You can usually begin using it within one business day. PayPal Credit will automatically link with your PayPal account upon approval. Credit limit increases require a “soft” pull of your credit. You cannot increase your credit limit without up-to-date income information, so you’ll want to make sure the information in your account is current before requesting a credit limit increase. However, this is not a guaranteed way to secure a credit limit increase. Synchrony may also increase your credit limit if you attempt a purchase that would exceed your current limit. You can also request an increase online or by calling PayPal Credit customer service at (844) 373-4961. PayPal Credit may automatically increase or decrease your credit limit based on your account activity, income changes, and creditworthiness. After approval, you can check your current limit at any time by logging in to your PayPal account. Representatives for PayPal Credit would not provide an initial credit limit range but did say that PayPal Credit has a minimum opening limit of $250. Your PayPal Credit limit will vary depending on your creditworthiness, with particular attention paid to your income. But, remember, it’s best not to apply for more than a few cards within a short period, particularly if those cards utilize hard pulls a high number of inquiries can damage your credit score. Our related research details your options for instant approval credit cards and store cards with easy approval. Instead, you may consider applying for a different form of credit. PayPal offers two Mastercard credit options - the PayPal Cash Back Mastercard and PayPal Extras Mastercard - but these are not designed for customers who do not qualify for PayPal Credit. You will be eligible to reapply again in 35 days. If PayPal Credit denies your application, you will receive an email stating the reason(s) for the denial. You may also see the option to apply during checkout when you shop at stores that accept PayPal Credit. Instant decisions are available for most applicants you can apply for PayPal Credit online and learn whether you qualify within a few minutes. The application will ask for your date of birth, after-tax income, and the last four digits of your Social Security number. You must log in to your PayPal account to apply for PayPal Credit. PayPal sends these offers based on your purchase history and account activity you will still be subject to a credit check when you apply for PayPal Credit and approval is not guaranteed. However, if you have an active PayPal account, you may receive an invitation to apply for PayPal Credit via email. PayPal Credit does not offer an online pre-qualification or pre-approval tool. Keep in mind, you cannot have two PayPal Credit accounts if you apply for a second account while making a purchase, PayPal will continue to charge purchases to your existing account and will not open a new account in your name. Your PayPal Credit approval odds will vary depending on your credit score and your employment status and income level. Bill Me Later is not a separate service and does not have different credit score requirements than PayPal Credit. Note: PayPal Credit was formerly known as Bill Me Later. Representatives for PayPal directed us to Synchrony’s customer service department. To gather information about PayPal Credit’s approval process, we first contacted PayPal’s customer service department. (See our related research to find out if PayPal Credit reports to the credit bureaus.) Synchrony typically pulls from TransUnion. PayPal Credit’s lender, Synchrony Bank, will conduct a “hard” pull on your credit during the approval process. PayPal Credit will likely decline applicants with limited credit histories and/or poor credit. If you have a fair credit score but high income, Synchrony may approve your application likewise, if you have a lower income but a very good credit score, you may also be approved. PayPal Credit’s qualifications include your total income after taxes, employment status, and full credit history. PayPal customer service representatives were unable to confirm an exact range for credit approval and noted that acceptance is not guaranteed based solely on your credit score. PayPal Credit generally requires a credit score of at least 670 for approval applicants with scores in the 700s or higher will have the best odds for approval. However, Synchrony Bank - the lender behind PayPal Credit - will also consider your annual income, employment status, and overall credit profile. PayPal Credit generally requires a credit score of 670 or higher for approval.
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