Bill Me Later is a financial service that allows you to make purchases using a line of credit that you pay down over time, as with a credit card, without the need to use a credit card. The most famous of the Bill Me Later programs is that offered through PayPal. This service allows you to shop online and make purchases, without having to fill out all your credit card information. This makes online shopping easier and more convenient than ever before. But what type of credit score do you need to be approved for this revolving line of credit?
First, Bill Me Later is, as noted above, a revolving line of credit. This means that there is no predetermined spending limit, and the limit can be adjusted at the point of sale. For example, if you have Bill Me Later, and you want to make a purchase that exceeds your approved limit, at the point of purchase, your credit and payment history will be checked and you will either be approved or denied the ability to up your line of credit via the purchase.
Given the open nature of this type of credit, it not really open to those with poor credit. Those with fair credit are even likely to have difficulties being approved for this line of credit. The average credit score of those approved for Bill Me Later is 720. The national average credit score is 660, showing that you need to have pretty good credit, likely excellent credit, to qualify for the Bill Me Later service. If you have a poor credit score, or have difficulties being approved for a traditional, unsecured credit card, you are unlikely to qualify for the Bill Me Later line of credit.
Credit Qualifications For Bill Me Later
In order to qualify, you must have no negative actions on your credit report, and you must have a very high credit score. The average score of those approved show that this is a service suited towards those with excellent credit. For those who plan on paying off any balances before interest is tacked on to the purchase can really benefit from the convenience of Bill Me Later. However, for those who are going to carry a balance, it could be more beneficial, and cheaper, to make said purchases using a credit card. Regardless of your credit score, you will be charged a 19.99% interest rate on any purchases not paid in full before the grace period. This is still a lower percentage than many credit and department store cards, making it an attractive option for many. This is a convenient way to shop for those with excellent credit.
[I]f you have a goal to improve your credit score for the new year, you need to set up steps to help you achieve this goal. For many, they read all kinds of information about how to get a good credit score, and it can be overwhelming. Sometimes, it can sound so easy but not […]
[T]here are three major credit reporting agencies: Experian, Equifax and TransUnion. All of them provide a credit report which lists your personal information and credit accounts. You can get one report for free each year or purchase extra reports through the agency sites. Many people just get one credit report, but you really should get […]
[A]s you get credit cards, you will notice they give you a credit limit. This is the maximum amount you can spend on the card without paying some of it off first. Credit card companies often increase your credit limit as you prove responsible handling the amount you have. You may wonder if more credit […]
[I]f you have bad credit, it can be difficult to qualify for a car loan. However, it’s not impossible. Before you go out and apply for money to purchase a vehicle, there are some things you should know. Check Your Credit Before you fill out any applications for car loans, you need to take a […]
[M]any people hear that they have bad credit, which means they haven’t always been responsible with their credit accounts. However, it is another situation entirely when a person is told they have no credit. You may wonder how that’s possible and what it really means for your future. No Credit Doesn’t Mean Never Any Credit […]
[T]ransUnion is one of the three credit bureaus which stores information about consumers and their credit history. It provides this information to creditors and to consumers. TransUnion was founded in 1968, and it now has more than 200 offices through the US and the world. How TransUnion is Different TransUnion is similar to the other […]
[E]quifax is one of the three major credit reporting agencies which provides information used on your credit report. It has a credit score which will impact your ability to get approved for new credit. All of these agencies aren’t the same, so here is some information you should know about Equifax. Equifax is headquartered out […]