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People spending over the CL on Blispay?

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Anonymous
Not applicable

Re: People spending over the CL on Blispay?

for someone that doesn't trust banks, you sure gave a lot of em your SSN and access to your credit reports judging by your sig...  I don't mind banks, they don’t report to the IRS too much info, they will just roll over when the IRS comes to them... but I run a legit operation and keep meticulous records and am well organized.  So go ahead, audit me... what is that?  this isn't a deduction?  well here is my receipts for food/bev I never count and the receipts for car maint I don't report... or any of the other stuff I don't report on purpose just so I have a safety card incase i mess my taxes up.   ill dig them out for the last 5 years.  should cover it.  I'll just file the paperwork to adjust the last 5 years of my taxes... Guess you will have to go through those also since they now become pertinent to this years Audit.  Here is the 10 tubs of filed paperwork fo that, just give me a call when your done.

 

 

I literally don't make enough money from my business for a serious audit to be with the man hours in incorrectly filed taxes... it would prolly get an auditor fired if they did that much work to check my taxes.  after all I only need to give them the receipts,  they gotta figure the rest out and check the work I gave them from a very summarized report using excel.  they want to know what was bought or sold for each receipt, they gotta find it/dig it out then try to determine if it is a legit expense or not.  I have thousands of receipts every year possibly 10s of thousands.

Message 11 of 21
SouthJamaica
Mega Contributor

Re: People spending over the CL on Blispay?


@Anonymous wrote:

for someone that doesn't trust banks, you sure gave a lot of em your SSN and access to your credit reports judging by your sig...  I don't mind banks, they don’t report to the IRS too much info, they will just roll over when the IRS comes to them... but I run a legit operation and keep meticulous records and am well organized.  So go ahead, audit me... what is that?  this isn't a deduction?  well here is my receipts for food/bev I never count and the receipts for car maint I don't report... or any of the other stuff I don't report on purpose just so I have a safety card incase i mess my taxes up.   ill dig them out for the last 5 years.  should cover it.  I'll just file the paperwork to adjust the last 5 years of my taxes... Guess you will have to go through those also since they now become pertinent to this years Audit.  Here is the 10 tubs of filed paperwork fo that, just give me a call when your done.

 

 

I literally don't make enough money from my business for a serious audit to be with the man hours in incorrectly filed taxes... it would prolly get an auditor fired if they did that much work to check my taxes.  after all I only need to give them the receipts,  they gotta figure the rest out and check the work I gave them from a very summarized report using excel.  they want to know what was bought or sold for each receipt, they gotta find it/dig it out then try to determine if it is a legit expense or not.  I have thousands of receipts every year possibly 10s of thousands.


I trust them to keep my data secure.

 

I don't trust them to cut me any slack if i ever get behind with them or make a mistake or have a problem.

 

Which is why i diversify.

 

And why I never go anywhere near a credit limit or a time limit.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 12 of 21
UncleB
Credit Mentor

Re: People spending over the CL on Blispay?

Back to the original topic, I have a feeling that if anybody were to try to go over their limit with Blispay it would simply decline.  They are really small, and the card isn't marketed as a 'Signature', anyway (which can still have a hard-limit depending on the issuer). 

 

Also, to stress how small Blispay is check this out from the Google Play store:

 

blispaygoogle.png

 

Until just a few days ago they hadn't even passed 1000 downloads, so the number of downloads for Android is much closer to 1000 than 5000. 

 

Even if you take into account that this only represents Android users it's still a very small number of downloads for a national credit product that requires (or strongly encourages) you to use their app to access the account.

 

I still welcome the data point if someone wants to give it a try, though.  I just wouldn't personally recommend it, nor will I be trying it. Smiley Wink

Message 13 of 21
Anonymous
Not applicable

Re: People spending over the CL on Blispay?

They have an app?  Mind blown... Why don't they tell you they have an app...

 

anyway, as of 11/12/16 I am pretty sure they had about 19,000 members based on the card number my girlfriend got unless they skip numbers or something... but that seems like too much trouble to do for a CC company

Message 14 of 21
happypill
Valued Contributor

Re: People spending over the CL on Blispay?


@Anonymous wrote:

hmmm do you own a small business?  I used to think that till I owned a small business because sometimes I don't really get a choice, I have to spend money to make money...  I don't think your util matters to your bank for existing cards unless they either 1) this bank cares that you go over your CL, which AMEX does not care and I have on numerous occasions been encouraged to go over it by them.  2) you dont pay your balances in full.  

 

but when applying for new credit they probably do care.

