PayPal Credit started reporting to all three major credit bureaus (TransUnion, Experian, and Equifax) in 2019, which can be helpful for those who want to build credit. If you’re wondering what you can get if you apply for a PayPal Credit Card, here are some of its benefits and features: 1. Benefits and features of the PayPal Credit Card You can reapply for PayPal Credit after 35 days. You’ll receive an email if it denies your application, which may contain the reason for the denial. If you’re wondering why you can’t get approved for PayPal Credit, it’s likely because you haven’t met the above criteria. If you use too much of your credit, PayPal may view it as a sign that you may struggle to pay back. You may also want to lower your credit utilization, which is the amount of credit you use up. Generally, credit lenders like PayPal want to see a strong credit history of on-time payments. Your chances will also vary depending on your employment status and income level. What are the odds that PayPal Credit will approve your application?Īs previously mentioned, PayPal doesn’t explicitly state its minimum credit requirements, but you have strong odds if you have a good credit score of 700 and above. After that, your credit will undergo a hard pull process. Here, you’ll have to provide details like your birthday, the last four digits of your Social Security number, and after-tax income. PayPal Credit is available to all PayPal users, and you only need to visit the website to apply. These offers exist for users with good purchase histories and positive account activity, but do note that you still need to undergo credit checks. However, if you’re an active PayPal user, you may receive an invitation to apply for PayPal credit via email. Unlike other credit card companies, PayPal credit doesn’t offer online pre-qualification tools. What is the pre-qualification for PayPal Credit? Thankfully, you can get the results in a matter of seconds once you finish your application on the website. There’s no use sugarcoating it-regardless of how good your credit score is, there’s no guarantee that you’ll get approved.Īlthough your credit score plays an integral role in the verification process, PayPal also considers other factors, including income and existing debt. How do you get accepted for PayPal Credit? It does a hard pull on your credit, mostly from TransUnion. PayPal Credit mostly declines applicants with poor credit and limited credit histories. Similarly, those with lower incomes but outstanding credit scores are also eligible. We’ve found users reporting that they were approved because of their high income and average credit score. Credit qualifications include the following elements: It’s also worth remembering that it looks into factors other than your credit score. Applicants with 700 or higher have the biggest chances of getting approved. PayPal Credit doesn’t explicitly state its credit requirements, but based on our research, users claim that you need a score of at least 670 to get approved. Now that we have that sorted, what credit score range do you need to get approved for PayPal credit? PayPal Credit works like many other credit cards, and your accounts will have a variable APR of 23.99% on standard purchases and cash advances. You can also pay your balance in full at any time. You can make minimum payments at the end of each month and pay the rest when you can. When making a purchase, you have to repay your balance monthly. Users approved for PayPal Credit start with a minimum of $250 credit limit, but it can go as high as $20,000. You can also choose installment payment plans when making a purchase, which is helpful when investing in more expensive goods, such as furniture or appliances. Issued by Synchrony Bank, PayPal Credit allows you to purchase from millions of stores that recognize PayPal. What credit score range do you need for PayPal credit? Make sure to read until the end so you won't miss any crucial steps that can help you secure a PayPal credit. We also found a unique tip to improve your credit score so you're more likely to get approved for PayPal credit. To help you make a well-informed decision, we reviewed official PayPal sources and reviews and feedback from users via independent sites. You wouldn’t want to apply only to end up with a negative credit mark. If you’re an avid user and want to build your credit, you may want to apply for a PayPal credit card.īut when applying for new credit lines, your credit score always comes into play. One of the most commonly used platforms is PayPal. If you’re not a fan of cash transactions, you likely rely on your mobile devices to pay, shop, and receive payment. Facebook Twitter Pinterest Reddit WhatsApp
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