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Saturday, December 02, 2023

Was the Twenty Dollars Worth It?

In late October, I wanted to purchase a gift for an upcoming birthday. I had the option of using a credit card, the existing balance in my PayPal account, or opening a buyer's line of credit with my PayPal business account and getting a $20.00 discount on the purchase.

I chose the latter because of the $20.00 discount. I do have credit cards that offer rewards, however the rewards did not equal nor surpass the $20.00 savings by opening the new line of credit.

I made the purchase on October 25, 2023 and paid the entire balance off on October 29, 2023 when the bill came due (had until November 22, 2023 to make the first payment).

I was also happy to add another creditor to my credit profile, in that credit reporting agencies indicate part of the reason my credit scores are not perfect- is because I do not have installment loans nor a mortgage.

I was a little concerned about the hits my credit scores would take with a new credit inquiry. This because, late last year when I opened two new credit cards, I noticed that though my scores initially went down, were almost back to where I started by late summer of this year.

The following illustration shows my current credit scores from TransUnion, Equifax, and Experian. If you zoom on the graphic- you will see the recent score history from each organization.

Keep in mind, I never carry a balance on my credit cards, nor will I with this new line of credit from PayPal Buyer's Credit.

Was the new line of credit worth the slight dip in my scores? Yes. I received a $20 credit on the purchase and a new creditor who will show every month that I am never late.

Do you want to ask, "What are you going to do, now that Mint is closing its doors?" I have not decided. That said, I am going to miss Mint.

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