topic Re: Bill me later. in General Credit Topics

Bill me later.

Anonymous — Tue, 04 Dec 2007 17:45:00 GMT

Anyone know anything about this? I'm seeing this as a payment option on more sites.

1) Do they report to the agencies?
2) What sort of check do they run?
3) When you use it, do they count a hit on your credit every time?
4) Do they offer any sort of limit, or is it bases on each purchase?

Any experience?

TBR

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 17:50:40 GMT

I've seen it a lot this online shopping season. But it scares me to use it. I will not. Something tells me to stay away from it. But that's just me.

Have you entered that in the search box? They were discussed sometime in November.

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 17:57:28 GMT

Looked into it a bit, but don't really understand it yet. It is NOT a credit card, but I don't know how/if it effects credit scoring etc. TBR

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 18:03:10 GMT

I know they do pull your credit report because they pulled mine.

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 18:03:59 GMT

I'm assuming it works similar to PayPal. Which scares me also, considering the fraud that has happened to them.

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 18:48:42 GMT

Bill Me Later goes through Citi Bank and they pulled my Equifax Credit Report and it was a hard inquiry.

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 18:55:54 GMT

There was a article on it in The Baltimore Sun today. The gist was that it was created to give the consumers some peace of mind by not having to provide CC#s online.

They said they request last 4 digits of SS# and do a soft pull to approve.

There was a thread around here about it awhile ago, seem to remember some ppl were not pleased with the service.

http://www.baltimoresun.com/business/

Message Edited by Anderson on 12-04-2007 01:55 PM

Re: Bill me later.

Anonymous — Tue, 04 Dec 2007 19:44:28 GMT

I've been using BillMeLater for about 3 years now. They only did a hard pull for me the 1st time I used it. Every other time I have used it (last time was just a few days ago) they just do a soft pull to make sure that my credit didn't change drastically. Basically if you're approved the 1st time you try to use it, you will be approved for all future transactions unless your scores drop dramatically (say from 700 to 600). It's not exactly a credit account in that it does NOT show up on any of the CRs. And there is no pre-set credit limit, but if you read the explanation BillMeLater gives on their website, they determine how much credit they'll give you when they do a soft pull for each transaction.

This is all from personal experience, and maybe they haven't done any hard pulls (except the initial one) since I use this account a lot, but I thought it might be helpful info for other people.