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@Anonymous wrote:
What are my chances of getting approved for this? I kind of want one...
75.2%
@Anonymous wrote:
@pipeguy wrote:Thanks for the extra info and data points (reporting, etc).
I'm still wondering if 6 months of free float is going to work in the long term, especially with no monthly payments required. I see a bunch of defaults down the line through some fraud, but mainly when life gets in the way and a bunch of folks can't pay their high balances, get hit with 20% APR backdated for 6 months and melt down. Hope I'm wrong, and I'm sure no one on MyFico will be in the group, but still.....
They already do this with PayPal credit which has been around for a long time so I'm sure they're familiar with the risks and default rates. They haven't stopped doing it with PP which has a lot more users (as of now) so I don't think that will be a problem with this card.
I was not aware PayPal offered this financing option - I had the PayPal MC backed by Sync which I ended up canceling because I didn't use it and didn't really see the benefits and sure didn't know it offered 6 months same as cash with no payments. Anyway, I'm sure these guys are a lot smarter than I am and did their homework both for their business plan and their financial backing.
Thanks for the added info Irish !
@pipeguy wrote:
@Anonymous wrote:
@pipeguy wrote:Thanks for the extra info and data points (reporting, etc).
I'm still wondering if 6 months of free float is going to work in the long term, especially with no monthly payments required. I see a bunch of defaults down the line through some fraud, but mainly when life gets in the way and a bunch of folks can't pay their high balances, get hit with 20% APR backdated for 6 months and melt down. Hope I'm wrong, and I'm sure no one on MyFico will be in the group, but still.....
They already do this with PayPal credit which has been around for a long time so I'm sure they're familiar with the risks and default rates. They haven't stopped doing it with PP which has a lot more users (as of now) so I don't think that will be a problem with this card.
I was not aware PayPal offered this financing option - I had the PayPal MC backed by Sync which I ended up canceling because I didn't use it and didn't really see the benefits and sure didn't know it offered 6 months same as cash with no payments. Anyway, I'm sure these guys are a lot smarter than I am and did their homework both for their business plan and their financial backing.
Thanks for the added info Irish !
You're very welcome and it will be interesting to see how this card plays out. They still may run into issues but let's hope not for the sake of those here who applied for this card. The PayPal card by Synchrony probably didn't'/doesn't offer the financing like offered by BlisPay. While they share the name PayPal, two completely different types of credit.
@Anonymous wrote:
@pipeguy wrote:
@Anonymous wrote:
@pipeguy wrote:Thanks for the extra info and data points (reporting, etc).
I'm still wondering if 6 months of free float is going to work in the long term, especially with no monthly payments required. I see a bunch of defaults down the line through some fraud, but mainly when life gets in the way and a bunch of folks can't pay their high balances, get hit with 20% APR backdated for 6 months and melt down. Hope I'm wrong, and I'm sure no one on MyFico will be in the group, but still.....
They already do this with PayPal credit which has been around for a long time so I'm sure they're familiar with the risks and default rates. They haven't stopped doing it with PP which has a lot more users (as of now) so I don't think that will be a problem with this card.
I was not aware PayPal offered this financing option - I had the PayPal MC backed by Sync which I ended up canceling because I didn't use it and didn't really see the benefits and sure didn't know it offered 6 months same as cash with no payments. Anyway, I'm sure these guys are a lot smarter than I am and did their homework both for their business plan and their financial backing.
Thanks for the added info Irish !
You're very welcome and it will be interesting to see how this card plays out. They still may run into issues but let's hope not for the sake of those here who applied for this card. The PayPal card by Synchrony probably didn't'/doesn't offer the financing like offered by BlisPay. While they share the name PayPal, two completely different types of credit.
Blispay has nothing to do with PayPal. The only connection is that the Blispay founders used to work with Bill Me Later and/or PayPal credit.
To clear up some confusion
A - PayPal Credit IS NOT PayPal Extra's MasterCard. It is what proceeded Bill Me Later. The founders of BML are the same folks starting up BP.
B - If they only Report to EX not a total hidden TL, but still not total let down. I'm still banking on a fully hidden TL however, I've never seen a major network (V/MC/Dis/Amex) issuer only report to 1 CRA. It could be a possibility CSR is mistaken between CRA used for decision making and monthly reporting. I would still like solid confirmation from someone who gets a New Account alert. We may have to wait until first statements start cutting before we know for sure if it's Hidden or not.
C - I wouldn't worry about too many defaults tanking BP. Even though the card is popular on MF it's not in the General Public, and they have a high bar for Approval and giving pretty modest SL even on Excellent scores.
D - 6 month free float is applied to each separate purchase at or over 199$. You need to keep up with Promotions expiration date. It gets tricky if you also plan to use this card as an Everyday Card.. IMO I don't think it's best for that... Best way to play BlisPay is to use it strictly as a 6 month free float card as it key feature intends for. When you need or want to float a large purchase pull out BP, but use something else for an Everyday Card.
E - Yes other cards offer 6 12 or 18 0% but they usually require Minimum Payments. And are either Store Only Cards or Targeted to Specific Retailers Only. Blis is a wide open Visa as long as the total Purchase is 199$ or higher you get the 6 months Free Float with NO PAYMENT DUE. No other card on the market like it... Only Paypal Credit/BML comes close and it's not a Visa.
@Blackbeauty212 wrote:To clear up some confusion
A - PayPal Credit IS NOT PayPal Extra's MasterCard. It is what proceeded Bill Me Later. The founders of BML are the same folks starting up BP.
Minor correction, but you have that backwards. Bill Me Later converted into PayPal Credit, not the other way around. BML no longer exists as a company/service/brand.
What kinda scores are required to qualify for Blispay?
@Anonymous wrote:What kinda scores are required to qualify for BlisPay
@ motoleo wrote:
So then what is the credit limit that you get?
I got 7.5k SL with a 745 on EX, and most of my other CL are well north of 10k. BP was my first sub-10K SL in eons, which I'm fine with if the TL is hidden.
From what I read seems like 680 is floor for getting approved and they average the CLs on your established TLs to determine your limit. 12k is the highest SL I've seen so far, and that person had well over 800 score...
So BlisPay while pretty liberal on the benefits of the card, is VERY conservative UW guidelines. It does make perfect sense considering they're a startup.