my dad uses his a lot, does that impact your credit history in a good way? he doesnt have / never had a credit card.
2007-12-23 05:20:48 · 10 answers · asked by ¤AFTERN00N L0VAH¤ 2 in Business & Finance ➔ Credit
it has no effect on your credit history. credit history is based on repayment of debt in agreed upon/timely manner. debit purchases are not debts.
2007-12-23 05:25:25 · answer #1 · answered by Rosebudd 5 · 2⤊ 0⤋
Do Debit Cards Build Credit
2016-11-08 03:18:43 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No it will not affect his credit. It is not a loan, it is his own money that he is spending. If he has a Visa/Master debit Card, he can use them to make purchases, but they are not credit cards.
There a various reasons why some people don't have credit cards. If you don't have a credit card, but one is needed in order to make a purchase, then a debit card is a great tool.
2007-12-23 05:44:18 · answer #3 · answered by _nicole_ 4 · 0⤊ 0⤋
I don't think it does, it just takes money from a place you already have it (debiting the account.)
a credit card is a promise to pay the money in the future (when the bill comes, preferably to over time, for your sake; though the credit card company wants to have you stretch it over time to make the most in interest).
if your dad wants to build up a credit history, it's best to start w/ a store credit card; easier to get than a financial card.
never use a credit card if you don't have the money pay for it; that way lies doom. think of it more as a convenience to not have cash on you.
2007-12-23 05:26:56 · answer #4 · answered by Ja Funmi dba Big Baby 6 · 0⤊ 0⤋
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RE:
Does using a debit card build one's credit history?
my dad uses his a lot, does that impact your credit history in a good way? he doesnt have / never had a credit card.
2015-08-06 23:48:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
When u use a credit card it simply means that u are purchasing something on a credit i.e.debt from the sorce and that u owe the money to the source.
When we use a debit card, the money is deducted from an existing account.
These two things are separate, neither should impact the functioning of the other.
2007-12-23 05:31:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Rosebud is correct. Debit cards won't do a thing for your credit. Paying your bills (all of them) on time has everything to do with it.
2007-12-23 05:28:27 · answer #7 · answered by The Eagle Keeper 7 · 0⤊ 0⤋
It has no effect on your credit history, but does connect to whatever your bank keeps on you. For example, if you overdraft on the debit card, it will go on your bank record. Too many overdrafts get posted to your credit report. Then it is affected.
2007-12-23 08:06:08 · answer #8 · answered by Big Bear 7 · 0⤊ 0⤋
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No. It's liking making an ATM withdrawal. It does not help your Credit.
2016-04-04 00:02:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Of course it does, but the money you're spending better be paying the bills!
2007-12-23 08:35:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