Establish your credit at all??
2006-10-10 06:36:46 · 8 answers · asked by sweetlovings07 1 in Business & Finance ➔ Credit
no, They do not report to any credit bureau
2006-10-10 06:38:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most prepaid credit cards do not help you establish your credit because they do not extend you credit.
However, there are a couple of prepaid credit cards that have a "credit builder" service that helps you build your credit history. You need to pay a monthly fee, which is reported to the credit bureaus as an interest payment.
2006-10-11 00:24:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. prepaid credit card doesn't even ask for your info, most of the time. Its like a bank account-- you deposit money, you use the card until its empty.
Debit cards DO NOT show on your credit either.
What you want is a secured credit card, not a prepaid one. Secured you put down the same amount as your limit (usually) and you charge-- and you have to pay back what you charge. They hold the deposit until they deem you 'safe' and then they give it back.
2006-10-10 14:15:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. You are better off going to your bank and getting a small ($500) unsecured loan; put it in your savings account, (don't touch it, and pay it back over the course of 6 months. Keep doing this but each time you pay it off get a slightly larger amount. Building good credit is all about DICIPLIN. I had shitty credit and now I have a 776 credit score. Only get a credit card if you can pay it off every month. Diciplin yourself, only charge things that you would normally buy with cash and make sure you don't spend that cash on something else. DICIPLIN, DICIPLIN, DICIPLIN. Now I can buy anything.
2006-10-10 13:43:34 · answer #4 · answered by BBoyd 1 · 0⤊ 0⤋
No, not usually. However, if you get a secured credit card, you can then use it as a reference to obtain a department store card (Sears, JC Penny, etc). Make a small purchase on the department store card every month or so and pay it off when the bill comes. That SHOULD get your credit started.
2006-10-10 13:48:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Doesn't prepaid CREDIT cards defeat the whole purpose of CREDIT.....
It should....But it might not be as strong as if it were a regular one.
2006-10-10 13:39:31 · answer #6 · answered by Christina W 2 · 0⤊ 0⤋
this is a secure line of credit, albeit secured with your funds. yes, it will help you establish a payment pattern, which you can use to build your credit score.
2006-10-10 13:39:06 · answer #7 · answered by John H 3 · 0⤊ 0⤋
no not a pre paid but a debit card does.
2006-10-10 13:39:02 · answer #8 · answered by Anonymous · 0⤊ 1⤋