topic Re: Comenity and Bill Me later confussion in Credit Cards

Comenity and Bill Me later confussion

Anonymous — Wed, 25 Sep 2013 00:19:56 GMT

I spoke to someone at the comsumer relations department just now (1-800-303-1368) they claim they will have to report the bill me later accounts due to federal law

I was actually calling regurading an Total Rewards caerd but IO thought I sneak that question in, they seem like at that number they are upper level reps with Comenity

Re: Comenity and Bill Me later confussion

BearsAndTurtlesRtheBest — Wed, 25 Sep 2013 02:16:54 GMT

Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs

Re: Comenity and Bill Me later confussion

FinStar — Wed, 25 Sep 2013 02:32:17 GMT

@Anonymous wrote:
I spoke to someone at the comsumer relations department just now (1-800-303-1368) they claim they will have to report the bill me later accounts due to federal law

I was actually calling regurading an Total Rewards caerd but IO thought I sneak that question in, they seem like at that number they are upper level reps with Comenity

There is Comenity Bank and Comenity Capital Bank - two affiliated entities under the Comenity companies umbrella. Comenity Bank (previously known as WFNNB) is the mainline private label arm which oversees the card programs for Victoria's Secret, Express, J.Crew, Restoration Hardware, Pottery Barn, etc. Comenity Capital Bank (previously WFCB) is the "higher-end" private label arm that oversees card/retail programs such as Barneys New York, Bill Me Later, etc. Usury laws that govern each company is based on the charter where they underwrite each of their private label portoflios.

Re: Comenity and Bill Me later confussion

navigatethis12 — Wed, 25 Sep 2013 02:54:17 GMT

There's no law saying a lender has to report anything. However, if they do report, the law says it must be accurate.

Re: Comenity and Bill Me later confussion

Anonymous — Wed, 25 Sep 2013 13:56:44 GMT

@navigatethis12 wrote:
There's no law saying a lender has to report anything. However, if they do report, the law says it must be accurate.

that makes sense

Re: Comenity and Bill Me later confusion

Anonymous — Wed, 25 Sep 2013 14:35:46 GMT

There may be no law that they have to, but if they don't, people will simply go to another company that does =)

Re: Comenity and Bill Me later confussion

takeshi74 — Wed, 25 Sep 2013 15:53:24 GMT

@BearsAndTurtlesRtheBest wrote:
Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs

Not at all. BML isn't the only hidden tradeline out there.

Re: Comenity and Bill Me later confussion

Anonymous — Wed, 25 Sep 2013 16:02:40 GMT

@takeshi74 wrote:
@BearsAndTurtlesRtheBest wrote:
Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs
Not at all. BML isn't the only hidden tradeline out there.

theres new egg too, what are some of the others?

Re: Comenity and Bill Me later confussion

shane82388 — Wed, 25 Sep 2013 17:05:34 GMT

@Anonymous wrote:
@takeshi74 wrote:
@BearsAndTurtlesRtheBest wrote:
Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs
Not at all. BML isn't the only hidden tradeline out there.
theres new egg too, what are some of the others?

Newegg IS Bill Me Later.

Re: Comenity and Bill Me later confussion

Anonymous — Wed, 25 Sep 2013 17:34:03 GMT

@shane82388 wrote:
@Anonymous wrote:
@takeshi74 wrote:
@BearsAndTurtlesRtheBest wrote:
Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs
Not at all. BML isn't the only hidden tradeline out there.
theres new egg too, what are some of the others?
Newegg IS Bill Me Later.

oh so if I already have bill me later theres no HP to get new egg?

Re: Comenity and Bill Me later confussion

shane82388 — Wed, 25 Sep 2013 20:35:14 GMT

@Anonymous wrote:
@shane82388 wrote:
@Anonymous wrote:
@takeshi74 wrote:
@BearsAndTurtlesRtheBest wrote:
Sounds great! It was ironic that they needed to hard pull your credit for approval yet they didnt report to CBs
Not at all. BML isn't the only hidden tradeline out there.
theres new egg too, what are some of the others?
Newegg IS Bill Me Later.
oh so if I already have bill me later theres no HP to get new egg?

Its Newegg Preferred "Powered by Bill Me Later" or something...so i dont even know if you'd be able to have both or not...I'm sure someone on here has the answer though!

Re: Comenity and Bill Me later confussion

vagrants — Wed, 25 Sep 2013 22:26:34 GMT

@FinStar wrote:
@Anonymous wrote:
I spoke to someone at the comsumer relations department just now (1-800-303-1368) they claim they will have to report the bill me later accounts due to federal law

I was actually calling regurading an Total Rewards caerd but IO thought I sneak that question in, they seem like at that number they are upper level reps with Comenity
There is Comenity Bank and Comenity Capital Bank - two affiliated entities under the Comenity companies umbrella. Comenity Bank (previously known as WFNNB) is the mainline private label arm which oversees the card programs for Victoria's Secret, Express, J.Crew, Restoration Hardware, Pottery Barn, etc. Comenity Capital Bank (previously WFCB) is the "higher-end" private label arm that oversees card/retail programs such as Barneys New York, Bill Me Later, etc. Usury laws that govern each company is based on the charter where they underwrite each of their private label portoflios.

Didn't know that, thanks!

Re: Comenity and Bill Me later confussion

SunriseEarth — Thu, 26 Sep 2013 00:36:45 GMT

@navigatethis12 wrote:
There's no law saying a lender has to report anything. However, if they do report, the law says it must be accurate.

+1. In fact, that is the whole reasoning behind using GW and PFD letters to improve credit reports.

The advantage of having BML as a hidden TL really is UTIL and possibly AAoA (if your BML is relatively new compared to your other TLs). If you use their 0% financing deals but the balance is very near your CL, the hidden TL won't negatively affect your UTIL.