What Credit Score Do You Need to Do Bill Me Later?

February 9th, 2012 | Author:

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.

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