topic Re: Is it easier to get PayPal Credit than a PayPal Mastercard? in Credit Cards

Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 00:12:45 GMT

Is it easier to get PayPal Credit than a PayPal Mastercard? I have had PP Credit for a year now, no missed payments, no collected interest. I am really wanting to apply for the Mastercard (2% cashback), but I'm afraid my debt utilization ratio may be too high. I don't know what my Experian stats are - Credit Karma only shows TU & EQ. Any advice would be much appreciated!

Started, 6-30-2015: TU-503/EQ-503

Current, 4-22-2019: TU- 646/EQ- 646

Utilization: a shameful 65%

3 hard inquiries on TU & EQ

AAoA: 1 yr 10 (oldest - 3.5 years)

14 accounts

100% payment history/0 derogatory remarks

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 00:28:47 GMT

@Anonymous wrote:
Is it easier to get PayPal Credit than a PayPal Mastercard? I have had PP Credit for a year now, no missed payments, no collected interest. I am really wanting to apply for the Mastercard (2% cashback), but I'm afraid my debt utilization ratio may be too high. I don't know what my Experian stats are - Credit Karma only shows TU & EQ. Any advice would be much appreciated!

Started, 6-30-2015: TU-503/EQ-503
Current, 4-22-2019: TU- 646/EQ- 646
Utilization: a shameful 65%
3 hard inquiries on TU & EQ
AAoA: 1 yr 10 (oldest - 3.5 years)
14 accounts
100% payment history/0 derogatory remarks

You can get your Experian score for free! Just need to sign-up for an Experian account. I'm at a loss for which would be easier. I have the PPMC and got it back in Sept last year. I don't have PP Credit, but they keep flashing to sign-up for it every single time I login to my PayPal. I hope someone that has both can chime in with how the two TL's now work since their Credit is now handled by Synchrony.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 00:33:02 GMT

Credit Karma scores are not your FICOs. Your real scores could be much higher or much lower than what you’re seeing on CK. Get an Experian account and sign up for a $1 trial of Credit Works Premium and post those scores so we have something to go off of.

I noticed that your aggregate utilization is 65% - what’s your highest individual account utilization sitting at? That factor is important too since if you have a maxed out account (>88.9%), it’s a worse look than if all your cards are below 68.9%.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 00:53:03 GMT

Hi Saeren,

Thanks for your reply. I just purchased the $1 trial at Experian. My FICO score there was 641.

My highest one is a $3700 balance on a $4000 card. I only have 2 other cards with relatively high balances, though not as bad as that one. All my other ones are either at $0 balance, or near it.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:05:56 GMT

Thanks Hasselfree!

What was your FICO score when you applied for the PPMC?

And yes - I hope someone who had both can chime in. Dumb question potentially, but what is a "TL"?

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Remedios — Tue, 23 Apr 2019 01:07:01 GMT

@Anonymous wrote:
Thanks Hasselfree!

What was your FICO score when you applied for the PPMC?

And yes - I hope someone who had both can chime in. Dumb question potentially, but what is a "TL"?

Here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Brian_Earl_Spilner — Tue, 23 Apr 2019 01:10:15 GMT

You have better stats than I did

Https://ficoforums.myfico.com/t5/Credit-Card-Approvals/PayPal-2-Mastercard-Updated-10-28/m-p/5350080

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Remedios — Tue, 23 Apr 2019 01:10:21 GMT

@Anonymous You need to get utilization down before applying for new credit

I doubt you'll have any luck with application while aggregate utilization is very high and maxed out card.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:16:40 GMT

@Anonymous wrote:
Hi Saeren,

Thanks for your reply. I just purchased the $1 trial at Experian. My FICO score there was 641.
My highest one is a $3700 balance on a $4000 card. I only have 2 other cards with relatively high balances, though not as bad as that one. All my other ones are either at $0 balance, or near it.

What is your TransUnion score? Synchrony often uses TransUnion for their credit cards.

With that $3700 balance, I would say your chances of approval are very slim and if they do approve you, it will be for a very small limit. Sync cards do grow, wisdom on the PayPal suggests around 4-5 months before the first CLI, but the optimum formula for Sync is a TU FICO around or above 700 for their majors. I got my PayPal card two weeks after Sync approved me for $1800 on the Amazon Store Card with a 652 TU because my score had gone up to 706 when I got rid of some negatives and they hit me with an $8K SL which was my largest at the time so there is definitely something to be said for the 700 threshold.

