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I just received a letter that says as of August 29, 2013, WeBank will no longer be the lender for Bill Me Later. It says that Comenity isn't changing APRs or fees, but hopefully this doesn't mean that Comenity will choose to report the account to credit bureaus.
Oh no I wonder if that does mean they will report soon
http://phx.corporate-ir.net/phoenix.zhtml?c=120991&p=irol-newsArticle_Print&ID=1844917&highlight=
Comenity does report all of their other accounts, I don't see how this would be different. This is probably bad news. I don't currently have a balance on BML, but there would be no point in using it anymore if it reports. I would get better rewards benefit from my credit cards.
@Vikz27 wrote:
Oh oh... Might have to pay the balance right before the September statement then. I still have not received the email with that info
Mine was an actual letter through the postal system.
@DaveSignal wrote:Comenity does report all of their other accounts, I don't see how this would be different. This is probably bad news. I don't currently have a balance on BML, but there would be no point in using it anymore if it reports. I would get better rewards benefit from my credit cards.
Completely agreed with this. It did say that Bill Me Later will continue to service the account, so maybe that means they will just use Comenity's money and keep their own policies. The limit is only 801, so I don't really want to take a hit for that.
Craaaaaaaaappppppppp
Welp! Time to BT to pay that off ASAP and close. I was going to do it soon anyway, but the time table has just moved up. I only used it to get the random 0% financing here and there or if I didn't want to pay for something on sale right away. I regularly went to 90% or so on that little $500 line, but didn't care since it didn't report.
Funny... (yes, I'm reminiscing) I had BML before I had my first credit card post-BK. I was running an online business at the time when Paypal offered it to me one day. I thought it was a joke, but it was legit. After I closed the biz, I opened a new Paypal account with no money in it and tied the BML account to it.
I just got off the phone with Bill Me Later support. I asked the CSR about this change and she put me on hold to verify with a supervisor. The word is that BML is switching to Comenity bank but WILL NOT be reporting to the credit bureaus and all other BML practices will indeed remain the same. BML is still an invisible tradeline.
@DaveSignal wrote:I just got off the phone with Bill Me Later support. I asked the CSR about this change and she put me on hold to verify with a supervisor. The word is that BML is switching to Comenity bank but WILL NOT be reporting to the credit bureaus and all other BML practices will indeed remain the same. BML is still an invisible tradeline.
Sweeeet. I was going to pay it off in consolidation, but seeing as it is invisible, decided to delete more of my visible utilization. Was hoping I would not have to change tactics.