HARD CHECK: PayPal Cashback Mastercard

[Martin_Metals]

Does anyone know if current PayPal Credit users will get a HARD CHECK when applying for the new PayPal Cashback Mastercard? When I applied for PayPal Credit, they did a HARD CHECK, and it hurt my credit score.  What added insult to injury, is that they don't even report to the credit agencies.

[DPCreations · Accepted solution]

PayPal Cashback MasterCard is a separate credit vehicle so a new credit check should be expected.

At one time I didn't think that both PayPal Extras MasterCard credit card and PayPal Credit were allowed for a single user.  If you can submit the application then my thinking would be incorrect.  Always expect a full credit check whenever you apply for new credit.

To help with a steady credit score always keep a credit card on file which you have had for many years, especially unused.  Longevity of credit helps credit score a lot.

[Martin_Metals]

Thanks for that. I was on the fence about it, especially at how bad I got burned for a check that didn't benefit me later on. 

[DPCreations]

If you already know your credit score is too low, then best to not apply for new credit.   On the other hand, if it is already low then there is nowhere to go but up.  Apply for a local store credit card and then never use it.  There may be a hit but now you have something to build on.  It's something like 30% of your score is based on longevity of credit card accounts.  As they sit idle your score improves.  When you have multiple cards always keep the longest accounts active.  It take time, but you need to start somewhere.

When you apply for new credit make sure there is at least 3 months since a previous application.