Is Blispay too good to be true????

[longtimelurker]

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@DonDraper wrote:

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@SOGGIE wrote:
This is an interesting thread. The study of consumers who have scores higher than 810 is interesting as well. My scores are higher than 810 and I can attest to the fact creditors do not generate big bucks from me as I am not a big spender and I always PIF.

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There's a reason they internally call us "deadbeats." 

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I assume though it is more than just high score.  I (currently) have 850s and while I certainly don't pay interest, I do put several thousands of dollars through credit cards each month (and not all 5%) so they are making some money from swipe fees.

[Blackbeauty212]

my guess for getting denied with 800+ score would be

- Recent Open New Accounts (How many accounts are New) 

- How many Open Credit Lines 

- How much Available Credit 

- How many Lines are carrying Balances (None could be the problem, like others stated No Balances is a signal you wont generate income for Blispay).

I could see how these factores would "Scare" a start up such as Blispay. 

[Anonymous]

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@longtimelurker wrote:

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I assume though it is more than just high score.  I (currently) have 850s and while I certainly don't pay interest, I do put several thousands of dollars through credit cards each month (and not all 5%) so they are making some money from swipe fees.

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True, but you also have to figure in the 2% CB on that.  While I'm sure they appreciate the swipes and dollars flowing through with transactions, I would think they would prefer people to not take full advantage of paying off the 6 months no interest purchases and scooping up some interest as well.  Who knows where their head is at, though.

[Anonymous]

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@Blackbeauty212 wrote:

my guess for getting denied with 800+ score would be

- Recent Open New Accounts (How many accounts are New) 

- How many Open Credit Lines 

- How much Available Credit 

- How many Lines are carrying Balances (None could be the problem, like others stated No Balances is a signal you wont generate income for Blispay).

I could see how these factores would "Scare" a start up such as Blispay. 

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Could be part of it.  I don't have 800's; just a 734 EX but I had 0 new accounts (0 inquiries), 2 open revolvers and only $13,600 in total available credit with 5% utilization.

[credit_endurance]

I just apped this morning and was approved for $5,000 instanly. My EX scores was my strongest of the 3. At the time I apped it was around 715, 11 inquires in the last 12 months, 6 in the last 6 months, utilzation was around 2-3 percent, At least 3 cards reporting balances, althiough nothing very high. Several newly opened accounts in the last 6 months so Im just not sure what their true criteria is for approval. Best of luck to all apping.

[Anonymous]

Congrats on the approval!  Still seeing lots of instant approvals despite some not getting an answer either way.

[SOGGIE]

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@DonDraper wrote:

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@SOGGIE wrote:
This is an interesting thread. The study of consumers who have scores higher than 810 is interesting as well. My scores are higher than 810 and I can attest to the fact creditors do not generate big bucks from me as I am not a big spender and I always PIF.

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There's a reason they internally call us "deadbeats." 

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#ProudDeadbeat

[Anonymous]

I forgot to post yesterday, but when I called yesterday morning to follow up on my app (as I was instructed to do on Monday) I was told it was still being reviewed and that the review process usually takes 7-10 business days.  I felt like saying "what about the 5-10 people that I know have received instant approvals in the last week?" but I didn't want to get into it.  It's not her fault.  I kindly thanked the lady and hung up.

[galahad15]

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@credit_endurance wrote:

I just apped this morning and was approved for $5,000 instanly. My EX scores was my strongest of the 3. At the time I apped it was around 715, 11 inquires in the last 12 months, 6 in the last 6 months, utilzation was around 2-3 percent, At least 3 cards reporting balances, althiough nothing very high. Several newly opened accounts in the last 6 months so Im just not sure what their true criteria is for approval. Best of luck to all apping.

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Congrats! 

[Anonymous]

Following up...I received the denial letter in the mail today. They did pull my EX, which they reported as 815...but the reason they gave for the denial was ""excessive obligations in relation to income". Now this can only mean one of two things - either there was a typo in my income; or their system misidentified one of my obligations/debts as a monthly expense. One of my Amex cards has a "pay-over-time" feature, and there is a carried-over balance on that card of several thousand, which I pay a minumum monthly payment on. Perhaps they are seeing the entire balance as a monthly expense since this card is normally a PIF charge card. Aside from that, I'm at a loss. I will call them on Tuesday to see if they will discuss this with me and provide some clarity. What's the chance they reverse their decision?