PayPal Credit up and running

[mikesonthemend]

Same here, received 1250 after asking for 5k

[CreditCuriosity]

Just a DP at at 4100 only asked for 8k as doubt ill use much anymore sense not hidden and financing has changed a bit an instant approvals.  TU 08 at 800ish though.  Didn't want to go any higher so i dont hit my 100k sync cap as have 35k on lowes and 20k on care credit and might end up with another sync card one of these days and wanted meet on bone for a good CL on one of those as well without having to call CS and reallocate

[kilroy8]

I just went to get my FICO score, and it said it couldn't access my CR because it was frozen.

It is frozen, but I didn't think that would get in the way on this.

Maybe if I leave it frozen, they won't be able to touch it at all.

[CreditJourney007]

I don't know if this is the right thread, but when this reports, it'll probably show my util as 45% (right now it's around 80). My overall utilization will be around 22%. Should I expect a score decrease? Card has been open since January. 

[kilroy8]

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@CreditJourney007 wrote:

I don't know if this is the right thread, but when this reports, it'll probably show my util as 45% (right now it's around 80). My overall utilization will be around 22%. Should I expect a score decrease? Card has been open since January. 

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A single revolving line with > 28.9% util will cost FICO 8 points. Total util will depend on what it was before. Breakpoints for total util are 8.9,28.9,48.9,68.9,88.9. When any of those thresholds are crossed, it costs FICOs.

[Credit_hawk]

I wanted to add a data point. I just asked for and received a $10,000 CLI. I've never had a Synch product. It seems I left some on the table but I think $10k is sufficient for PayPal. However, out of curiosity, how soon can I ask for another CLI? Are they always soft pulls?

[CreditJourney007]

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@kilroy8 wrote:

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@CreditJourney007 wrote:

I don't know if this is the right thread, but when this reports, it'll probably show my util as 45% (right now it's around 80). My overall utilization will be around 22%. Should I expect a score decrease? Card has been open since January. 

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A single revolving line with > 28.9% util will cost FICO 8 points. Total util will depend on what it was before. Breakpoints for total util are 8.9,28.9,48.9,68.9,88.9. When any of those thresholds are crossed, it costs FICOs.

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Thanks! Just so I'm understanding, is it 8 pts per tradeline that is >28.9% or 8 points flat across, whether there are one, two, three, etc? I mean, obviously it's not good to have that many but I have a credit card at 40% from a medical bill I am paying down as well. 

[kilroy8]

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@CreditJourney007 wrote:

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@kilroy8 wrote:

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@CreditJourney007 wrote:

I don't know if this is the right thread, but when this reports, it'll probably show my util as 45% (right now it's around 80). My overall utilization will be around 22%. Should I expect a score decrease? Card has been open since January. 

---

A single revolving line with > 28.9% util will cost FICO 8 points. Total util will depend on what it was before. Breakpoints for total util are 8.9,28.9,48.9,68.9,88.9. When any of those thresholds are crossed, it costs FICOs.

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Thanks! Just so I'm understanding, is it 8 pts per tradeline that is >28.9% or 8 points flat across, whether there are one, two, three, etc? I mean, obviously it's not good to have that many but I have a credit card at 40% from a medical bill I am paying down as well. 

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I wasn't clear, sorry. Not 8 points "FICO 8" points (as opposed to FICO 9, or 3, 4, 5, etc). How many points will depend on your profile, but those are the the breakpoints where it costs "something".

[Sevenfeet]

I'm assuming that CLIs with Paypal are SPs...?  I've received two CLIs over the years with Paypayl Credit.....from $3K to $4k (I asked for it) and from $4k to $6k (an auto-CLI given to me about a year ago).  Since Paypal Credit used to not be counted with the other credit cards, I didn't care as much about the utilization.  Now I'd like to do something about it.  I use Paypal Credit pretty regularly, almost entirely for the 6 mo SAC feature for things I know I need a little more time to pay but don't want to invoke interest on.  Right now my utilization is at 26% and will go down to 21% in a few weeks, with 0% by September.

I wasn't aware that Synchrony had an upper limit but I'm not anywhere close to that with the three other Synchrony based store cards I have (Discount Tire, NewEgg and Electronic Express).  And I don't really need more credit on any of the others unless I decided to buy something large which doesn't happen often.

Anyway, I still might wait to try the magic button with Paypal Credit.  I'm due to pay off a card completely in three weeks (69% util to 0%) and my TU score which Paypal seems to use is the lowest of the three (739 today).  I might just wait until my numbers creep up.

[mikesonthemend]

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@Sevenfeet wrote:

I'm assuming that CLIs with Paypal are SPs...?  

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Mine have all be SPs with TU.