 

 

Case and point, I was 2k over a 5k credit line and called in to ask them to make a payment.  the agent asked why would I do that, I already paid last month's balance in full, told him I needed to make a 1.2k purchase, he ran the tool and said dont worry about it your good... I still made the payment... but amex seems to be ok with me being at 160% of my CL...  Would not suggest someone else try it tho as I have a very good and long history with them


Regarding the statement quoted in bold, it's very common for lenders to take AA and balance chase people because of high util so your speculation is incorrect.  Other than actually missing a payment, high util is the biggest indicator that someone is in a precarious financial situation (not saying OP is, just that it is a leading indicator).  No surprise that utilization is the 2nd biggest factor in FICO scoring, just after payment history.  In fact, after payment history and util, all other factors are minor and unless something is a real outlier, won't swing your score much at all.

Message 15 of 21
Anonymous
Not applicable

Re: People spending over the CL on Blispay?

Hmm I can beleive this, but by missing a payment, dont you mean having a collection?  No bank will report it to the bureaus for missing a single payment, most won't do it if you miss 2 consecutive payments.  I am in a pertty odd situation financially if i do say so myself, where i actually spend less because my lines are lower and I find my self having to pay my cards off what seems like all the friggin time, if they were higher i would actually spend more than I do now as i would have more time on my hands to do work..  But most the stuff I buy is with other people's money technically.  I would assume most people when they buy stuff with a CC, they are buying stuff to keep and thats about it... so spending tons of money isn't a good idea.. as where I buy equipment for others and also sell stuff that can eat a ton of money quickly.

Message 16 of 21
Creditplz
Valued Contributor

Re: People spending over the CL on Blispay?

Blispay will not let you spend over your CL... I've tried and it was declined, made a payment but it took 3-5 days to clear and CL to be cleared up
Message 17 of 21
happypill
Valued Contributor

Re: People spending over the CL on Blispay?


@Anonymous wrote:

Hmm I can beleive this, but by missing a payment, dont you mean having a collection?  No bank will report it to the bureaus for missing a single payment, most won't do it if you miss 2 consecutive payments.  I am in a pertty odd situation financially if i do say so myself, where i actually spend less because my lines are lower and I find my self having to pay my cards off what seems like all the friggin time, if they were higher i would actually spend more than I do now as i would have more time on my hands to do work..  But most the stuff I buy is with other people's money technically.  I would assume most people when they buy stuff with a CC, they are buying stuff to keep and thats about it... so spending tons of money isn't a good idea.. as where I buy equipment for others and also sell stuff that can eat a ton of money quickly.


 

Well, standard is for lenders to report to credit agencies at 30/60/90/120 days late.  Any of those will impact your credit long before something goes into collections.  I think you may be talking about the fact that lenders don't report immediately when you miss a payment, but rather will do so at 30 days late (although your internal score with them could take a hit even if nothing is reported).  In terms of credit scoring, Payment History is the biggest factor, including lates & collections with varying impact.

 

It's no secret that cash flow is a key element of many businesses, and especially small businesses.  There are a lot of different ways to finance a business, but if you're going to use cards, then a charge card with NPSL might make the most sense.  Amex has long held their place in the business world with their carge cards where theoretically they will grow your spending power with your business.  Personally, I didn't find this to be the case, but some sort of NPSL seems to be what you're looking for.

Message 18 of 21
Anonymous
Not applicable

Re: People spending over the CL on Blispay?

a tip for making payments with Blispay is to pull it from a chase account and it will pull next day if not same day and post the following day.

 

NPLS = No Prdetermined Spending Limit???

 

You do realize that in 2017 you will have about 21 days to pay your charge cards off without fees right?  The pay buy date will be enforced or a late fee will charged.  I am not about to make my life more difficult by paying stuff earlier than before...

Message 19 of 21
Anonymous
Not applicable

Re: People spending over the CL on Blispay?

"I trust them to keep my data secure."

 

Btw I wouldn't trust them to keep your data secure unless it is a big bank.  loca CU's and Small Town Banks can be really bad at this.  I was reading a how to on how to search for people's account numbers and personal information via Google.  There is some kind of a common formatting that everything a bank records is stored, and a significant amount of banks did not properly protect themselves from googles creepy crawlers that find anything and everything that is internet.  So basically all you have to do is use the prefixing that is used in a google search and you will get page after page of people's account info...  Bank Account numbers, Names, Addresses, Personal info... just about everyhting is on there if you know how to format the prefixes properly to get the criteria you want.  If I find the article I will post it up, but it is some pretty creepy stuff. 

Message 20 of 21
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