topic Re: A WORD ABOUT PAYPAL CREDIT in Credit Card Applications

A WORD ABOUT PAYPAL CREDIT

Anonymous — Tue, 11 Apr 2017 20:02:24 GMT

Hello all! I just wanted to give a little insight on PAYPAL Credit before you apply.

1. The line is issued through COMENITY BANK. They pull your EQ AND EX, as far as I could tell.

2. They usually give $1000+ limits starting out.

3. YOU NEED TO HAVE AN ACTIVE PAYPAL ACCOUNT FOR AT LEAST 30 DAYS! I opened an account, and just applied for the card. I got approved for $2250 instantly. I couldn't use it for 3 WEEKS because, according to the rep, I hadn't made any purchases using the Paypal account with my linked card or bank account, and they wanted to see some transactions. She then went on to try a "trick" they use when customers can't utilize their PayPal Credit account. She tried to override the security clearance, but to no avail. She advised me to wait 3 MORE WEEKS and try again...Strange right? Well...

4. THREE WEEKS LATER, I COULD USE MY LINE OF CREDIT! I took her advise and started out small with $50-$75 purchases, and then progressed to larger ones.

5. THIS LINE DOES NOT SHOW UP ON YOUR CREDIT REPORT! ONLY THE INQUIRIES WILL!

6. The line can decline for any reason...They tend to favor Ebay, of course, but will decline at merchants that clearly accept it. The rep stated that the security measures in place can decline a purchase for ANY REASON.

7. READ THE FINE PRINT ON THE INTEREST FREE OFFERS! They have a tendency to say one thing, and mean another...

8. YOU CANNOT USE THIS LINE IN BRICK AND MORTAR LOCATIONS! ONLY ONLINE!

9. You can only use the SEND MONEY feature if you are making a purchase from a merchant that has sent an invoice...

10. YOU CANNOT BUY DIGITAL GOODS, LIKE GIFT CARDS, WITH THIS LINE. Although this is a "virtual credit card," you still can't buy gift cards with it online...Which leads me to the last note...]

11. THEY DO NOT ISSUE PLASTIC CARDS FOR THIS LINE-IT IS VIRTUAL AND CAN ONLY BE USED ONLINE!

I hope this helps!

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Tue, 11 Apr 2017 20:11:00 GMT

Excellent information. One minor note: you can buy giftcards... through eBay. Not that they have great ones all the time, but I grabbed a little Lucille's BBQ action last month through eBay on PPcredit.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Tue, 11 Apr 2017 21:37:30 GMT

Thanks for that information! I thought it was crazy though that you cannot use a VIRTUAL CREDIT CARD to purchase a VIRTUAL GIFT CERTIFICATE...Go figure!!! Lol!

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 03:23:52 GMT

It's not paypal but the way that certain cards work. There are gift cards that are treated like credit cards because the issuing companies "loan" the backing funds for the cards, banking on non-usage or value degradation. As such, some places won't allow even credit cards used in person to purchase gift cards. It's like using a credit card to pay a credit card bill, technically speaking. MOST cards aren't like this but apparently PayPal doesn't want to mess with keeping track of who's funding their own cards and who's borrowing against them.

Bottom line: Paypal credit rocks as a hidden tradeline, especially for those who use eBay often. Buying a home gym soon through eBay/PayPal so I don't hurt my utilization while paying it off.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 12:45:03 GMT

I also recently got Paypal credit. I applied through the Best Buy shopping cart. I put a $1500 TV in my cart and went through the motions of applying for PayPal Credit. I didn't really want the TV but I wanted to see if having something expensive in my cart helped get a higher limit. I was approved for $2650. I didn't complete the order from BB and had a fresh PP Credit line with $2650 available immediately (I've had a PP account for many years). I actually used it to pay my income taxes and got 6 months interest free!

So far I love it! and I love that it's a hidden tradeline

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 16:21:06 GMT

Hmmmmm...so is Paypal Credit part of the infamous SCT? I've been drawing a blank repeatedly on Overstock when I test them...

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 16:35:45 GMT

No I believe PP Credit is Synchrony. It is a HP when you apply but the tradeline doesn't show up on your credit report.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 16:38:41 GMT

@Anonymous wrote:
No I believe PP Credit is Synchrony. It is a HP when you apply but the tradeline doesn't show up on your credit report.

No, PP Credit is thru Comenity. Synchrony has PP MasterCard

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 16:55:39 GMT

PayPal credit does not work with the SCT. Since it's accepted in so many online stores, they allow you to app through the store's portal at checkout. No difference in apping directly on the site (full info, HP even though they only ask for last four of social, etc) but as scskinsfan11 pointed out, they will take your cart into consideration when deciding a limit. This is also how you "apply" for a CLI -- add something to your cart that's over your limit and give it a whirl.

