PayPal Credit reported a total of $50 Billion in transaction volume from 2008 to 2019. Its popularity is quite justified considering it charges 0% interest (if paid on time) and provides a minimum credit line of $250.
If you haven’t been taking advantage of PayPal Credit then you’re probably wondering if your credit score is good enough to be approved for it.
Minimum Credit Score for PayPal Credit
PayPal has not clarified its minimum credit requirement for PayPal Credit and that’s because it doesn’t actually own this product anymore. Synchrony Bank acquired PayPal Credit in 2018 and has been running the product ever since.
Synchrony Bank uses the Vantage 4.0 scoring model and they design their credit cards for people with Fair (601 – 660), Good (661 – 780), and Excellent (781 – 850) credit.
So the minimum credit score required for PayPal Credit is 601.
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What are the Other Requirements for PayPal Credit?
PayPal Credit is available for US residents who are of legal age in their state of residence.
It’s also important to mention that your application could still be denied if you have any recent delinquencies in your credit history.
Does PayPal Credit Affect My Credit Score?
Yes, PayPal Credit is reported as revolving credit in your credit report under the tradeline of SYNCB/PPC, which stands for Synchrony Bank/PayPal Credit.
PayPal Credit started reporting to the credit bureaus after it was acquired by Synchrony Bank in 2018.
Synchrony Bank acquired PayPal Credit in 2018 and it hasn’t disclosed the exact minimum credit score for PayPal Credit. However, PayPal Credit is reported as a credit card to the credit bureaus. So we can use Synchrony Bank’s requirements for its own credit cards to get an idea for PayPal Credit’s minimum required credit score.
Cushion is your go-to app for organizing, paying, and building your credit profile with your existing bills, subscriptions, and Buy Now Pay Later.
Disclaimer: The information provided in this website is for educational purposes only and should not be considered as financial advice. Consult with a financial professional for personalized guidance regarding your specific situation.
SYNCB is the tradeline for Synchrony Bank and Phone Payment means that you paid Synchrony Bank via phone. Synchrony Bank is an online bank that offers a wide variety of financial services. Most store credit cards by big brands are powered by Synchrony.
uses the Vantage 4.0 scoring model and they design their credit cards for people with Fair (601 – 660), Good (661 – 780), and Excellent (781 – 850) credit. So the minimum credit score required for PayPal Credit is 601. Recommended article: What Is a Good Credit Score?
The PayPal Cashback Mastercard® requires at least fair credit (a credit score of 640+) for approval. If you'd like to know where you stand, you can check your credit score for free, right here on WalletHub.
PayPal doesn't disclose a minimum credit score that's needed for approval, so the Pay in 4 program may be an option for people with a poor credit history.
An approved PayPal Credit application will result in a hard credit inquiry, which may impact your credit score. If approved, your PayPal Credit account is added to your PayPal Wallet, so you can make purchases and enjoy special financing without having to apply again.
PayPal Credit is subject to credit approval and is offered by Synchrony Bank. It's available for US residents who are of legal age in their state of residence.
Applying for PayPal Credit is easy. Complete our short application form here and, if approved and once you accept the Credit Agreement, you'll have a credit limit linked to your PayPal account almost straight away.
The application form takes minutes to complete. We'll then run a credit check and if approved, you'll have a credit limit linked to your PayPal account once you've accepted your credit agreement. This approval process will only take a few seconds and then you're ready to go.
PayPal has more than 430 million active accounts worldwide. Since these shoppers already have an account with PayPal, the approval process is frictionless. New customers may require a soft credit check for Pay in 4 or Pay Monthly, a process that usually takes only a few seconds.
If approved, we start you off with a minimum credit line of at least $250. See FAQs for more info. For New Accounts: Variable Purchase APR is 29.24%. The APR is accurate as of 3/1/2024 and will vary with the market based on the Prime Rate (as defined in your credit card agreement).
What do I do if I am unsuccessful in applying for PayPal Credit? Unfortunately, we have no control over the success or decline of an application – this is all PayPal's decision. If you have been declined, PayPal will email you with information about why your application was unsuccessful.
First, PayPal will pull a hard credit search to see if you qualify. This will cause your credit score to drop slightly, but if your application is accepted, your credit score will recover within about six months. Once you're approved, PayPal Credit will impact your credit score like any other credit card.
Synchrony Bank acquired PayPal Credit in 2018 and has been running the product ever since. Synchrony Bank uses the Vantage 4.0 scoring model and they design their credit cards for people with Fair (601 – 660), Good (661 – 780), and Excellent (781 – 850) credit.
PayPal Credit, PayPal's virtual, low-limit, revolving line of credit program, has a starting limit of $250, but it can be theoretically increased over time to $20,000 via limit increase requests.
The Discover it® Secured Credit Card is our top pick for easiest credit card to get because it's geared toward those with limited/poor credit. It offers great rewards and charges a $0 annual fee.
Yes, when you apply for PayPal Credit it will affect your credit profile. This is due to the fact that when you apply, a hard inquiry will be done on your credit report. Synchrony Bank, a financial institution with which PayPal has a partnership, will review your application before completing an audit.
PayPal's “Pay in 4” only uses a soft credit pull, but PayPal Credit does a full credit check. One hard inquiry isn't going to tank your score, but consumers should know that some BNPL services do use a hard credit check.
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