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mpcamill

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Keep Open or Close?
Hello all,

I was setting up a Paypal account the other day and there is a step towards the end of the process where they pitch you Paypal Credit. There are two buttons at the bottom of all the legal info, "Sign me up" and "No, I'll sign up later". Well my computer and internet are not exactly top of the line, so they can lag a little at times. Right when I was about to click "No, I'll sign up later" the screen shifted and I hit "Sign me up". I started trying to click no like crazy, but the damage was done. I was instantly approved for a $2000 credit line, however, I do not want Paypal Credit. I am trying to prepare for buying a house, so I am avoiding any credit inquiries. I immediately emailed Paypal and let them know what happened, but I wanted to get some advice before I took any actions.

Should I close the account and dispute the inquiry with each credit bureau? Or should I leave the account open and just look at it as lowering my utilization? I really want to close the account because Paypal is know for switching payment methods during checkout process to better themselves (e.g. using Paypal balances instead of credit cards to pay for items). Also, I am worried about my average age of account with keeping Paypal Credit open. My credit history only goes back 7 years 9 months, with the average age of account being 4 years 6 month, excluding Paypal credit. What option will have the least impact on my eligibility for a mortgage?

For context, I am 26 and my credit scores on CK are 720 TransUnion and 790 VantageScore, on Quizzle 759, and on Credit Sesame 747.

Any advice would be greatly appreciated!

Thank you,
Mike

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It depends

You can take a 1-5 pt. hit for an inquiry. Will it help your utiliziation? What is that number, currently? Lowering your utilization will offset a credit hit - I got a 20pt.bump when I went from 21% to 5%.

You *can* start the dispute course of action - but IMHO, it is a complete pain, and will take some effort.  What has Paypal's response been?

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