topic Re: Reinstating PayPal Credit 3+ years after Ch7 BK? in Rebuilding Your Credit

Reinstating PayPal Credit 3+ years after Ch7 BK?

Anonymous — Thu, 22 Mar 2018 18:20:06 GMT

I called PayPal Credit to look into the question of reinstating my old Bill Me Later (which became PayPal Credit) account. This account was included in my 2014 Chapter 7 bankruptcy and charged off, so I was bounced back and forth between departments at first (sent to collections at one point even though there was nothing to collect) before I connected to someone who could answer my questions. The CSR didn't sound optimistic about my chances of reinstatement, to say the least, but offered (and I agreed) to put the reinstatement request through anyway; it'll probably require a HP. I asked her about the possibility of applying for a new account and from what she told me I gather that's a nonstarter as long as the BK is on my record. Does this track with anyone else's experiences?

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

gdale6 — Thu, 22 Mar 2018 23:55:17 GMT

Doubt you will get a reopen if this is a Synchrony or Comenity Bank account. You are more likely to be able to get a new account if thats what you really want with what you have done post BK.

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

Anonymous — Fri, 23 Mar 2018 11:33:50 GMT

@gdale6wrote:
Doubt you will get a reopen if this is a Synchrony or Comenity Bank account. You are more likely to be able to get a new account if thats what you really want with what you have done post BK.

That was what I had been thinking of myself, and PayPal Credit is Comenity right now (will switch to Synchrony later this year). The CSR on the phone didn't sound optimistic that I'd be able to get a new account "with my current information", but that didn't sound quite right to me considering that I've done well over the last sixteen months with Synchrony and Comenity cards. I should be hearing back from them by Monday, and we'll see how to proceed thereafter.

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

Anonymous — Tue, 27 Mar 2018 16:16:32 GMT

I just got the email from PayPal Credit, but it doesn't give any clues (at least to me) as to how they decided. It reads:

"The reopen request that was submitted has been completed. The changes, if any, to your PayPal Credit account will be posted within 24-48 hours.

Any transactions or adjustments will appear on your next statement. We appreciate your patience in regards to this matter and the opportunity to serve you.

Thank you for choosing PayPal Credit.".

Also, I had expected them to do a HP on Equifax (which I'm given to understand PayPal Credit uses for reviewing account open requests), but they didn't; I have no idea whether that's good or bad. I suppose I'll just have to log back in tomorrow or Thursday and see if anything's changed. I'm feeling rather bemused, I'd have thought that they'd have straight-up told me if my request had been turned down (or approved).

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

gdale6 — Tue, 27 Mar 2018 20:02:40 GMT

@Anonymouswrote:
I just got the email from PayPal Credit, but it doesn't give any clues (at least to me) as to how they decided. It reads:

"The reopen request that was submitted has been completed. The changes, if any, to your PayPal Credit account will be posted within 24-48 hours.
Any transactions or adjustments will appear on your next statement. We appreciate your patience in regards to this matter and the opportunity to serve you.
Thank you for choosing PayPal Credit.".

Also, I had expected them to do a HP on Equifax (which I'm given to understand PayPal Credit uses for reviewing account open requests), but they didn't; I have no idea whether that's good or bad. I suppose I'll just have to log back in tomorrow or Thursday and see if anything's changed. I'm feeling rather bemused, I'd have thought that they'd have straight-up told me if my request had been turned down (or approved).

Yeah you will have to see what happens with the CR on the next regular update scheduled.

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

theshepherd — Tue, 27 Mar 2018 23:23:58 GMT

Please keep us updated! I am in a similar boat with PayPal Credit, except I did not have a balance with them when I filed, and would be curious to know if this reinstatement works.

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

Anonymous — Wed, 28 Mar 2018 16:47:33 GMT

@theshepherdwrote:
Please keep us updated! I am in a similar boat with PayPal Credit, except I did not have a balance with them when I filed, and would be curious to know if this reinstatement works.

Credit Karma updated today, and I saw no new inquiries on EQ (or TU), so PayPal Credit may have deemed it unneccessary to do a HP though I'm certain they did a SP; since they're still run by Comenity at this point, this doesn't necessarily mean they turned me down - I got my Overstock (Comenity) card last year without a HP on a prequalified offer. Haven't seen any changes in my PayPal account yet but they did say it would take 24 to 48 hours to appear if any changes were made.

UPDATE 11:30 am - I decided to experiment a few minutes ago to see if I could link my PayPal Credit account to my PayPal account. Being logged in, I pressed the "link" button and was presented with my name, address and phone number and asked to fill in the last four digits of my SSN and my date of birth. I did so, then got taken to a screen asking me to call Customer Service to fix an undefined issue, then come back to complete the process of linking PayPal Credit to PayPal. I don't know if that's a positive or negative, but I wonder: if my reinstatement request had been turned down, wouldn't the screen have said so in one way or another (such as, "you do not have a PayPal Credit account" or "you are not eligible at this time for a PayPal Credit account")?

UPDATE 12:45 PM - So I went ahead and called PayPal Credit. The request was declined, really not to my surprise since the CSR on Thursday had told me up front that that was probably how it'd turn out. Nothing ventured, nothing gained, and at least I didn't take a HP hit out of it. I saw a thread over on Credit Cards that suggested that opening a new PayPal account with a different address, and applying for PayPal Credit, could work, but I don't know if I want to go that far. More likely I'll either try to open a new PayPal Credit account later on this spring, or wait until PayPal Credit is taken over by Synchrony and try again then.

Re: Reinstating PayPal Credit 3+ years after Ch7 BK?

Anonymous — Sat, 31 Mar 2018 20:32:57 GMT

So, now that I know that my old PayPal Credit account is blocked apparently permanently due to its having been IIB in 2014, I'm not sure if I'll ever be able to get a new account (well, at least as long as the BK stays on my record) even when PP Credit is formally handed over to Synchrony this summer. Is there any possibility, for example, that I could ask PayPal Credit to unlink the closed credit account from my PayPal account? Apply for a completely new account? Or what?