After doing some checking on the PayPal Business MasterCard recently, I decided that I would go ahead and apply for it. I had found many data points that it pulled Experian personal as well as some reports of Experian personal being double pulled.
After checking the website out, it says right on their landing page that a hard pull is made to the business owners Experian personal credit report as well as the Small Business Financial Exchange (SBFE) credit report. It also stated that NO information is reported to the business owner’s (guarantor’s) personal credit bureau for the PayPal Business Cashback Mastercard.
I thawed my Experian report and went ahead with applying for the business card. After I filled everything in, I hit submit and I was hoping for an approval. I didn’t get the approval page but it told me that they cannot access my credit report. It said that I needed to unfreeze my TransUnion report and that they would email me with more details on how to resubmit my application. At this point, I was thinking that this was going to be all screwed up, mainly because of past experiences when this happened…
So, I thawed my TransUnion report and in my email, there was a link for me to log back into the application. I will say that this was much smoother than I have experienced with other applications where my report was frozen when I applied.
Once I was logged in again, I noticed a couple spots that it said that my credit will NOT be affected if there was a DENIAL. So, I submitted the application again and I got an approval for $15k but at 27.74% interest! I guess I will not leave any balances to linger on this card. I am surprised that I am at the top tier for the interest rate. I figured I would get a few notices coming in to let me know that there was a recent inquiry on my TransUnion report but I did get any. Maybe I’ll get through this whole process with my TransUnion report unscathed!
Here is what I was really surprised at. It never pulled my Experian personal at all. About 3 hours after I got the approval, I found out that they still hadn’t hard pulled my TransUnion report. I waited a couple more hours and still nothing, so late last night I locked both of my reports again.
My PayPal MasterCard account is ready for use inside my PayPal account already and in 7-10 days I should receive my card in the mail.
It looks as if this card may be another soft pull business card. We’ll have to see if anybody else reports the same things… But I am thinking so! Does anybody think that I should’ve left my TransUnion report thawed longer? It was the least 6 hours after the approval before I froze it again.
I have attached some images to this post that I grabbed throughout the process showing that they state that they pull Experian personal and then there is the number listed for Concerto/WebBank for support.
Some TransUnion DP’s:
- TransUnion inquiries: 2/6, 5/12, 9/24
- TransUnion Fico 8: 774
- AAoA: 7 yrs 2 months
- AoYA: 4 Months
- Util: 4%
Congrats, how long has you business been operating?
@RealEstateGuy89 wrote:It looks as if this card may be another soft pull business card. We’ll have to see if anybody else reports the same things… But I am thinking so!
Thanks for sharing.
Soft pull on Transunion, as well. Approved at 22.74%
Applied with freeze on Experian and Equifax.
