topic Re: Blispay approved AFTER Verification.Data points. in Credit Card Approvals

Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 17:29:50 GMT

I wasn't going to jump on the Blispay bandwagon at all. I changed my mind because it really is an amazing card if you think about it. 2% is better than my QS that I use when I don't have a category available. 0% on everything over $199. I know you guys know the data, but it really is great if you think about it, I was concerned because they seemed to be concerned about running out of money, or plastic lol.

Anyway, I applied and got the verification phone call. I was debating calling just because I didn't know if I really wanted the card (supposed to be gardening). I saw my inquiry pop up, and decided I didn't want to waste it. I Called in, she verified 2 things on credit report, maiden name, address. Came back and said "Congratulations! You're approved" I was actually really happy. I was a lot more excited than I thought I would be.I have seen quite a few reports of verification, and then the 10 day message. I don't know how many people are approved afterward while on the phone. I haven't read all the approvals.

MOST IMPORTANT DATA POINT- I told her I'm very active on the FICO Forums and that someone had posted that the inquiry was an installment loan. I asked her if she knew if the actual card would report as an installment loan. She said yes, it will report as an installment loan. I said oh really? She said yes she was told it would report as an installment loan. I'm holding her to this! lol. Anyway. Garden, Garden all the way.

Re: Blispay approved AFTER Verification.Data points.

KSK1912 — Fri, 15 Apr 2016 17:35:42 GMT

@Anonymous wrote:
I wasn't going to jump on the Blispay bandwagon at all. I changed my mind because it really is an amazing card if you think about it. 2% is better than my QS that I use when I don't have a category available. 0% on everything over $199. I know you guys know the data, but it really is great if you think about it, I was concerned because they seemed to be concerned about running out of money, or plastic lol.

Anyway, I applied and got the verification phone call. I was debating calling just because I didn't know if I really wanted the card (supposed to be gardening). I saw my inquiry pop up, and decided I didn't want to waste it. I Called in, she verified 2 things on credit report, maiden name, address. Came back and said "Congratulations! You're approved" I was actually really happy. I was a lot more excited than I thought I would be.I have seen quite a few reports of verification, and then the 10 day message. I don't know how many people are approved afterward while on the phone. I haven't read all the approvals.

MOST IMPORTANT DATA POINT- I told her I'm very active on the FICO Forums and that someone had posted that the inquiry was an installment loan. I asked her if she knew if the actual card would report as an installment loan. She said yes, it will report as an installment loan. I said oh really? She said yes she was told it would report as an installment loan. I'm holding her to this! lol. Anyway. Garden, Garden all the way.

Congrats on the approval. Can you share your stats? ALso it is an interesting point that they report as installment loan rather than revolving. This may be good for people that are missing installment loans ontheir reports.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 18:29:10 GMT

Yes, They pulled Experian. My Experian has gone from 706-683 in one week after a bunch of approvals :- ( Chapter 7 BK although not reporting on Experian. No lates. 17 inquries :'( With Blispay, I've had 7 new accounts since January Eeek. Looks crazy in writing lol

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 18:34:17 GMT

Congrats on the approval! I'm a little sad to hear that it will report to the credit bureaus (was hoping it would be hidden like BML/PayPal Credit), but it's still interesting that it will report as an installment loan. That would be useful to people who are missing that aspect in their "mix" of credit.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 19:10:44 GMT

Exactly what I was thinking. Very interesting, kind of strange.

Re: Blispay approved AFTER Verification.Data points.

CreditCuriosity — Fri, 15 Apr 2016 19:26:13 GMT

appreciate the info although report as an installment loan is still a weird pill to swallow.. Although she said this, I need to see proof.. Wait for some others to report what they see when it reports to their CR's

Re: Blispay approved AFTER Verification.Data points.

