Using PayPal Credit to Decrease Utilization

[Schwartzinator]

I've never given PayPal much thought, but recently found out that it is considered a "hidden trade-line" as there is no reporting after the intiail inquiry. I don't really need this line, but had a thought that I could use this to hide utilization in the event I am unable to PIF. There doesn't appear to be much information about balance transfers with PayPal credit and their website doesn't have an answer.

[Anonymous]

That would be a very terrible idea. Paypal credit has an extremely high APR, and I do not believe that you can balance transfer anyhow. 

[Schwartzinator]

This isn't for a purchase I wouldn't be able to pay off within 6 months. It's more for the rogue purchase or bill that comes up that puts my current cards at or above 25%--which is pretty easy to do with the low limits I have. This is for a purchase I would pay off either at the end of the month or at max within 2-3 to avoid a dip in my credit score.

[CreditCuriosity]

PayPal is nice.. Although if you aren't using the 0% apr on X promo through certain stores then 19.99 can be a bit steep..  Although I do like my paypal for promo purchases and occassionally do carry a balance for a month or two without promos and just eat interst if needed.. Although a better bet migth be get something like the simplycash business from Amex as it is hidden and better APR's and rewards and a 0% apr for I believe the first year.  Something to think about.  Business can be simple as selling stuff on ebay.  as 0-25k or something is one bracket on income and that is what i put for business income and got a 20k CL on mine. Granted personal income I put as well in another section which is considerably higher.

[Schwartzinator]

So it's not just any purchase over $99 that warrants the 6 months deffered interest? Well that changes it, as that would be the crux for getting it.

[Anonymous]

I was using my Blispay card for this very reason before it began reporting.  I never had it anywhere near it's max but stuff like a new set of rims and tires that are more expensive than a burger or groceries always went on my Blispay.  It's the only card I ever leave a balance on.  I understand exactly why you are looking at the PayPal credit due to it being a hidden tradeline.  I would do the same except that I don't feel like I ever need another credit card.  I buy alot of stuff on Ebay for personal maintenance (teeth whitener, mole remover) and the PayPal credit would be a great way to hide those purchases.  Heck, I bought my rims and tires off of EBay so the card would have been good for that also.

[Anonymous]

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@Schwartzinator wrote:

So it's not just any purchase over $99 that warrants the 6 months deffered interest? Well that changes it, as that would be the crux for getting it.

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A balance transfer does not code as a purchase. 

[Schwartzinator]

I misread their statement, promos are separate from the standard $99 charge being eligible for financing. I guess balance transfers don't really matter that much as I was looking to double dip on rewards but that doesn't appear to work either. In the end it would be a potentially useful line, but I don't think I'll get it. Just need to pay more attention to paying bills earlier rather than automatically having the account PIF whenever the statement cuts. 

[Anonymous]

If you are looking for a way to carry a balance at 0% try Blispay. 

[Schwartzinator]

The idea was to have an immediately accessible payment option for something unexpected that wouldn't factor into my utilization if it couldn't be paid immediately, and would also remain off the books so as not to show as a new account.