VERY IMPORTANT NOTE: If you do this on eBay with multiple items, they will partition the order if you're not approved. Let's say your limit is $500. You to to eBay and add three items that are $200 each for a total of $600. If you're not approved for the CLI, they will order the first two items on your list and deny the third, so you do get charged $400. If, on the other hand, you plug in a single $600 item, they will either approve the transaction by giving you a CLI or they'll decline. No harm and no HP for these increases (that I've seen, YMMV).

This "trick" works for other Comenity accounts and likely other banks as well. Had a Wayfair card with a $500 limit. Added two items totalling $1400 in my cart. The order went through. Checked my account and it showed a credit limit of $3000. This was the same day I pushed the luv button and got the 7-10 day message (my fifth failed attempt in 4 months).

I am NOT recommending this "trick" as Comenity is so sketchy with AAs.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 17:01:41 GMT

yep... I stand corrected. PP Credit is Comenity. sorry about that

Re: A WORD ABOUT PAYPAL CREDIT

DaveInAZ — Wed, 12 Apr 2017 17:49:57 GMT

@Anonymous wrote:
@Anonymous wrote:
No I believe PP Credit is Synchrony. It is a HP when you apply but the tradeline doesn't show up on your credit report.
No, PP Credit is thru Comenity. Synchrony has PP MasterCard

Yes, and if you have a Commenity PP Credit they won't let you app for the Synch PP Mastercard, I've tried. But that's OK, my PP Credit has a CL of $4k, I've had for 10 years, and with $11k between Walmart & Lowes store cards i have enough Synchrony.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 17:26:30 GMT

@Anonymous wrote:
yep... I stand corrected. PP Credit is Comenity. sorry about that

No biggie and if your user names means you are a Washington Redskins fan then you're good to go in my book

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 17:26:33 GMT

@Anonymous wrote:
yep... I stand corrected. PP Credit is Comenity. sorry about that

No biggie and if your user names means you are a Washington Redskins fan then you're good to go in my book

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 17:51:08 GMT

I'm also a ND fan so we are in sync there!

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 18:09:23 GMT

@Anonymous wrote:
I'm also a ND fan so we are in sync there!

Fantastic. You're golden from here on

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Wed, 12 Apr 2017 18:10:40 GMT

@DaveInAZ wrote:
@Anonymous wrote:
@Anonymous wrote:
No I believe PP Credit is Synchrony. It is a HP when you apply but the tradeline doesn't show up on your credit report.
No, PP Credit is thru Comenity. Synchrony has PP MasterCard
Yes, and if you have a Commenity PP Credit they won't let you app for the Synch PP Mastercard, I've tried. But that's OK, my PP Credit has a CL of $4k, I've had for 10 years, and with $11k between Walmart & Lowes store cards i have enough Synchrony.

That's very true but there have been people that get around that restriction by creating a second PP account. At least I think that I've read that.

Re: A WORD ABOUT PAYPAL CREDIT

DollazSense — Mon, 07 May 2018 14:44:47 GMT

9. I believe I used the "Send Money" feature without an invoice once last spring (spring 2017).

10. I've purchased TONs of gift cards using PayPal Credit/Comenity via a website/app called "Gyft."

By the way, I'm aware that Synchrony Bank will be taking over PayPal Credit this year, if they haven't already.

Re: A WORD ABOUT PAYPAL CREDIT

FinStar — Mon, 07 May 2018 15:29:35 GMT

@DollazSense wrote:
9. I believe I used the "Send Money" feature without an invoice once last spring (spring 2017).

10. I've purchased TONs of gift cards using PayPal Credit/Comenity via a website/app called "Gyft."

By the way, I'm aware that Synchrony Bank will be taking over PayPal Credit this year, if they haven't already.

July 2nd.

Re: A WORD ABOUT PAYPAL CREDIT

Anonymous — Tue, 12 Jun 2018 22:33:48 GMT

I need a credit card to diversify my credit to hopefully raise my fico score. The OP mentioned that this credit is not reported to CRA. To clarify, does this mean I cannot use Paypal credit to diversity my credit since any payments or charge will not show up on my credit report? I don't have a single credit card so they recommend I grab atleast 1.

Re: A WORD ABOUT PAYPAL CREDIT

AverageJoesCredit — Tue, 12 Jun 2018 23:16:40 GMT

Correct , as of today PayPal Credit is hidden and will not report unless you default. No usage will be shown on your actual credit report.