topic Re: Paypal smart connect in Credit Cards

Paypal smart connect

Anonymous — Thu, 27 Jan 2011 09:59:28 GMT

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

Re: Paypal smart connect

JayRizzo — Thu, 27 Jan 2011 13:57:47 GMT

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.

Re: Paypal smart connect

Anonymous — Thu, 27 Jan 2011 14:57:47 GMT

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.

Re: Paypal smart connect

Breakthecycle2 — Thu, 27 Jan 2011 16:29:13 GMT

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

Re: Paypal smart connect

Anonymous — Thu, 27 Jan 2011 16:54:39 GMT

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

Re: Paypal smart connect

Anonymous — Thu, 27 Jan 2011 18:31:15 GMT

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

Re: Paypal smart connect

Creditaddict — Thu, 27 Jan 2011 23:58:58 GMT

@Anonymous wrote:
Hopefully, as my credit improves, I can convert to the Paypal MC.

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

Re: PayPal smart connect

jaysdad2k — Fri, 28 Jan 2011 05:19:55 GMT

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.

Re: PayPal smart connect

Anonymous — Tue, 07 Aug 2012 18:18:17 GMT

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.

Re: Paypal smart connect

Anonymous — Tue, 07 Aug 2012 18:39:23 GMT

@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

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!

Re: Paypal smart connect

Anonymous — Tue, 07 Aug 2012 19:15:36 GMT

Seems like they are starting to put paypal in some stores see: https://www.paypal.com/webapps/mpp/use-paypal-in-stores

I think it is in Beta though

Re: Paypal smart connect

Anonymous — Wed, 09 Jul 2014 03:13:58 GMT

You absolutely cannot use your PayPal Debit Card to as a credit card when it is linked to your Smart Connect or if your Smart Connect is used as backup funding for the debit card. You can try it and see. Call PayPal and they will eventually tell you that Smart Connect is "Online Only" credit.

PayPal does a good job at making their "credit line" seem like a real credit line but it's more like a store card because they control where you can use the credit, which is mostly ebay and sites that take PayPal as a form of payment, but sometimes even that doesn't allow the credit to be used.

Re: Paypal smart connect

core — Wed, 09 Jul 2014 03:28:20 GMT

@Anonymous wrote:
You absolutely cannot use your PayPal Debit Card to as a credit card when it is linked to your Smart Connect or if your Smart Connect is used as backup funding for the debit card. You can try it and see. Call PayPal and they will eventually tell you that Smart Connect is "Online Only" credit.

I am afraid you are mistaken. If you run your PP debit card as _credit_ then you can use Smart Connect as a backup just fine. I ran about $500 through mine in May. They were in-person transactions: Auto parts store, supermarkets, etc. It worked just fine. I wouldn't trust anything any PP CSR said either way. But it does work; that's all that matters.

By the way this thread is 2 years old. Policies change. Fortunately this policy has not.

Re: Paypal smart connect

JoshNurse — Wed, 09 Jul 2014 03:35:19 GMT

How do you balance transfer debt in an account like this to lets say a Discover it card or a chase slate?

Re: Paypal smart connect

IWOL — Wed, 09 Jul 2014 04:33:14 GMT

If you set your smart connect account as backup funding for your debit card you can use the debit card for signature purchases or pin based transactions and it will draw from the smart connect account.

You can do aba once transfer for smart connect the same way you would nay other credit account. You give Discover or whoever it is the account number and it would transfer just like any ore credit card.

Re: Paypal smart connect

sportsguy83 — Wed, 09 Jul 2014 05:12:32 GMT

This is a good card to have if you're just trying to build (or rebuild) credit but with the likes of rewards cards I haven't had much use for it in the last year. Still, no harm in having it since there is no AF and it does report to all 3 bureaus.

Re: Paypal smart connect

core — Wed, 09 Jul 2014 05:20:13 GMT

@sportsguy83 wrote:
This is a good card to have if you're just trying to build (or rebuild) credit but with the likes of rewards cards I haven't had much use for it in the last year. Still, no harm in having it since there is no AF and it does report to all 3 bureaus.

Even though I have some decent rewards cards, I still find myself using this way more than I expected. When linked with the PP debit card you get 1.5% cash back on all purchases if your account is old enough to have it. That beats all my other cards' 1.0% for the misc category.

Re: Paypal smart connect

sportsguy83 — Wed, 09 Jul 2014 05:49:16 GMT

Ah, that makes sense for those who have an account old enough to 1.5% back. I can't so it makes more sense to me to just get 1% back from any of my other rewards cards.

Re: Paypal smart connect

randeman — Wed, 09 Jul 2014 13:19:13 GMT

Occasionally they offer a "use your card three times in the next quarter and we'll give you a $10 (or some amount) credit to your PayPal account".

One thing I just discovered recently (that makes me a bit crazy) is that they don't take ACH payments FROM my bank. They do if you have the payment deducted from your account through their payment system. 95% of my creditors use ACH when I set up payment through my bill pay at Citi. This means they don't get a paper check, the funds are transferred to them electronically. The creditor gets the payment in about two-three business days. Citi has to send PayPal a paper check. Last month something happened at Citi and all payments from my account over a four day period had a problem. I look at the payments from my account every day to see what has cleared and I couldn't understand why PayPal hadn't gotten the check after the ten business day period they ask you to allow. Fortunately, I still had time before the payment was due, so I went through the PayPal system to make the payment. Citi sent me a letter a few days later explaining what happened. I had a long talk with one of the PayPal representatives and told them that their system of needing paper checks was ridiculously antiquated as it doesn't cost them more to accept payments by ACH from customer accounts. I don't think it's going to change anytime soon, so if you pay your bill through your bank's bill pay, be sure to allow plenty of time for them to receive your check and watch it constantly.

Re: Paypal smart connect

DrMac210 — Wed, 09 Jul 2014 15:36:42 GMT

@JoshNurse wrote:
How do you balance transfer debt in an account like this to lets say a Discover it card or a chase slate?

I recently did a BT from my PPSC account to a Barclay's 0% account by using the BT checks that Barclays sent me. Seemed like the easiest way.