If you pay down your balances, you can rapidly get score results. Paying down below 88.9%, 68.9%, 48.9%, 28.9% individual and then there is an additional aggregate point of 8.9% - each of these thresholds should result in a score boost when you go under them.

Since the PayPal card is also very high interest, if you want to avoid that 28%+ APR third tier, I would pay down your individual below 28.9% at least.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:19:59 GMT

oh wow! I'm getting mixed responses on my stats for this card, but maybe it's worth a try! Thanks for the help.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:21:42 GMT

Got it! Thank you - very helpful

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:22:29 GMT

Thank you for your input. That's what I was afraid of!

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:24:02 GMT

I was pre-approved for an Indigo card off that Experian website, but with a $75 annual fee for the first year and $99 thereafter. Do you think it is not worth applying for based on the high annual fees?

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:26:11 GMT

Don’t go based off of offers from Experian or Credit Karma. Those are marketing materials with no guarantees whatsoever. It’s for them to make money and nothing else.

Can you list all your cards and limits? That would help if you’re looking for next steps recommendations instead of specifically at the PayPal card.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:31:28 GMT

I see. Yes:

Capital one: 3700/4000

Care Credit: 1071/1700

Napa: 495/900 (about to pay this off in the next couple weeks)

Chase: 898/1000

Credit one: 540/700

Walmart: 0/200

Firestone: 0/1700

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:36:18 GMT

I see. Yes:

Capital one: 3700/4000

Care Credit: 1071/1700

Napa: 495/900 (about to pay this off in the next couple weeks)

Chase: 898/1000

Credit one: 540/700

@Anonymous wrote:
Don’t go based off of offers from Experian or Credit Karma. Those are marketing materials with no guarantees whatsoever. It’s for them to make money and nothing else.

Can you list all your cards and limits? That would help if you’re looking for next steps recommendations instead of specifically at the PayPal card.

Walmart: 0/200

Firestone: 0/1700

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:38:15 GMT

Also it looks like my TU is 650 and my EQ is 644

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:43:59 GMT

Capital one: 3700/4000 - 92.5%

Care Credit: 1071/1700 - 63%

Napa: 495/900 (about to pay this off in the next couple weeks) - 55%

Chase: 898/1000 - 89.8%

Credit one: 540/700 - 77.2%

Walmart: 0/200

Firestone: 0/1700

So first off, I would pay Capital One, Chase, and Credit One below 68.9% because your balances right now are going to be a problem. With non-store credit, you’re using an average of 86.5% of your credit limits which screams that you’re in financial distress to creditors.

How long would it take you to pay this all off and what does your DTI look like including housing expenses?

I don’t have a card recommendation right now, I don’t believe you should add more credit until you pay down what you have quite a bit. Hopefully Chase doesn’t balance chase you as you pay it down. I wouldn’t be worried about that with Capital One though.

Once you get your balances under control, you should actually be primed for a decent PayPal approval, I can’t say what limits though since you have lower limit cards.

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:48:40 GMT

@Saeren

My DTI is 14% I think.

What do you mean by "balance chase" me?

It's going to take me several months to get a couple cards and at least the rest of the year to be completely paid off. At least that's what I'm tentatively projecting. I will say my gut has said to wait until I do like you say, so this sadly makes me feel better haha

Thank you so much for your in-depth help; it is greatly appreciated!

Re: Is it easier to get PayPal Credit than a PayPal Mastercard?

Anonymous — Tue, 23 Apr 2019 01:54:04 GMT

Balance chasing happens when they cut your limit down as you pay them off. Chase is somewhat known for it but on a $1000 limit card, it seems less likely than a $10000 one.

Your DTI would put you in a very favorable position for sure so just start working on knocking out those debts.

Do you have any military in your family? Because if you do, you might try to get a card with Navy Federal. They are known for giving out massive limits and I would go for a card with them when you get your cards paid down a bit if you can because you’ll have much more favorable terms than the PayPal card (the highest APR NFCU charges is 18% and the lowest on their Platinum card is 8.24%, a far cry from the lowest 22.24% and highest 29.24% on the PayPal card).