KSK1912 — Fri, 15 Apr 2016 19:30:46 GMT

@CreditCuriousity wrote:
appreciate the info although report as an installment loan is still a weird pill to swallow.. Although she said this, I need to see proof.. Wait for some others to report what they see when it reports to their CR's

That's right. Most the time the CSR's in general may know less than us on certain subjects. Yesterday i called EQ to see if i could have a few inq's deleted early. The rep insisted on the phone for 10 mins that those inq's are Soft inq's and they will remain on my report for 7 years and that no other lender can see them! After 10 mins of trying to convince him, seeing no light at the end of the tunnel i thanked him and hung up. Come to think about it, i wish i wouldhave asked him to move them over to hard inq section

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 19:40:32 GMT

Haha right. Totally agree with you guys. I want to see it for myself.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 19:50:09 GMT

Congrats on your approval!

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 20:42:40 GMT

I share the skepticism that some of the folks on this thread have expressed, regarding the possibility that BP will report as an installment account. But of course anything is possible.

If any of the people who have recently gotten a BP account would be willing to pull your credit reports and tell us exactly how it appears (especially the account type) that would really helpful. (You can get free reports as often as once a week through Credit Karma.)

This is not a trivial question, because as someone else observed, having an installment account that you can add and keep going for a long time would be a big help to many of us. Not only that, but it would be an installment account that you could pay no interest on and control its utilization easily. My guess is that the credit limit on your Blisspay account would correspond to the "original amount borrowed" for the installment loan, and the current balance on the account will correspond to the "current amount owed" on the installment loan. (That's a guess but a reasonable one.) Installment utilization is a factor totally distinct from CC utilization and people with no installment loans often use techniques like a Share Secured loan to help with this. A Blispay account might in theory render these unncessary.

Finally, BP seems to be promoting itself as a card that provides “special financing” for large purchases, much like a finance company might do at Best Buy or Rooms To Go (etc.). It would therefore also be interesting to know whether the BP account is being tagged by the three credit bureaus as a “finance company” account. FC accounts are mildly harmful to your FICO score, even if you make perfect payments on them.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 21:25:11 GMT

@Anonymous wrote:
I share the skepticism that some of the folks on this thread have expressed, regarding the possibility that BP will report as an installment account. But of course anything is possible.

If any of the people who have recently gotten a BP account would be willing to pull your credit reports and tell us exactly how it appears (especially the account type) that would really helpful. (You can get free reports as often as once a week through Credit Karma.)

This is not a trivial question, because as someone else observed, having an installment account that you can add and keep going for a long time would be a big help to many of us. Not only that, but it would be an installment account that you could pay no interest on and control its utilization easily. My guess is that the credit limit on your Blisspay account would correspond to the "original amount borrowed" for the installment loan, and the current balance on the account will correspond to the "current amount owed" on the installment loan. (That's a guess but a reasonable one.) Installment utilization is a factor totally distinct from CC utilization and people with no installment loans often use techniques like a Share Secured loan to help with this. A Blispay account might in theory render these unncessary.

Finally, BP seems to be promoting itself as a card that provides “special financing” for large purchases, much like a finance company might do at Best Buy or Rooms To Go (etc.). It would therefore also be interesting to know whether the BP account is being tagged by the three credit bureaus as a “finance company” account. FC accounts are mildly harmful to your FICO score, even if you make perfect payments on them.

Blispay shows up on my Experian as an inquiry labeled " Personal Loan Companies". Since they use Experian to check our credit, it might take a while before it's actually reported as a new account. Credit Karma shows only Transunion and Equifax, so until they actually report the account to any of these two, CK is not helpful. I do have membership with all 3 CRAs. So, as soon as that information shows up on any of them, I will let you guys know. From my experience, Experian seems to be the first to report any new account and the other 2 will follow days later or sometimes as long as 14 days later.

Re: Blispay approved AFTER Verification.Data points.

Loquat — Fri, 15 Apr 2016 21:54:43 GMT

Congrats on your approval!

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 22:31:00 GMT

Great point, Designer. I would be grateful to hear how the account appears on all three CRAs -- the wording may be different.

