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Bill me Later

Regular Contributor

Bill me Later

i noticed a lot of shopping website give an option of bill me later for payment. It only requires last 4 digit of your ssn. Do they run a credit check? 

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Bill me Later

I am pretty sure they do for the first time you sign up for it, so the INQ would show up, but I don't think they report an account to the bureaus.. I am sure someone who has experienced it will chime in soon! Smiley Happy


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 2 of 8
Community Leader
Epic Contributor

Re: Bill me Later

They certainly have the option, regardless of whether you provide last 4 digits, as a business transaction inititated by a consumer that gives rise to some legitimate business purpose on their part to review your credit is a permissible purpose under FCRA 604.  Allowing delayed billing is certainly a legitimate reason to review your future ability to pay.

 

An SSN is not required to pull a consumer CR, provided they have sufficient identifying information to match their inquiry to a specific consumer file.

Full name and current address is usually sufficient.

 

Will they?  A lot depends upon how regularly they make inquiries, as there is a fee and admin time on their part.  If they do it regularly for other purposes, it's easy to slip those additional types in.

 

 

Message 3 of 8
Regular Contributor

Re: Bill me Later

Thanks.. I won't waste an INQ hit for something I might not get approve for. Saving up for a secured credit card. Thank you!

Message 4 of 8
Valued Contributor

Re: Bill me Later


Rein wrote:

Thanks.. I won't waste an INQ hit for something I might not get approve for. Saving up for a secured credit card. Thank you!


Yes, the will do a hard inq, Webbank is the name of the company that runs Bill Me Later..

 

Bill Me Later also does not report to the CRAs unless you go negative.. it is not worth the hard pull from a credit scoring perspective, but they do work at 1000 retailers and offer generous limits, not OUTRAGOUS interest, and lots of 6 month same as cash type programs..

 

I use it, and enjoy it, esp with the same as cash. And I have a limit of 4951 dollars. Yes.. 4-9-5-1. lol

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 5 of 8
Regular Contributor

Re: Bill me Later

Thanks Scott. I think I will try for a secured credit. I need a positive on my credit reporting. 

Message 6 of 8
Valued Contributor

Re: Bill me Later


Rein wrote:

Thanks Scott. I think I will try for a secured credit. I need a positive on my credit reporting. 


100 percent agree with this.. Bill  Me Later will not help your credit at all

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 7 of 8
Moderator Emeritus

Re: Bill me Later

Not a bad account to have but like said before, will not benefit as a positive TL or factor in for util.

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Message 8 of 8