topic Re: Blispay No Longer Accepting Applications in Credit Card Applications

UPDATE Blispay No Longer Accepting Applications

Anonymous — Wed, 13 Apr 2016 03:11:17 GMT

***UPDATE***

It looks like they have re-opened applications. Perhaps they got additional funding

This is the message that Runitup received when trying to apply:

Thank you for your interest in Blispay

We are blown away by the early interest and are currently making sure everything works perfectly with our first set of customers. We plan to have more capacity soon, so check back often.

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 07:22:11 GMT

I can confirm. Got the same message a couple hours ago trying to apply.

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 07:30:45 GMT

@Anonymous wrote:
I can confirm. Got the same message a couple hours ago trying to apply.

Yep, I just saw another thread by ASBinJax where the same thing happened to him. That's 3 people now, so the app is definitely done for now. Pretty crazy that they closed the app that fast. If I'm not mistaken, they just went live like a week ago right?

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 07:35:14 GMT

they duckin and beavin!!!!

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 07:52:43 GMT

@Anonymous wrote:
they duckin and beavin!!!!

LOL... that's exactly what I was thinking! We'll have to wait and see if they start closing accounts now.

Re: Blispay No Longer Accepting Applications

redpat — Tue, 12 Apr 2016 08:02:32 GMT

They need more funding to increase their loan portfolio, lol.

Re: Blispay No Longer Accepting Applications

Creditplz — Tue, 12 Apr 2016 08:25:56 GMT

Let's see how this plays out.. 😂

Re: Blispay No Longer Accepting Applications

UncleB — Tue, 12 Apr 2016 09:34:59 GMT

If the reason for suspending applications is truly to 'watch' how things are going, I actually think that's a good sign.

I would rather them really be 'on top' of things from the start than to let it fly off the rails later on.

Later in the year after I get the couple of cards that are in my sights, I might give them a shot myself. I'm actually impressed with the possibility of 6 months deferred interest... the 2% would just be 'gravy' (but I like 'gravy', too!)

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 09:45:12 GMT

@Anonymous wrote:
@Anonymous wrote:
they duckin and beavin!!!!
LOL... that's exactly what I was thinking! We'll have to wait and see if they start closing accounts now.

Re: Blispay No Longer Accepting Applications

pipeguy — Tue, 12 Apr 2016 10:14:51 GMT

Hello Diners Club MasterCard..... same thing, slightly different excuse and as far as I know they STILL have not reopened applications 18 months later.

Re: Blispay No Longer Accepting Applications

UncleB — Tue, 12 Apr 2016 10:19:15 GMT

@pipeguy wrote:
Hello Diners Club MasterCard..... same thing, slightly different excuse and as far as I know they STILL have not reopened applications 18 months later.

My fingers are crossed that this is only temporary for a back-end 'tweak' of some type, and that they'll continue taking applications in the near future.

Unlike Diners, this would actually be useful to me... I just wasn't ready to app just yet (I'm a few months off).

If this does in fact end up like Diner's, I'll be kicking myself later on.

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 10:46:58 GMT

Oh well. I'm still waiting on my 7 - 10 day letter. Looks like I'll be waitng a long time. As previously posted the application was just a whim so I am not terribly disappointed. Maybe it was a good thing.

Good luck to all who did get an approval before they bowed out.

Re: Blispay No Longer Accepting Applications

pipeguy — Tue, 12 Apr 2016 13:03:01 GMT

Looking at the people that started this thing and their history I think they understand the game-goals-potential, but I think they might be thinking they are the next PayPal or sorts and their seed leverage funds ran out quickly. Comenity and GE/Sync makes a lot of money on prime and sub-prime private label credit cards both store and co-branded Visa/MC (which I suspect cost them more using Visa/MC agreements). Paypal was a hybrid that took a "skim" off every transaction outside of normal credit card operations and yes Paypal transformed several times from hybrid to somewhat mainstream but you have to admire the very large revenue stream Paypal made out of nothing other than a new idea.

I think Blispay is thinking to take the best of both models 2% card, fairly high 20% APR but under the typical Comenity/Sync rate, and add the Amazon/CareCredit/Walmart/GolfSmith model of 6 months same as cash. It's a nice model looking at what customers like in all these cards, but I think they are seriously underfunded as a startup, that is until they start the securitization of their accounts recieveable - right now their issued customer credit lines are their exposure without the leverage of what's actual accounts receivable numbners that can be sold as high interest bonds.

At least with Diners MC they were backed by a real bank, and even the NASA CU rush was backed by a real credit union (IMO a weak one, but thats another discussion). Would not surprise me to see Blispay establish itsself, maybe with additional funding, for 6-12 months and then be sold to another better funded enity, thus making the founders a bunch of cash as they walk away - sans paypal, et al.

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 11:07:51 GMT

pipeguy wrote:

I think they are seriously underfunded as a startup, that is until they start the securitization of their accounts recieveable - right now their issued customer credit lines are their exposure without the leverage of what's actual accounts receivable numbers that can be sold as high interest bonds.

At least with Diners MC they were backed by a real bank, and even the NASA CU rush was backed by a real credit union.

Would not surprise me to see Blispay establish itself, maybe with additional funding, for 6-12 months and then be sold to another better funded enity, thus making the founders a bunch of cash as they walk away.

humuhumunukunukuapua'a wrote:

Re: Blispay No Longer Accepting Applications

baller4life — Tue, 12 Apr 2016 12:34:06 GMT

Not another one!!!

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 12:41:59 GMT

Fido Jones was just approved for a $12,000 Blispay credit line yesterday.

Re: Blispay No Longer Accepting Applications

Blodreina — Tue, 12 Apr 2016 12:46:17 GMT

@baller4life wrote:
Not another one!!!

Nothing has happened. They stopped taking new applications due to volume. And they weren't just approving anyone with a pulse; there were quite a few denials, most of which seemed to be those with scores below 690 or 700.

Re: Blispay No Longer Accepting Applications

pipeguy — Tue, 12 Apr 2016 12:48:15 GMT

@Falere wrote:
@baller4life wrote:
Not another one!!!
Nothing has happened. They stopped taking new applications due to volume. And they weren't just approving anyone with a pulse; there were quite a few denials, most of which seemed to be those with scores below 690 or 700.

We'll see.....

Shades of Critter Cards, Diners MC, NASA, et al.

Re: Blispay No Longer Accepting Applications

Anonymous — Tue, 12 Apr 2016 12:52:39 GMT

I think it's a bit of a concern when a lender does not ask anything about income or job information, as quite a few seemed to indicate.

Re: Blispay No Longer Accepting Applications

kdm31091 — Tue, 12 Apr 2016 12:52:51 GMT

Well that lasted even less time than I thought it would.

topic Re: Blispay No Longer Accepting Applications in Credit Card Applications

*UPDATE* Blispay No Longer Accepting Applications

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Re: Blispay No Longer Accepting Applications

UPDATE Blispay No Longer Accepting Applications