how do u get bad credit?

Question

i have gottten negative on my debit card... does that mean that ima have bad credit?

Answer 1

debit cards are debit not credit....

debit cards are not reported to the agencies unless you refuse to pay the money owed on your overdrawn debit card....usually this will take months for them to report this.

You can have bad credit by not paying the outstanding balances on your credit line....or you consistently have late payments....

Seems like your too young to get a credit card...however, be safe and don't use it unless you can pay the total amount owed each month....This helps you get good credit...

I stated this in college and by the end of college my credit was soo good that I could have bought a house then...My score was a 880...now how many young adults in the country have that great of a credit score?

Answer 2

You get bad credit when you do not pay your bills on time. A negative on a debit card infers that you have no money in the bank account from which to draw. You may have set up an overdraft on your banking account and it is now using that money to cover the transactions you are making. Note that there is a very high interest rate charged on using overdraft protection funds.

Answer 3

Short Answer - No, it does not necessarily mean you have bad credit.

Longer answer - most items that lower your credit score are items that are reported to the three major credit reporting bureaus (Equifax, Transunion, and Experian) as being delinquent. In most cases, these items will be credit accounts that are in your name.

If your bank account is overdrawn, however, it most likely isn't something that will be reported immediately to the credit bureaus, so long as you make a deposit which covers the overdraft. If, however, you cut and run and left the bank account in an overdrawn status, I could see a situation where the delinquency is reported to the credit bureaus and thus lowers your credit rating.

Make Your Nut
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Answer 4

There are multiple ways to get bad credit and few ways to get good credit.

Bad Credit
- don't pay your bills on time
- open up lots of bank and credit card accounts
- overdraw (take out more money than you have)
- default on a loan account
- bankrupcy (really bad)

Best way to find out is to ask your debit card company if they are going to report your overdraft to the credit companies. Then i would recommend getting a free credit report from TransUnion, Equifax or Experian to find out the status of your credit.

Answer 5

Not necessarily. Usually you won't be reported to a collection agency (source of bad credit) unless you leave a negative balance on your card for a long time. Just take care of it as soon as you can and try not to do it again. I try to keep about $100-$200 in my accounts that I do not count as being there, so if I accidentally take out too much, I have that extra money there as a buffer. Dont spend it though, unless you're really in a pinch.

Answer 6

getting neg on debit card just means you have been over spending and not keeping track of your expenses , but a way to get bad credit is stop paying your bills like car payment Credit cards and stuff

Answer 7

If you are worried, get a free credit report from www.freecreditreport.com Bad credit goes by your score. 800 is excellent down to whatever it is. To clean it up, close the credit cards that you don't use and have $0 balance. Pay your bills on time and just wait. Don't have it pulled too often, that affects your score too.

Answer 8

Don't pay bills on time or at all.
Having too many credit cards
will also lower your credit rating,
even if you pay them on time.
Default on loans.
Have a repossession.
Have a foreclosure.
File for bankruptcy.
etc...

IF YOUR JUST TALKING ABOUT YOUR
DEBIT CARD.

Get it out of the negative. That doesn't affect
your credit much at all. Just the way your's
and other banks view you.

Answer 9

Debit cards are NOT credit cards and they are not reported to transunion, equifax or experian (the three credit reporting agencies). Educate yourself about credit. There are tons of websites out there. Here's one: www.lendingtree.com

Answer 10

if you dont catch it up soon - yes you will - a debit card is off of a checking account - also causing you not to be able to get a checking account at another bank until it is paid in full.