Credit Score Needed For PayPal Credit

Last Updated: Nov 15, 2022

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PayPal Credit is offered by Synchrony Bank, the approval process requires a “hard” pull background check. Synchrony Bank would review and consider the following requirements before the PayPal Credit application can be approved:

  • Credit score (minimum 670),
  • Total income after taxes,
  • Employment status, and
  • Credit history.

Minimum Credit Score Needed For PayPal Credit?

PayPal will consider applicants with credit scores of 670 or higher, however credit scores above 700 have a higher approval rate compared to meeting the minimum requirement.

PayPal emphasizes the influence applicants' credit scores have on the credit approval process. However, beyond the considerations afforded to the credit scores of applicants, PayPal also considers their:

  • Income after taxes,
  • Employment status, or
  • Complete credit history.

In addition to satisfying the requirements above, PayPal also requires applicants to have a maximum of only one existing PayPal account when applying.

What Is PayPal Credit?

PayPal credit is a revolving credit account, affording account holders a reusable line of credit with the option to either pay immediately, or over time. Annual interest rates of new PayPal credit accounts range up to 23.99% as of January 2022. The interest rate is subject to fluctuations based on the prime rate set out in the credit card agreement.

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How Do I Apply For PayPal Credit?

You can apply for PayPal credit online where you will be required to provide the following information:

  • Last 4 digits of your social security number
  • Date of birth,
  • Income after taxes.

The application requires you to read and agree to the terms and conditions of your application. Once complete most applications will return a final result within seconds.  

PayPal Credit Denial

Applicants will receive an email detailing the reason(s) for their credit applications being rejected by PayPal. If the application is denied, applicants can only reapply 35 days after receiving the notice of denial.

Applicants should use the detailed reasons provided by PayPal to improve their credit score and likelihood of success while waiting to reapply.

Individuals also have the choice of consulting credit repair specialists like Credit Sage. A professional team with extensive knowledge and experience when optimizing consumers credit scores based on their needs and circumstances.  

Bottom Line

Applicants must supply various private details and agree to a background credit check if they hope to  successfully obtain approval for PayPal credit. If their application is denied they may only reapply after 35 days have passed.

Use the time to seek credit repair services from experts like Credit Sage to help bolster future applications to reflect their best possible credit profile.

Looking for help with Credit Score Needed For Paypal Credit?

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