{"id":20693,"date":"2024-07-23T12:05:00","date_gmt":"2024-07-23T18:05:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=20693"},"modified":"2024-07-22T01:06:56","modified_gmt":"2024-07-22T07:06:56","slug":"does-paypal-credit-affect-credit-score","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/does-paypal-credit-affect-credit-score.html","title":{"rendered":"Does a PayPal credit card affect my credit score?"},"content":{"rendered":"\n
\"Man<\/figure>\n\n\n\n

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n

PayPal is an online payment system that\u2019s been a major part of online transactions since 1998<\/a>, and you may have seen that they offer a credit card. Before applying for a PayPal credit card, it\u2019s helpful to ask, \u201cHow much does a PayPal credit card affect my credit score?\u201d Every credit card has pros and cons, and they can also have an impact on your credit score.\u00a0<\/p>\n\n\n\n

A good credit score<\/a> helps you get lower interest rates on credit cards and can improve your financial well-being.\u00a0<\/p>\n\n\n\n

Read on to learn more about what a PayPal credit card is, how it affects your credit score and what score you need to improve your chances of getting approved.<\/p>\n\n\n\n

How a PayPal credit card affects your credit score<\/h2>\n\n\n\n

Having a PayPal credit card can positively and negatively affect your credit score, depending on how you use it. Your credit score indicates how financially responsible you are to lenders and other businesses that check your score. Before learning how a PayPal credit card can affect your score, knowing how your credit score is weighted is beneficial.<\/p>\n\n\n\n

One of the most popular scoring models is the FICO\u00ae scoring model<\/a>, and it\u2019s based on five factors:\u00a0<\/p>\n\n\n\n

    \n
  1. Payment history (35 percent)<\/li>\n\n\n\n
  2. Credit utilization (30 percent)<\/li>\n\n\n\n
  3. Length of credit history (15 percent)<\/li>\n\n\n\n
  4. Credit mix (10 percent)<\/li>\n\n\n\n
  5. New credit applications (10 percent)<\/li>\n<\/ol>\n\n\n\n

    As you can see, your payment history is the most important aspect, so paying your credit card on time is crucial to having a good score. PayPal reports to the credit bureaus, so your activity will show up on your credit reports, which determines your score.<\/p>\n\n\n\n

    Should you miss payments on your PayPal credit card, it can negatively affect your score. Next is credit utilization, which is the percentage you owe based on your max credit limit. Making your payments on time and keeping your utilization percentage low are the best ways to have this credit card work in your favor.<\/p>\n\n\n\n

    How does PayPal Credit work?<\/h2>\n\n\n\n

    A PayPal credit card works similarly to a regular credit card, but you don\u2019t need the physical card when making online payments that have a PayPal option. <\/p>\n\n\n\n

    If the website accepts PayPal, the checkout option will show you the various accounts you have attached, like your bank accounts and your PayPal balance. If you have a PayPal credit card, it will show you the credit option as well.<\/p>\n\n\n\n

    You\u2019ll also receive a physical version of the credit card, which you can use in person.<\/p>\n\n\n\n

    Similar to a regular credit card, you will receive a statement each month with all of your transactions and the minimum payment due. You can also pay the statement balance or current balance<\/a> if you\u2019d like to pay more than the minimum. To pay, you\u2019ll use your PayPal balance or a linked bank account.<\/p>\n\n\n\n

    \"Graphic<\/figure>\n\n\n\n

    Does PayPal do a hard pull for a credit application?<\/h2>\n\n\n\n

    Applying for a PayPal credit card triggers a hard inquiry<\/a> on your credit report. New credit is worth 10 percent of your credit score and reflects how often you apply for new lines of credit. Multiple credit card applications in a short period indicate to lenders that you may have money problems and could struggle to make payments.\u00a0<\/p>\n\n\n\n

    Although a PayPal credit card application will trigger a hard inquiry and reduce your score, it\u2019s only temporary. Regular, on-time payments and low utilization will eventually balance out the negative impact of the hard inquiry. The inquiry will show as SYNCB\/PPC on your report as well as on your credit card statements when you make purchases.<\/p>\n\n\n\n

    What credit score is needed for a PayPal credit card?<\/h2>\n\n\n\n

    PayPal doesn\u2019t list a specific credit score you need to get approved for their credit card, but in an article<\/a>, they do say a score of 670 can help your approval odds for good credit cards. Now that you know that hard inquiries can lower your credit score, it\u2019s helpful to get a free credit assessment<\/a>. This includes your credit score and other helpful information about your credit health.<\/p>\n\n\n\n

    PayPal may approve you for a credit card with a score lower than 670, but a lower score often means that you pay higher interest fees when you make your purchases. Whether you\u2019re applying for a PayPal credit card or other credit cards, it\u2019s often helpful to use tools like a secured credit card to boost your score<\/a> so you can get better interest rates.<\/p>\n\n\n\n

    Improving your credit score can help your PayPal credit card approval odds<\/h2>\n\n\n\n

    PayPal has multiple credit cards to choose from, and one of them may be right for you. Before applying for a PayPal credit card, check your credit score. A hard inquiry into your credit report lowers your score, which you should avoid if you may be denied.<\/p>\n\n\n\n

    Fortunately, Lexington Law Firm offers a free credit assessment so you can check your credit score and other aspects of your credit health. We also offer credit repair services<\/a> for those who may have errors on their credit report. Sign up to get your free credit assessment<\/a> today.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

    The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law\u2019s editorial disclosure […]<\/p>\n","protected":false},"author":63,"featured_media":20695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[],"yoast_head":"\nDoes a PayPal credit card affect my credit score?<\/title>\n<meta name=\"description\" content=\"PayPal Credit may affect your credit score in good and bad ways, depending on how responsible you are with it. 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