Anybody else get an email about Paypal changing terms

[babbles]

what do  you  think  the benefits are of having an account?  or no benefit?

[Anonymous]

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@babbles wrote:

what do  you  think  the benefits are of having an account?  or no benefit?

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Well, previously the benefit was that the line was hidden, or not reported to CRAs. That being the case, and given the fact that PPC offered 6, 12, and 24 month financing plans, it meant that you could fully utilize the trade line without it affecting your credit score at all (unless perhaps you missed a payment). Now, since it is starting to report, there isn’t much benefit for this trade line over others. You could still get the financing offers, but if your utilization is high, it will hurt your score when it is reported. 

[RSX]

If you don’t already have one, then I wouldn’t open one 

I did a long time ago for the deferred interest and the hidden factor

now you can just use a 0% promo card instead

[Anonymous]

The benefits are more credit limit and a lower overall credit utilization which will increase your credit score. But you will get a lower average account age which will lower your credit score.

[M_Smart007]

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@Anonymous wrote:

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@babbles wrote:

what do  you  think  the benefits are of having an account?  or no benefit?

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Well, previously the benefit was that the line was hidden, or not reported to CRAs. That being the case, and given the fact that PPC offered 6, 12, and 24 month financing plans, it meant that you could fully utilize the trade line without it affecting your credit score at all (unless perhaps you missed a payment). Now, since it is starting to report, there isn’t much benefit for this trade line over others. You could still get the financing offers, but if your utilization is high, it will hurt your score when it is reported. 

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Mine from old BillMeLater is still not reporting!,  

..having said that  ..Synch will probably make it magically appear today ..

[babbles]

Is there benefit having it for spending purposes like paying for services or other products like plane tickets?  It seems certain services may only accept this form of payment, 

[RSX]

I haven’t run into a situation where PayPal credit was the only option. But if you do, then I guess that is the time to apply

[Anonymous]

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@babbles wrote:

Is there benefit having it for spending purposes like paying for services or other products like plane tickets?  It seems certain services may only accept this form of payment, 

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The main remaining benefit of PPC now is the ability to pay later/pay over time. For things Iike plane tickets, if they are over $100, you’ll have the option to pay in full within 6months with 0% APR, if the vendor accepts PayPal. If you shop on eBay, you can get 6 month, 12 month, or 24 month financing on purchases of certain amounts. Those benefits still remain, so, if they appeal to you, you can certainly apply for an account. Just know that all of your activity will be reported to CRAs, unlike before. If you’re okay with that, then I think PPC is a solid choice

[Anonymous]

Will they report the actual account opening dates of legacy accounts or will they show in the credit reports as brand new?

[Anonymous]

When I last spoke to a CSR about this (about a month ago, so Synchrony rep), I was told that they would report the original opening date. She then quoted my original opening date to me, which I was not able to find anywhere on my account page, so I am inclined to believe her.

However, detailed account info such as balance, payments, and credit limit will only be reported as of the Synchrony takeover. So it may report as a several year old account, but only have 5 months of data.