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ex_mus | Prepaid credit card????? |
could u pls tell me if prepaid credit card build credit history?
thnx |
 |
 
Ashley*Belle
 |
Prepaid credit cards do build your credit history. They are designed for people that have limited or no credit history. |
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Physics-Student
|
I should think so as they are for that purpose only. the best way to build your credit history is to stop borrowing [ even not to apply for any credits ], for the next three years and then you can apply for normal credit card. |
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Iknowthis!
 |
A secured credit card builds your credit - that is where you put money on deposit to secure your credit card line of credit. It can be an excellent way to build your credit if you are not able to get an unsecured cards.
It is correct to shop around to make sure you don't pay high fees. Many credit unions offer this to their members for free so you may want to check in your area. If you have a Fifth Third Bank they offer it for free or very inexpensivesly. Online you can check out Orchard Bank or New Millenium Bank.
Good luck. |
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six shooter
 |
If you mean those cards they sell in stores, no. They are basically gift card and are not reported to credit bureaus. If you mean a secured credit card, yes. You give the bank a certain amount of money(five hundred to a thousand, they are rarely issued for more). When that amount is exhausted your account will be evaluated and may be extended for the same amount or it may be raised. You don't have to spend a lot to get a good credit rating, 25 to 50 dollars a month will do it and pay it off in full every month. Exhausting your credit line makes you look like a bad risk, like a person who overspends. Good Luck! |
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knitting bear
 |
No they don't. You can, however, use a SECURED credit card to do that. For a secured card, you take, say, $400 to the bank & tell them you want to open a secured credit card account. They will open the account for you & you deposit the money. Some banks will give you only the amount of credit equal to the amount you deposit, some with give more, it is up to the bank. Usually, after a year of on time, at least minimum, payments, you get the deposit money back. If you want a larger credit limit during the first year, deposit more money. |
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leelee
|
i dont think it does as a pre paid credit card is uaually for low credit scoring customers like myself so you only use your own money and will not be able to borrow money |
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Doc Holliday
 |
Typically, prepaid credit cards won't build your credit. However, there is one - if you use their online bill pay to pay your bills - that can build your credit with PRBC, a relatively new credit bureau that's gaining a lot of exposure.
Check out this page - http://prbc.com/consumers/how/futurepay.php - the Account Now card is the one you want to check out. Click through and you'll see the "Build Credit History" link on their homepage.
Just so you know this isn't a scam (which I see on here far too often), check out some recent press PRBC has gotten below. The first article talks about someone who was able to get a car loan, thanks to building her credit with PRBC. The cool thing is that PRBC lets you build credit for paying bills on time like rent, cable, cell phone, internet, insurance, utilities, etc. Payments for those bills aren't reported to the standard credit bureaus - unless you miss or are late with a payment!
NPR - http://marketplace.publicradio.org/display/web/2008/05/23/fixing_zero_credit/
BusinessWeek - http://www.businessweek.com/magazine/content/08_16/b4080052299512.htm?
Kiplinger's 1 - http://www.kiplinger.com/magazine/archives/2008/03/build-credit-history.html
MSN Money - http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/BuildCreditWithoutACreditCard.aspx
Wall Street Journal - http://online.wsj.com/article/SB120519158709225603.html |
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gonzo
|
Yes it builds a credit history.
They usually have 19.5% interest rate and some have annual fee some don't. |
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tamrn02
|
Prepaid cards are a rip off, they charge you a hefty yearly fee and then a monthly fee as well as interest on money that is yours. It's prepaid, so you are paying for the item.....don't pay interest on the item as well.
I agree with some of the others, best way to build your bad credit is to stay away from credit for awhile. |
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