StepPay Does Credit Check - Stay Away for The Love of Your Credit Score

anamul on 09/09/2021 - 22:51

I was getting notifications from the CommBank app to try StepPay and I was like lets see how it is. It took few taps to apply and I was approved.
I assumed it's like AfterPay so no credit check but surprise surprise to my dumb fkery, they do credit checks and I had to learn hard way. I would have never applied if I knew so sharing my thoughts if it helps anyone.
https://www.commbank.com.au/banking/buy-now-pay-later/steppa…

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Comments

  • Mechz on 09/09/2021 - 23:02
    +3

    You assumed but was it in the T&C you agreed to before clicking APPLY?

    • anamul on 09/09/2021 - 23:05
      +1

      I know and I've found it AFTER I saw the credit got hurt. I thought it's part of my CommBank account. I assumed it's like AfterPay thus sharing with others, not to be a fool like me.

  • USER DC on 09/09/2021 - 23:07
    +3

    I bloody hate combank honestly, would not buy or take anything Combank is promoting honestly.

    • anamul on 09/09/2021 - 23:18

      They sent a promotional email about LittleBirdie a few days ago. That felt cheap to me from CBA

      • USER DC on 09/09/2021 - 23:24
        +1

        Yeah littleBirdie has nothing really ( at least not in my benefit ) its only like those useless coupon deal company mostly, otherwise had some great deals that were like unobtainable (i mean like free dominos pizza's).

        I applied for their CC, gave them the universe of information, still keep saying Information not clear, or something along those lines BS ( ON DOWNLOADED PDFs, NOT SCANNED OR PHOTO). and keep asking same information again and again. I Feel HSBC Debit Card give me a better return, (NO HEADACHE and time wasting at the very least), Otherwise use ING for everyday non-instore banking, (because of FASTER WAY FASTER CALL TIME RESPONSE, AND 24/7)

    • vinni9284 on 10/09/2021 - 10:59

      This +1

  • mbck on 09/09/2021 - 23:10

    Yeah it's in the tnc. Same with zip. Not with afterpay, that's true.

    • USER DC on 09/09/2021 - 23:25
      +1

      At least with Zip you get good rewards everynow and then, though. Afterpay is crap, False referral advertisements etc.

    • kyle on 10/09/2021 - 05:44

      That's strange. My credit score didn't change after I got zip.

  • tsunamisurfer on 09/09/2021 - 23:39

    So what its ONE credit check.

    Just how many of those are you doing annually that one would be a concern??

    • garetz on 09/09/2021 - 23:56
      +1

      One credit check can make a huge difference if you aren't expecting one.

    • mini2 on 10/09/2021 - 08:39
      +1

      If OP is in the market for a mortgage then these BNPL type credit checks don't look good.

      • anamul on 10/09/2021 - 08:46

        Actually I am. Besides, I have had 2 from ANZ (from 1 credit card application, ANZ is crap), 1 from EnergyAusralia, and now this.

  • AndyRates on 10/09/2021 - 06:42

    Does PayPal pay in 4 do credit check for each purchase?

    • anamul on 10/09/2021 - 08:47

      I don't think so. They didn't do for me.

  • vinni9284 on 10/09/2021 - 08:22

    IMO commbank are crap. Thank god I left over a decade ago. My close friends wait over an hour on the phone to talk to their customer service … whilst reaping $8B+ profit.

    • anamul on 10/09/2021 - 08:48

      I think my longest wait time was close to 2 hours… I probably have a screenshot as well.

      • vinni9284 on 10/09/2021 - 09:22

        .. you know what to do.. Depending on your financial circumstances. They've become like utilities, no loyalty and easy to switch

        • anamul on 10/09/2021 - 10:39

          I am a heavy CommSec user but I've been thinking of switching

          • vinni9284 on 10/09/2021 - 10:51
            +1

            @anamul: Do yourself a favour and switch. You won't look back.
            I can remember when I was banking with them, I had a respectable deposit for a house and left it in their fixed term deposit account. When it matured, I did the usual and tried to negotiate a better interest rate so they can keep me as a customer and they wouldn't budge. No problem, however ANZ had a better interest rate at the time and when I told them, they said "it's only $50" you'll save from them. That was my catalyst to move; plus my mum got shafted from their financial planning issue they had back in 2008. Would they have that mindset of losing $50 and then suck it up?
            Keep waiting 10 hours to talk to someone.. chat bots.. DIY whilst they keep reaping their rewards/bonuses etc by you running around for them; pay your fees .. I only wait less than 10mins with Westpac. They all have their downsides but Commbank is the worst.

          • kipps on 10/09/2021 - 16:13

            @anamul: CommSec is one of the best brokers around. I switched to SelfWealth and I’m likely going back. Their interface just can’t be beat TBH.

            • anamul on 10/09/2021 - 16:23

              @kipps: Exactly. Then there is the sweetest T+2 on CommSec
              I have opened SW but closed that account and moved to Superhero instead.

  • pegaxs on 10/09/2021 - 11:32

    Easy fix. Don't use "buy now, pay later" services…

  • El-Rhi on 11/09/2021 - 12:21

    How much did your score go down from the enquiry and at which bureau?

    • anamul on 11/09/2021 - 13:49

      Lost 38 points, experian, 94 at equifax

  • UA154 on 12/09/2021 - 12:34

    Would you close your StepPay account?

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