![]() Submitting that application means you’ll be getting a full credit check, which is what leaves a footprint on your credit report. According to certain sources, you need a credit score of around 700 to get approved. It’ll ask you to complete an application, and if you’re approved you’ll receive the credit that same day. Once you click on that button, the PayPal Credit option will pop up. ![]() When you’re ready to purchase your pair of shoes/online course/exercise bike, you’ll see the familiar PayPal button which means you can purchase it using your PayPal balance. PayPal Credit is straightforward to sign up to and start using (which is what can make it so enticing!). Unlike comparison websites that do “soft checks”, PayPal does a full “hard check”, which leaves a footprint on your credit report. After that, you have to pay a pretty high APR of 19.9%.Īlthough there is no annual fee, you will need to be approved when you apply - and that’s where your credit score will take a hit. If it’s over £99, that period is reduced to 4 months. If the item is under £99, you have 6 months to pay for it without having to pay interest. PayPal Credit acts similar to a credit card: you can use it to buy any consumer item that accepts PayPal. Let’s dive into this a bit deeper… □ What is PayPal Credit?Īlthough PayPal was founded back in 1998, PayPal Credit only launched in 2016. ![]() Because yes, PayPal Credit will affect your credit score. It’s possible that you have too, and that’s why you’re now doing your research to make sure PayPal Credit doesn’t undo the hard work you’ve put in maintaining your credit score.Īlthough PayPal Credit may seem like a good alternative to other credit methods, it’s still important to be aware of how it could impact your ability to take out credit in the future. Why am I saying all this? The point is, I put in quite a bit of work to make sure a low credit score wouldn’t be the reason I would get a bad rate on my future mortgage or business loan. I signed up for my first credit card, joined the electoral roll and fixed all the errors on my report. I quickly started consuming as much content as I could on credit scores and researching tactics to get it as high as possible. The first time I ever found out about credit scores, I was dumbfounded: my ability to take out a credit mostly relies on… this number?
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |