Effects of using PayPal Credit

[manateemark]

Hello everyone,

I am looking to purchase some things online that will end up being ~$1000 and currently I only have CL's totaling $1750 across 3 cards with $1000 being the highest CL and I just started with my credit jouney in September. I am considering using PayPal credit to pay for this transaction. I haven't yet applied for a credit line with them, and I'm not sure if they would even approve me for that limit. I do have the money to pay for the transaction, but wouldn't mind spreading it across a few months and I know PayPal has a 0% for 6 month thing going on usually. 

As of right now I only have credit cards in my mix. No car, home, or student loans. Would adding a PayPal credit line add to my current mix and how does utilization for a revolving credit line like that effect FICO scoring?

Thank you all.

[Brian_Earl_Spilner]

It works and reports like a credit card 

[Anonymous]

As the other responded, it does report to the CRA like any other account. I have PayPal Credit and PayPal Mastercard but obviously the Mastercard is an actual credit card.

[M_Smart007]

---

@manateemark wrote:

Hello everyone,

I am looking to purchase some things online that will end up being ~$1000 and currently I only have CL's totaling $1750 across 3 cards with $1000 being the highest CL and I just started with my credit jouney in September. I am considering using PayPal credit to pay for this transaction. I haven't yet applied for a credit line with them, and I'm not sure if they would even approve me for that limit. I do have the money to pay for the transaction, but wouldn't mind spreading it across a few months and I know PayPal has a 0% for 6 month thing going on usually. 

As of right now I only have credit cards in my mix. No car, home, or student loans. Would adding a PayPal credit line add to my current mix and how does utilization for a revolving credit line like that effect FICO scoring?

Thank you all.

---

Reports like a credit card. Adding it would help with your aggregate utilization,

but you would take a hit to your AAoA and AoYA.

[manateemark]

Thank you all. I will not go with getting PayPal credit then. I'd rather get the 5% back from just paying with my Amex

[nuohlac]

---

@M_Smart007 wrote:

---

@manateemark wrote:

Hello everyone,

I am looking to purchase some things online that will end up being ~$1000 and currently I only have CL's totaling $1750 across 3 cards with $1000 being the highest CL and I just started with my credit jouney in September. I am considering using PayPal credit to pay for this transaction. I haven't yet applied for a credit line with them, and I'm not sure if they would even approve me for that limit. I do have the money to pay for the transaction, but wouldn't mind spreading it across a few months and I know PayPal has a 0% for 6 month thing going on usually. 

As of right now I only have credit cards in my mix. No car, home, or student loans. Would adding a PayPal credit line add to my current mix and how does utilization for a revolving credit line like that effect FICO scoring?

Thank you all.

---

Reports like a credit card. Adding it would help with your aggregate utilization,

but you would take a hit to your AAoA and AoYA.

---

@M_Smart007 How have I missed out on this little gem. Is there anyway to get a SP approval? I'm trying to do this gardening thing at the moment. 

[coldfusion]

---

@nuohlac wrote:

---

@M_Smart007 wrote:

---

@manateemark wrote:

Hello everyone,

I am looking to purchase some things online that will end up being ~$1000 and currently I only have CL's totaling $1750 across 3 cards with $1000 being the highest CL and I just started with my credit jouney in September. I am considering using PayPal credit to pay for this transaction. I haven't yet applied for a credit line with them, and I'm not sure if they would even approve me for that limit. I do have the money to pay for the transaction, but wouldn't mind spreading it across a few months and I know PayPal has a 0% for 6 month thing going on usually. 

As of right now I only have credit cards in my mix. No car, home, or student loans. Would adding a PayPal credit line add to my current mix and how does utilization for a revolving credit line like that effect FICO scoring?

Thank you all.

---

Reports like a credit card. Adding it would help with your aggregate utilization,

but you would take a hit to your AAoA and AoYA.

---

@M_Smart007 How have I missed out on this little gem. Is there anyway to get a SP approval? I'm trying to do this gardening thing at the moment. 

---

PayPal Credit?  It's a HP for approval, SP for CLIs.

It used to be a gem when it was a Comenity product because if it was in good standing it was a hidden tradeline, nowadays it's mostly useful for the 6 month @0% for $99 purchases and longet term promos for $600+ spend. Regular APR is now quite high.