I am sorry for the question but I am newbie and really don't know... I never had before a credit card, just a debit card...Do I still have a credit score or not? Any idea how to get a credit score with debit card and what is the smartest choice or way to start with?
Thank you!
2007-08-25 20:19:54 · 2 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Debit cards don't report to credit agencies, as a rule. Check with the bank that issued yours. Best way to get a credit score is to open a checking account and then a savings account. With that, you can get your first credit card. Then charge money and keep paying it off. Alternatively, you can put money in savings and then ask the bank for a secured loan against the amount in savings. So, deposit $1,000, get a loan for $1,000, and then pay it off. All you pay is some interest, but you create credit.
You can see if you have a credit report yet by going to www.annualcreditreport.com. But only get one credit report at a time, don't get all three at once. In four months, you can get another for free and see if what you did made any difference.
2007-08-25 20:29:27 · answer #1 · answered by Katherine W 7 · 2⤊ 0⤋
Follow what Katherine W says.
2007-08-26 03:37:18 · answer #2 · answered by babun 2 · 0⤊ 0⤋