Paypal smart connect

[Anonymous]

I just got accepted for 1500 credit limit. so i have some questions

Do i get a physical credit card?

Does this help me to increase my credit scoer?

I applied for 4 credit cards recently is it good or bad?

and do i loose credit score if i check it so many times?

here is my credit thingi

Payment history

Your history of paying bills on time. >>>>> Great

Amount of debt

Your total amount of outstanding debt.>>>>>>>>Very Good

Length of credit history

How long you've had credit.>>>>>>>>>>BAD

Amount of new credit

Amount of credit you've recently obtained or applied for.>>>>>>>>>Good

I am new to all this stuff and my credit score for EQ is 709 and I really want more credit cards so I can revolve them because i am paying 600-1000 from only one card that I have right now where i am secondary card holder.

Plus I am waiting for three of my credit cards to receive approval. if someone can advice me it would be great

[JayRizzo]

I'm pretty sure that you just kissed your 700 score goodbye temporarily by applying for 4 revolving accounts within a short period of time recently, especially with each hard inquiry.  For each approved account, it will take a minimum of 6 months to earn its keep and report a positive history.

You never loose points for checking your credit report or score. 

Again, be careful about applying too much... some banks will actually close your accounts if they see you're aggressively seeking new credit.  It happened to most of us already which takes a big hit to your credit score having a recently closed account... you lose your available credit and some must quickly pay off their balance on the closed account.  Just take it slow.

[Wolf3]

The paypal smart connect can only be used to buy things with Paypal.  You do not get a card.  It does report so it will build credit history.  

Credit builidng takes time.   I suggest you figure out what CC you want in the future, and slowly add them.  Don't be adding CC that you don't want just because you think you can get them.

[Breakthecycle2]

If you get a paypal debit card and connect the two, you can use your debit card with your smart connect as payment.

[Anonymous]

Correct, if you apply for their debit card u attach the smart connect line of credit as a backup method of payment if there is nonsufficient funds in your account. I was thinking the account was useless until I figured this out for myself. They do report as well

[Wolf3]

Hopefully, as my credit improves, I can convert to the Paypal MC.

[Creditaddict]

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@Wolf3 wrote:

Hopefully, as my credit improves, I can convert to the Paypal MC.

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I have never heard of converting, it's kind of like the "B Plan" for Best Buy Store Card!

[jaysdad2k]

You do get a card. It's cardboard, but it does have your full account number on it. Be sure and hold onto it, because your full account number is hidden everywhere, even on your statements. If you ever call in, you need that number.

I got mine in 2007 when my credit was very poor, and they gave me this with a $300 CL, instead of the PayPal MasterCard. Over the years I have nursed it up to a $1,950 CL. It also seems to report as a store card, which some people claim enhances one's credit mix. I don't have any other pure store cards.

It's not very glamorous but it does report as GEMB, and it does build your credit.

[User273165]

It counts on your credit history.  Do not screw up and miss payments or anything.  They are notorious for reporting every little thing and making it very difficult to get anything removed. 

[sewmuchdebt]

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@Anonymous wrote:

I just got accepted for 1500 credit limit. so i have some questions

Do i get a physical credit card?

Does this help me to increase my credit scoer?

I applied for 4 credit cards recently is it good or bad?

and do i loose credit score if i check it so many times?

here is my credit thingi

Payment history

Your history of paying bills on time. >>>>> Great

Amount of debt

Your total amount of outstanding debt.>>>>>>>>Very Good

Length of credit history

How long you've had credit.>>>>>>>>>>BAD

Amount of new credit

Amount of credit you've recently obtained or applied for.>>>>>>>>>Good

I am new to all this stuff and my credit score for EQ is 709 and I really want more credit cards so I can revolve them because i am paying 600-1000 from only one card that I have right now where i am secondary card holder.

Plus I am waiting for three of my credit cards to receive approval. if someone can advice me it would be great

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you will get a card that is not usable in stores but it will have your account number on it. account is good for online purchases where paypal is accepted. backed by gecrb and does report to credit bureaus (all 3) paypal has a new thing where you can set it up to use paypal directly at some stores (home depot, hollister, etc) if you apply for the paypal debit card, you can use your smart connect as backup funding for it, then you can use it anywhere mastercard is accepted. just remember to use it as a credit card instead of putting in your debit pin at checkout!