Home Buying in 34677>Question Details

dubltrubl13, Home Buyer in 34677

When beginning the pre-approval process for a home loan, do they also look to see if you have a Bill Me Later account?

Asked by dubltrubl13, 34677 Fri Oct 4, 2013

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Hello!

"Bill me Later" is a service that lets you buy now and pay later. It is a credit line offered by Comenity Capital Bank with min. purchase and payments requirements.

If a minimum payment is not received by your payment due date you will be charged a late fee in the amount of the missed payment up to $25 the first time you are late.

To answer your question ….. yes, Comenity Capital Bank shares your personal information with Credit bureaus and collection agencies to report account information, as permitted by law.

The reason for not showing on your credit report could be, that you just recently got approved for this credit line. Did you make any purchase yet? Did you already make any payments?

Please feel free to contact me with any questions regarding a Mortgage Loan pre-approval you have at your earliest convenience.

Best Regards,
Beate Rodriguez
Lic. Mortgage Specialist

BeateRodriguez@gmail.com
954.695.4849
1 vote Thank Flag Link Fri Oct 4, 2013
I've had the Bill Me Later account for roughly 8 months now and have bought items with it over the past few months. It hasn't shown up on my credit report yet, and from what I've been reading around the internet, Bill Me Later doesn't report to the credit bureaus. So that's why I'm wondering if they will still look for it.
Flag Fri Oct 4, 2013
Dubltrubl13,

When you are going for a pre-approval it is also for your benefit to make sure you can comfortably afford the cost of purchasing a new home. When you are applying they will ask you about monthly expenses you currently have, to compute your income to debt ratio. I usually tell buyers to have the lender estimate taxes, insurance and possible HOA fees into the pre-approval price, so that you have a good idea of what monthly payment you can afford and how much mortgage money that will buy you.

Many lenders used to do "stated income" -they put down what ever the buyer said, without verifying it, to make sure the Buyer got approved. Many of these are the homes that are now in "foreclosure" or attempting to do a "short sale", because they got in over their head. Be honest and discuss it with the mortgage broker you are working with, you don't want to end up with a home you cannot afford.

If you need the names of some mortgage people to speak with let me know and I would be glad to give you a few local people you can speak with. I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
1 vote Thank Flag Link Fri Oct 4, 2013
If it's something that's going to show up on your credit report, then yes.
1 vote Thank Flag Link Fri Oct 4, 2013
If this is credit and they report it to one or all of the credit bureaus, then yes.

You can obtain a free copy of your credit report once a year from all 3 of the major credit bureaus. So you may want to do this if you are curious and want to see what is on there.
0 votes Thank Flag Link Fri Oct 4, 2013
Bill Me Later does not show up on credit reports. I also just checked my free annual credit reports, and it is not showing up.

So since it isn't on my credit report, does this mean they won't ask me about it? I have a $900 balance on the Bill Me Later account, and I just want to make sure that it doesn't affect my chances of getting a pre-approval.

Thank you for your replies.
Flag Fri Oct 4, 2013
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