@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.