I mentioned Karma only because some people have only yearly or quarterly access to their TU/EQ reports. Really look forward to hearing any feedback you all can provide.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 22:33:19 GMT

@Anonymous wrote:
I wasn't going to jump on the Blispay bandwagon at all. I changed my mind because it really is an amazing card if you think about it. 2% is better than my QS that I use when I don't have a category available. 0% on everything over $199. I know you guys know the data, but it really is great if you think about it, I was concerned because they seemed to be concerned about running out of money, or plastic lol.

Anyway, I applied and got the verification phone call. I was debating calling just because I didn't know if I really wanted the card (supposed to be gardening). I saw my inquiry pop up, and decided I didn't want to waste it. I Called in, she verified 2 things on credit report, maiden name, address. Came back and said "Congratulations! You're approved" I was actually really happy. I was a lot more excited than I thought I would be.I have seen quite a few reports of verification, and then the 10 day message. I don't know how many people are approved afterward while on the phone. I haven't read all the approvals.

MOST IMPORTANT DATA POINT- I told her I'm very active on the FICO Forums and that someone had posted that the inquiry was an installment loan. I asked her if she knew if the actual card would report as an installment loan. She said yes, it will report as an installment loan. I said oh really? She said yes she was told it would report as an installment loan. I'm holding her to this! lol. Anyway. Garden, Garden all the way.

I mentioned the installment loan on a post after I checked their hard pull on my EXP report. It listed as an installment loan and that was a suprise to me.

Re: Blispay approved AFTER Verification.Data points.

JamP — Fri, 15 Apr 2016 23:16:25 GMT

Congratz and welcome to the Blispay Family.

I wish my card would come in the mail .....

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Fri, 15 Apr 2016 23:22:14 GMT

@CreditCuriousity wrote:
appreciate the info although report as an installment loan is still a weird pill to swallow.. Although she said this, I need to see proof.. Wait for some others to report what they see when it reports to their CR's

Yeah, I'll believe it when we see it.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Sat, 16 Apr 2016 01:05:59 GMT

After all this talk about personal loan, I'm starting to consider closing mine ... I really don't know about all this stuff ... should have never applied ...having regrets ... already have a huge installment loan $110k for my student loan debt ... personal finance company and loan looks like we did a title loan or something blah ...

Re: Blispay approved AFTER Verification.Data points.

Blackbeauty212 — Sat, 16 Apr 2016 01:18:46 GMT

Too much speculation for me, we need to wait until "we" ourselves can confirm how, and if it reports to 1 or all 3 CRAs. My money is still on this sucker being a Hidden TL.

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Sat, 16 Apr 2016 07:34:45 GMT

@Blackbeauty212 wrote:
Too much speculation for me, we need to wait until "we" ourselves can confirm how, and if it reports to 1 or all 3 CRAs. My money is still on this sucker being a Hidden TL.

I just checked my Experian report for Saturday April 16 ( it's a little after midnight here in CA Friday Night 4/15/16) but The labeling has changed !!!!!!!!!

In my Experian daily report for April 16

It says now:

"National Credit Card / Airlines - non specific"

So now we're not talking about personal loans anymore!

Re: Blispay approved AFTER Verification.Data points.

Anonymous — Sat, 16 Apr 2016 08:53:33 GMT

@Anonymous wrote:
@Blackbeauty212 wrote:
Too much speculation for me, we need to wait until "we" ourselves can confirm how, and if it reports to 1 or all 3 CRAs. My money is still on this sucker being a Hidden TL.
I just checked my Experian report for Saturday April 16 ( it's a little after midnight here in CA Friday Night 4/15/16) but The labeling has changed !!!!!!!!!

In my Experian daily report for April 16

It says now:

"National Credit Card / Airlines - non specific"

So now we're not talking about personal loans anymore!

Are you saying that your Blispay card is already reporting on your EX report, or are you talking about the INQ?