When considering applying for a PayPal Credit account, it’s important to know the minimum recommended credit score is 700. However, there’s more to the story than just your credit score.
What is PayPal Credit?
PayPal Credit is a revolving credit line issued by Synchrony Bank that allows you to make purchases at millions of stores that accept PayPal. It enables shoppers to select a multi-month payment plan instead of paying for an entire purchase upfront. If you’re approved for PayPal Credit, you’ll have a minimum credit limit of at least $250.
Factors Affecting PayPal Credit Approval
While your credit score is a significant factor in determining your eligibility, PayPal also considers other aspects:
- Income: A steady and sufficient income can demonstrate your ability to repay the borrowed amount.
- Debt: Lower debt levels may indicate a lower risk of defaulting on your payments.
- Negative items on your credit report: Late payments, collections, and other negative items may impact your chances of approval.
How to Increase Your Chances of Getting Approved for PayPal Credit
To improve your chances of approval, consider the following tips:
- Monitor your credit scores: Regularly checking your credit scores and reports can help you identify areas that need improvement.
- Maintain a strong credit history: A history of timely payments and responsible credit use can increase your creditworthiness.
- Keep credit utilization low: Aim to use less than 30% of your available credit to show that you manage your credit responsibly.
- Avoid applying for multiple credit accounts: Too many recent credit inquiries can negatively impact your credit score and raise red flags for potential lenders.
Boost Your Credit Score with Professional Help
If you need help improving your credit score, consider working with a credit repair company like Lexington Law. With over 18 years of experience, they specialize in disputing and potentially removing negative items from your credit report, including:
- Late payments
In 2021 alone, Lexington Law achieved over 6 million removals for their clients. If you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, visit their website and fill out the form for a free credit consultation.
While a credit score of 700 is recommended for PayPal Credit, it’s essential to consider other factors that can impact your approval chances.
By monitoring your credit scores, maintaining a strong credit history, keeping credit utilization low, and avoiding multiple credit inquiries, you can improve your chances of being approved for a PayPal Credit account. If needed, seek professional help from credit repair companies to boost your credit score and increase your chances of success.