chaning with this card and, as usual, the CSRs word is not exactly golden.

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When, is it ever? especially with

a new company with

a new product...

those 'new' CSR's are only doing 'the best they can'...problem is they can only

say what they 'think' is true as of the last 15 minute meeting.....

Anything they say is gonna be up for debate, those ppl might be BACK at the mall next month, at their 'old jobs' ( they just started, right?)

No offense but how can one take what 'they' say anywhere near 'golden' let alone gold plated...they don't even know if their company will be around til X-mas

[Anonymous]

If it actually does report as an installment loan, which I doubt, I'll be on it like Rosie O'Donnell on an all you can eat buffet.

[Anonymous]

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@Anonymous wrote:

If it actually does report as an installment loan, which I doubt, I'll be on it like Rosie O'Donnell on an all you can eat buffet.

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It's going to be interesting going forward b/c the offering 'could' be seen as BOTH

It's clear, that the above $199 six month 'loan'? is going to be treated differently than what's on the regular revolving side.

Whatever that bank they use is called will front the money

then Blispay is going to 'buy-back' the paper , according the how they explained it in the media....that being said.

I can easily see how the 6 month 'loans' could be reported as loans, while the balance of the line ,reports separately as

a revolving account....again I'm guessing but I certainly can see how it could be spun that way.

Remember they are buying back certain and obviously it can be treated and looked at in a separate way...it would not surprise me,

if they kept the revolving portion like cab fare box just running like a regular card and as you don't pat your 'loan' amount off in 6 months

that portion gets slammed over to the revolve side...it could look like one revolving account + how ever many 6 month loan accounts,

who knows, those guys are just'guessing' how to do this thing it's a brand new toy to them.

[Anonymous]

Mine reported as Bank/Credit card.  Inq date 04/05/16

[Kevin86475391]

I don't have a Blispay and don't plan to apply for one, but I'm very interested to see how this shakes out. Honestly when I read about it I did think, "Well that sounds more like a loan than a credit card," but yeah definitely a sort of loan/credit card hybrid though.