Paypal credit- credit limit increase ?

[stefnian0426]

I am new to the whole paypal credit. I was recently pre approved with $550 (which is my lowest card)

I have 4 other cards with comenity which are $1,200 and over. No missed payments.

I know they say to add something to your cart and they will review it. If you are approved you will get that amount.

My question is this... if i add something over my credit limit and i do not get approved for that amount, will they take the remaining amount from my other card listed on my paypal? Or will i have the option to cancel it?

Thanks in advance.

[Anonymous]

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@stefnian0426 wrote:

I am new to the whole paypal credit. I was recently pre approved with $550 (which is my lowest card)

I have 4 other cards with comenity which are $1,200 and over. No missed payments.

I know they say to add something to your cart and they will review it. If you are approved you will get that amount.

My question is this... if i add something over my credit limit and i do not get approved for that amount, will they take the remaining amount from my other card listed on my paypal? Or will i have the option to cancel it?

Thanks in advance.

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I'm sure you would have the option to cancel.  I don't think a one time approval over your limit will automatically result in a higher CL

[stefnian0426]

I noticed you have paypal credit also. Did you get automatic CLI? Or did you request any increases?

[Anonymous]

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@stefnian0426 wrote:

I noticed you have paypal credit also. Did you get automatic CLI? Or did you request any increases?

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No not yet.  I've only had it for couple months and the $3K limit was what they gave me originally.  I got a big survey from them the other day and one of the questions was why didn't I use it more compared to credit cards.  I said two things; 1, much higher limits on credit cards and 2, the rewards programs that credit cards give you.  I haven't used it for apurchase on it that would have put me over my limit but I've heard that they are pretty flexible within reason.  I've been with PayPal since they started it and they definitely are getting more and more companies that will accept it and offer  0% financing so I'm sure that down the road they are going to have to raise CLs but who knows for sure.

[Anonymous]

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@stefnian0426 wrote:

I am new to the whole paypal credit. I was recently pre approved with $550 (which is my lowest card)

I have 4 other cards with comenity which are $1,200 and over. No missed payments.

I know they say to add something to your cart and they will review it. If you are approved you will get that amount.

My question is this... if i add something over my credit limit and i do not get approved for that amount, will they take the remaining amount from my other card listed on my paypal? Or will i have the option to cancel it?

Thanks in advance.

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They didn't on mine a couple weeks ago. I tried to buy something that was quite a bit over my limit and I had enough money in my bank account and credit on my mastercard on file to complete the purchase and they didn't touch it. Merchant just said "can't get authorization from PayPal. Got a letter a week later saying account was too new to authorize an increase, need to see more history at existing credit limit, blah blah. But no, they didn't touch my back-ups. Was worried about that too because it would have maxed out the card I had on file.

[stefnian0426]

Thank you for the info!

[CreditMagic7]

Personally i don't care at all for Comenity running PayPal Credit for exactly what many members are expressing their concerns with it about, and that's it's mediocre low limits. After some careful thought, reading and comparing experiences i recently passed on that one and instead decided to app for PayPal Extras Mastercard which right out of the gate started with a $3,000 limit, and since it's Synchrony it's an absolute given that this SL will quickly grow.

Something maybe worth considering........

[Anonymous]

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@CreditMagic7 wrote:

Personally i don't care at all for Comenity running PayPal Credit for exactly what many members are expressing their concerns with it about, and that's it's mediocre low limits. After some careful thought, reading and comparing experiences i recently passed on that one and instead decided to app for PayPal Extras Mastercard which right out of the gate started with a $3,000 limit, and since it's Synchrony it's an absolute given that this SL will quickly grow.

Something maybe worth considering........

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I would do that but I was under the impression that once you have one you can't get the other.  Is that not correct?

[CreditMagic7]

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@Anonymous wrote:

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@CreditMagic7 wrote:

Personally i don't care at all for Comenity running PayPal Credit for exactly what many members are expressing their concerns with it about, and that's it's mediocre low limits. After some careful thought, reading and comparing experiences i recently passed on that one and instead decided to app for PayPal Extras Mastercard which right out of the gate started with a $3,000 limit, and since it's Synchrony it's an absolute given that this SL will quickly grow.

Something maybe worth considering........

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I would do that but I was under the impression that once you have one you can't get the other.  Is that not correct?

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Sorry i don't have an accurate answer on that, others can clarify better. But i do know when i tried to app for Ebay Mastercard after PPEMC approval they said that was not allowed because of already having a PayPal Mastercard

[Anonymous]

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@Anonymous wrote:

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@CreditMagic7 wrote:

Personally i don't care at all for Comenity running PayPal Credit for exactly what many members are expressing their concerns with it about, and that's it's mediocre low limits. After some careful thought, reading and comparing experiences i recently passed on that one and instead decided to app for PayPal Extras Mastercard which right out of the gate started with a $3,000 limit, and since it's Synchrony it's an absolute given that this SL will quickly grow.

Something maybe worth considering........

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I would do that but I was under the impression that once you have one you can't get the other.  Is that not correct?

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You can close the PayPal credit probably. Then open the MC I would think. You can only have one or the other on one PayPal account I think. You've got a decent limit though on your PayPal Credit. And I did a lot of research on it and it's true that if you make a purchase over your limit then that's your new limit. At least from everything I've read.