does paypal pull credit?

08rookie · 07-29-2011, 02:17 PM

just curious...my girlfriend sells some stuff on ebay through my personal pay pal account. nothing major maybe 2000 worth of handbags and stuff over the past 6 months. was just wondering if pay pal pulls credit for any reason??

Gregxi · 07-29-2011, 02:29 PM

nope

08rookie · 07-29-2011, 02:32 PM

Quote:

Originally Posted by Gregxi

nope

i didnt think so...does this make sense...

they needed to confirm my identity by asking for my last digits of my social to increase the limit im able to sell? just to confirm im the one asking for the limit increase??

Gregxi · 07-29-2011, 03:05 PM

They use your personal info to verify who you are
most accounts are linked with a major credit or your bank info.
I have had a paypal card for 7-8 years they have never pulled my credit
I haved seen thousands of credit reports and have never seen an account or an inquiry from paypal

WWONG · 07-29-2011, 05:29 PM

Unless they're about to spam you by US Mail, they need your permission before running your credit.

ABQ325i · 07-29-2011, 09:06 PM

They don't pull your credit but they do report all your income from 1/1/11 onwards to the IRS

ideliver · 08-02-2011, 08:18 AM

Quote:

Originally Posted by ABQ325i

They don't pull your credit but they do report all your income from 1/1/11 onwards to the IRS

This!!!

jpsum · 08-02-2011, 09:12 AM

Quote:

Originally Posted by ABQ325i

They don't pull your credit but they do report all your income from 1/1/11 onwards to the IRS

really???? Fuvk.

ABQ325i · 08-02-2011, 09:38 AM

Yes. If you receive money via Paypal, business or personal you will get a 1099K but, you have to receive at least 200 payments AND at least $20,000

08rookie · 08-02-2011, 10:17 AM

Quote:

Originally Posted by ABQ325i

Yes. If you receive money via Paypal, business or personal you will get a 1099K but, you have to receive at least 200 payments AND at least $20,000

correct. this i heard....my girl just had to increase limits so they asked to verify identity by providing last four of my social....i thought it would be suspect for pay pal to ask for my full social but it makes sense to confirm identity through banking to provide last 2 or even last 4 of social...

Freakazoid · 08-02-2011, 11:03 AM

Quote:

Originally Posted by ABQ325i

Yes. If you receive money via Paypal, business or personal you will get a 1099K but, you have to receive at least 200 payments AND at least $20,000

are you serious? geezus....

persian54 · 08-02-2011, 03:52 PM

Quote:

Originally Posted by ABQ325i

They don't pull your credit but they do report all your income from 1/1/11 onwards to the IRS

but how do they know what's profit and what's not?

and what if you you sell used rims or something?

like I buy APEX wheels for $2200 with tires, and sell later for say $1500 or whatever, will they show I got $1500 profit? cause in turn it's actually a $700 loss

I'm curious how this is going to work??

bumere90 · 08-02-2011, 10:07 PM

^
Business and Personal accounts work a little differently, but yes that will show up as a profit.

persian54 · 08-03-2011, 12:04 AM

Quote:

Originally Posted by bumere90

^
Business and Personal accounts work a little differently, but yes that will show up as a profit.

That's complete nonsense...my account better handle this correctly... I'm not paying taxes on something that wasn't income/profit. I hate paying taxes as it is on what I do earn

ABQ325i · 08-03-2011, 11:10 AM

They are not reporting profit, they are just reporting income. When filing you deduct any expenses and the cost of goods sold.

If you only sell one set of rims all year then you will not be reported. You must receive 200 payments AND collectively they must be more than $20,000. So if you only sell 199 sets of rims for $1500 a set for a grand total of $298,500 you will not be reported.

07-29-2011, 02:17 PM	#1
08rookie Private First Class 183 Rep 123 Posts Drives: bmw Join Date: Jul 2009 Location: phila, pa iTrader: (0)	does paypal pull credit? just curious...my girlfriend sells some stuff on ebay through my personal pay pal account. nothing major maybe 2000 worth of handbags and stuff over the past 6 months. was just wondering if pay pal pulls credit for any reason??
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07-29-2011, 02:29 PM	#2
Gregxi First Lieutenant 66 Rep 338 Posts Drives: 2014 535xi Join Date: Feb 2011 Location: MD iTrader: (0)	nope
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07-29-2011, 03:05 PM	#4
Gregxi First Lieutenant 66 Rep 338 Posts Drives: 2014 535xi Join Date: Feb 2011 Location: MD iTrader: (0)	They use your personal info to verify who you are most accounts are linked with a major credit or your bank info. I have had a paypal card for 7-8 years they have never pulled my credit I haved seen thousands of credit reports and have never seen an account or an inquiry from paypal
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07-29-2011, 05:29 PM	#5
WWONG Banned 110 Rep 1,830 Posts Drives: 2012 BMW X5 xDrive35d Join Date: May 2010 Location: Houston, TX iTrader: (14)	Unless they're about to spam you by US Mail, they need your permission before running your credit.
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07-29-2011, 09:06 PM	#6
ABQ325i Private First Class 14 Rep 158 Posts Drives: 08 E60 535i + 06 E90 330i Join Date: Apr 2010 Location: Albuquerque iTrader: (4) Garage List 2008 535i [0.00] 2006 330i [0.00]	They don't pull your credit but they do report all your income from 1/1/11 onwards to the IRS
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08-02-2011, 09:38 AM	#9
ABQ325i Private First Class 14 Rep 158 Posts Drives: 08 E60 535i + 06 E90 330i Join Date: Apr 2010 Location: Albuquerque iTrader: (4) Garage List 2008 535i [0.00] 2006 330i [0.00]	Yes. If you receive money via Paypal, business or personal you will get a 1099K but, you have to receive at least 200 payments AND at least $20,000
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08-02-2011, 10:07 PM	#13
bumere90 Grozniy 179 Rep 2,602 Posts Drives: Carless Join Date: Jan 2009 Location: FL iTrader: (12)	^ Business and Personal accounts work a little differently, but yes that will show up as a profit. __________________ -fatman
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08-03-2011, 11:10 AM	#15
ABQ325i Private First Class 14 Rep 158 Posts Drives: 08 E60 535i + 06 E90 330i Join Date: Apr 2010 Location: Albuquerque iTrader: (4) Garage List 2008 535i [0.00] 2006 330i [0.00]	They are not reporting profit, they are just reporting income. When filing you deduct any expenses and the cost of goods sold. If you only sell one set of rims all year then you will not be reported. You must receive 200 payments AND collectively they must be more than $20,000. So if you only sell 199 sets of rims for $1500 a set for a grand total of $298,500 you will not be reported.
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