I work at Walmart and I hear many people saying this is so.
2006-09-10 11:23:04 · 10 answers · asked by Be Saved II 1 in Business & Finance ➔ Credit
a debit card may be used as debit or credit but in no way will it help your credit score. the money is taken out of your checking or savings or whatever account you have to take money out of to purchase goods.ive also heard the same ridulous gossip. but you have to make a major purchase like a home a car so you make payments and when you finish with those payments without being late or just paying interest your score will go up. your debit card is for money that is already there to use.as in a checking account
2006-09-10 11:30:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No it will not help because the money is directly taken out of your checking account.
You can establish credit by using a credit card, charging stuff to the card and have a running balance. Make sure you pay at least the minimum amount each month, but do not pay it off completely in one month. This will not help.
Also, car loans are a good way to establish credit as well!
In addition, make sure you do not have a lot of credit cards or store cards (such as GAP, Victoria Secret, Old Navy, etc.) because these count. In addition, keep credit amounts reasonable. You can always tell your bank to lower your credit (for example, from 15,000 to 3,000).
2006-09-10 19:59:47 · answer #2 · answered by smsherrick 2 · 0⤊ 0⤋
No it does not.
Since your debit card is linked to your personal bank account there is no credit involved. you have no money you can't use your debit card and there is nothing to pay back.
Only real credit (bank loans, mortgages, credit cards etc) can affect your credit.
Also the number of times you apply for credit and get accepted or refused , the number of times you miss payments, then number of times you make ontime payments, early payment, paying off a loan early and the like will affect your credit.
As will bankrupcy.
2006-09-10 18:31:32 · answer #3 · answered by plantladywithcfids 4 · 0⤊ 0⤋
No, it doesn't. When you use a debit card you're using your own money. It doesn't matter how you tag the transaction when you use it, it's still a debit card. In order to have credit, you have to responsibly use other people's money and pay it back. That's what a credit card is.
2006-09-10 20:46:50 · answer #4 · answered by misslabeled 7 · 0⤊ 1⤋
No. It does not.
A debit card does not show up as revolving credit on your report (it'll show as a checking account that the card is linked to). Only revolving credit (credit card) or a mortgage can help improve your credit history.
2006-09-10 18:27:55 · answer #5 · answered by BiyGuy 2 · 0⤊ 0⤋
No, it has no affect on your credit rating, unless you use it without enough money in your account to cover the transactions.
2006-09-10 20:16:04 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It has no effect at all. It's no different than writing a check because it's your money. It's just a method of payment.
2006-09-10 18:30:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no it has nothing to do with credit. that money comes from your checking acct. and has nothing to do with credit.
2006-09-10 21:58:25 · answer #8 · answered by bella_4624_19 4 · 0⤊ 0⤋
i work in finance industry..credit scoring,blacklisting etc.,check my e mail add and ask??
2006-09-10 18:30:21 · answer #9 · answered by johnboy 3 · 0⤊ 0⤋
no it doesn't but if you use secued credit cars help you
2006-09-10 18:37:01 · answer #10 · answered by cali909boy 2 · 0⤊ 0⤋