PayPal screwed me with my credit score. I tried to take advantage of a financing offer while making a large purchase online - 0% for 24 months. Why not? Take the money and earn 3-4% in a savings account in the meantime. My purchase was rejected after a couple of attempts, not knowing why. The retailer’s credit department referred me to P…
PayPal screwed me with my credit score. I tried to take advantage of a financing offer while making a large purchase online - 0% for 24 months. Why not? Take the money and earn 3-4% in a savings account in the meantime. My purchase was rejected after a couple of attempts, not knowing why. The retailer’s credit department referred me to PayPal. After three phone calls I got through to an offshore call center at Synchronicity Bank, which runs PayPal’s personal credit products. Because my credit line with PayPal was too low to coołkover the purchase I needed special approval to extend the line. After I took care of that I found out my credit score went down significantly because the bank did a hard pull of my credit every time I attempted to pay on the retailer’s website (3-4x) which doesn’t make sense because I wasn’t applying for additional credit at that point in the process. The outstanding amount on my new credit line was also a factor. TransUnion told me that this often happens with PayPal. I paid off the balance immediately but now have to wait almost a year for my score to get back to where it was.
The retailer took no responsibility and said it was between PayPal and me.
If PayPal were legally a bank they would be in hot water with regulators. Or Sen. Warren’s consumer finance protection agency.
PayPal screwed me with my credit score. I tried to take advantage of a financing offer while making a large purchase online - 0% for 24 months. Why not? Take the money and earn 3-4% in a savings account in the meantime. My purchase was rejected after a couple of attempts, not knowing why. The retailer’s credit department referred me to PayPal. After three phone calls I got through to an offshore call center at Synchronicity Bank, which runs PayPal’s personal credit products. Because my credit line with PayPal was too low to coołkover the purchase I needed special approval to extend the line. After I took care of that I found out my credit score went down significantly because the bank did a hard pull of my credit every time I attempted to pay on the retailer’s website (3-4x) which doesn’t make sense because I wasn’t applying for additional credit at that point in the process. The outstanding amount on my new credit line was also a factor. TransUnion told me that this often happens with PayPal. I paid off the balance immediately but now have to wait almost a year for my score to get back to where it was.
The retailer took no responsibility and said it was between PayPal and me.
If PayPal were legally a bank they would be in hot water with regulators. Or Sen. Warren’s consumer finance protection agency.