PayPal Credit--does it affect your score?
PayPal Credit does report to the credit Bureaus and will affect your credit score. Late payments will be reported to Experian specifically. PayPal Credit used to be considered a "hidden tradeline" as it did not report any activity. That's no longer the case as of late 2019.
You should always consider improving your credit score first before applying. If you're denied, you will get hit by a hard inquiry that will lower your score for 12 months. Working with a professional to improve your scores is always worth it in the long-run.
PayPal credit offers rewards points and a $0 annual fee if you have good credit or better.
If you have a PayPal credit card, missing payments or closing your account with existing debt can hurt your credit score.
Yes, unpaid or past due debt on your PayPal credit will hurt your score. If it goes unpaid long enough, it may get turned over to a collections agency.
No, a PayPal debit card won't hurt your credit. Debit cards use funds directly withdrawn from your checking account, so they aren't a form of credit.
Setting up a PayPal credit card means the bank will conduct a hard pull of your credit, impacting your score.
Since PayPal reports to the three major credit bureaus closing your PayPal credit account can negatively impact your score.
Yes, applying for a PayPal credit card gives the bank permission to check your credit. This is done as a hard inquiry that impacts your credit score.
If you want a credit increase with PayPal, they conduct a soft pull, which doesn't hurt your credit.
As of 2019, PayPal reports to the three major credit bureaus. Making timely payments and paying down your debt can help improve your credit score.
Yes, PayPal conducts a hard inquiry into your credit during the application process, impacting your score.
PayPal Working Credit does not report to any credit bureau, so it won't affect your score.
PayPal credit has only been reporting to credit bureaus since 2019. Previously they didn't, which is why they may not have shown up on your credit report.
PayPal Mastercard has mixed reviews. On the one hand, there's no annual fee and 2% cashback on purchases. On the other hand, it has a high APR (21.49%-28.49%), and you can only redeem cash rewards to your PayPal account.
