PayPal Credit (PPC) - Should I do it?

[TheFIGuy]

About every 2/weeks, I get an email from Paypal stating, "Confirmed - Thefinancehobbyist You’ve been selected to apply for PayPal Credit based on your PayPal history." I have been ignoring them for some time now, but I wanted to come here and ask should I do it.

I honestly don't really have any need for the Paypal credit and never buy anything through Paypal. If you're counting me using Paypal Key (PPK) to AMEX for my Verizon Wireless Cell phone bill, then I guess I use it once a month, lol. 

Personally, this would be used for strictly UTIL% padding. Does the myFICO community agree, or is this a bad idea with Paypal Credit?

*Tried searching "Paypal Credit" and didn't find many details, then I used the acronym "PPC" and POOF, so I'm going to keep this post here and continue researching as well.

[snapcat]

I get those about every 2 weeks, too. So far I've not taken the bait. Perhaps if it was "pre-approved" I would have considered it. But there's something about my file that Synchrony doesn't like. A couple of years ago they declined apps for Lowe's & Amazon. This year they declined my app for Crate & Barrel. I don't plan to give Synchrony any more hard pulls. 

[TSlop]

Ya, I get emails from them all the time it seems for their credit card. The offer is never good enough for me to even consider it.

[Remedios]

If the main purpose is utilization padding, this is the wrong card for it.

SLs aren't exactly utilization padding material. 

[Anonymous]

I lean strongly towards no. Plenty of documented Sync shutdowns and slashes. Much safer with credit unions and big-bank-issued CCs.

[CreditMagic7]

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@Remedios wrote:

If the main purpose is utilization padding, this is the wrong card for it.

SLs aren't exactly utilization padding material. 

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^^^^ This. 100% spot on.

If for padding purpose it's the worse choice and only a waste all way around for you.

Otherwise heed the above suggestions on synchrony shutdowns and very low SL etc not to mention will take you forever to build padding on a PayPal Credit account. Ignore.

[TheFIGuy]

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@Remedios wrote:

If the main purpose is utilization padding, this is the wrong card for it.

SLs aren't exactly utilization padding material. 

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Thank you for the advice, I will not be applying for this!

[TheFIGuy]

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@Anonymous wrote:

I lean strongly towards no. Plenty of documented Sync shutdowns and slashes. Much safer with credit unions and big-bank-issued CCs.

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Agreed!

[TheFIGuy]

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@CreditMagic7 wrote:

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@Remedios wrote:

If the main purpose is utilization padding, this is the wrong card for it.

SLs aren't exactly utilization padding material. 

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^^^^ This. 100% spot on.

If for padding purpose it's the worse choice and only a waste all way around for you.

Otherwise heed the above suggestions on synchrony shutdowns and very low SL etc not to mention will take you forever to build padding on a PayPal Credit account. Ignore.

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Thank you! I'm going with the myFICO GOAT advice here!

[fatcomic]

I opened PayPal Credit about 4 or 5 years ago, at that time it did not report to any CB and gave 6 months 0% on any purchase made with it over $99.   I bought a camera or television with it, I don't remember, to get the 0% and it not reporting the utilization of that purchase to the CB was a bonus.   

It has been since taken over by Synchrony and it still works the same way as before except it now reports to all 3 CB's.  You still get 6 months 0% for purchases over $99.   I use it occassionally if I buy something online and they take PayPal just to keep some activity on it.   If you don't need it, I wouldn't take it now, it was better when it was hidden from the CB's.