Williampaid - building credit through paying rent?

Discussion in 'General Discussion | Miles/Points' started by tulane09, Aug 19, 2013.  |  Print Topic

  1. tulane09

    tulane09 Silver Member

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    Has anyone else ever used http://www.williampaid.com/how-it-works ? I just read about it, apparently they pay your rent for you and report it to Experian. It's free for direct debit from your bank (which is what I do currently). Also says 2.95% if you wanted to use a credit card, not ideal but less than what my rental company would charge for a credit card payment. You could also use it to top off minimum spend on a bonus.

    I'm looking at signing up just for the direct debit, no reason not to get credit for paying a hefty rent bill. Anyone know of any cons or anything specific to the site?
     
  2. gconnery

    gconnery Silver Member

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    I've done it to hit a bonus spend in the past. Since Bluebird appeared I haven't needed to. Obviously the fees are such that you really don't want to use this if you can avoid it. But it worked.
     
  3. tulane09

    tulane09 Silver Member

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    Agreed. I was more interested in the direct debit for rent which is free. To start reporting that to Experian. Just want to see if anyone has had positive/negative experience with williampaid before I sign up.
     
  4. MX

    MX Gold Member

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    I'm not very clear how the extra information you provide to Experian will be used, so it's by no means guaranteed to help your credit score. It's possible that Experian will consider your obligation due to the yearly lease as a big chunk of debt, with no available credit to go with it. Initially that would have a depressing effect on your credit worthiness, and should be a "con".
    The "pro's" of regular timely payments may be important to someone with no or limited credit history. But if you already have an extensive credit history, I'm not convinced that your extra payments will make much difference.
     
  5. firstglobal

    firstglobal Silver Member

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    I signed up for this a couple of years ago when they first started - the one thing I did *not* expect is that after a couple months they started charging me a monthly fee just for being a "member" of their site. It was also unacceptably difficult to cancel (there was no way to do so online, and IIRC took more than one phone call).

    I didn't argue about the small cost because that's what I get for not reading the fine print - but I'd pay special attention to the exact terms if I were you.
     
  6. Max M

    Max M Gold Member

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    We've been using WilliamPaid for 3 months now, but haven't utilized the credit score builder, but probably will.

    Our landlord recently stopped taking credit card for rent, but even when they did take credit card, our landlord's fees creditcard fees were higher than what WilliamPaid currently charges for fees.

    I'll be sure to watch out to see if we get charged the monthly fee that firstglobal was charged. For the 3 payments I've made so far, I've seen no such fees being charged to our credit card.

    We've been very satisifed with WilliamPaid, just be careful to give enough time to make sure your landlord receives your rent payment on time.

    Chalk us up as satisifed customers of WilliamPaid.
     
  7. tulane09

    tulane09 Silver Member

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    This is precisely my concern. Seems possible negatives may out way the positives or reporting to Experian. Even with never having missed a rent payment.
     
    MX likes this.
  8. WhiteDesert

    WhiteDesert Silver Member

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    Here too. I started with them during my last churn (September 2012) and after rotating through the minimum spends of three cards, have been using them to build a base of Starpoints since. Because of the fees, I see this as a temporary thing, and will likely stop using them after my next churn (which I predict will be at the end of this month). But it's been a nice ride.
     
  9. servo

    servo Silver Member

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    Also had no problems with WP when I was using it. However, as others have said, since Bluebird and other Billpay prepaid cards out there came to the forefront, I haven't touched WP. I don't think it's worth it if you already have a good credit score. It's "building credit" for people who are new to credit that I think is the key market for WP with that product.
     

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