 Can you build great credit, without credit cards? If so, how? |
| I am about to have my first job ever, start paying taxes, grown up things you know. I don't want credit cards, I don't want to spend money that I haven't earned, and end up in debt, ... |
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 I need to consolidate my debt through one of those financial counseling places, but also want to keep my C.C.? |
| My biggest debt problem is a credit card that has nearly a 10K balance and about 60% of that is on Cash Advances which has a 25% APR. You see the C.C company has it rigged where making the min. ... |
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 Can I use a credit card to pay on ANOTHER credit card? |
Long story... lol. I just dont want to pay a lot of interest if I have to get cash
Additional Details
Long story... lol. I just dont want to pay a lot of interest if I have to get cash ... |
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 A collection agency drained my bank account, how can I get my money back? |
| I owe a few hundred dollars to my credit card that I hadn't been able to pay yet because of financial difficulties. I recently received a long overdue check from my previous employer for about ... |
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 Should I pay it off all at once? |
| I have a credit card that was cancelled. (We had a rough couple months) It had a very small limit on it. $300. There's $150 left owing on it, and my husband and I are having differance of ... |
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 Will paying off my loan early lower my credit score? |
| I have $140 montly due for my student loan, I want to pay the $1680 once a year insted of remembering to write a check (or worry about what is in my bank account if i set it up to withdraw ... |
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| Is it smart to get a credit card when i turn 18?!? |
im 17 now, and im thinking of getting a credit card to buy alot of stuff i want, plus of course college supplies etc.
what do you think??... |
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 I have a credit monitoring system and my recent credit score was 635? |
| I went to pull my report today and it dropped to 598 I had to charge some medical things for a family member for about 2,000 dollars and used a couple hundred on another card. DO you think that'... |
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 I was late on my credit card payments for three straight months. How much will that affect my credit score? |
| My credit score was 750 before this happened and I have not checked it since the late payments which were Mar,Apr,May of this year. My wife was handling the finances and payed a $50 minumum payment ... |
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 What is the best way to handle outstanding debt? |
| I have previously asked a question and have not got the answers i was seeking. I have a credit card debt that is over 9 years old. I understand all of the legalities of the situation concerning the ... |
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 Is there a possible way to live without credit? |
| Don't you hate being a slave to banks and credit card companies?Even when buying a house, which people think it's theirs but it actually isn't until it's completely paid off like ... |
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 Can a collection agency for a way over due payday loan call the cops on you have have you arrested? |
| Way back in Nov. I had taken out a payday loan, well when it came time to repay I didn't have the money so I took out another loan... I have 7 outstanding loans now..... BAD DEAL!! Well they ... |
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 Past Due Credit Card? |
| Hi. I have a credit card in which the minimum payment is now $800. It started out with an overdraft and a late fee, and the minimum was $150 which I could not afford, then it has just went up since ... |
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rock | Will using my debit as a credit card build my credit? |
I have a debit card with a small bank and I was wondering if using my debit as a credit will increase my credit? I am trying to apply for a credit card, but got denied by chase because of no credit. Thanks.
On another note I also have another question. if i use my credit as a debit, will it just take money out of my bank account as IF i used a debit?since i do not have a card with a credit card company. Hope that makes sense. Thank You! |
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Josh K
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No it will not do anything for your credit score. As for your second question yes the money still comes out of your checking account. It is common at many places to use check cards like credit cards. The money still ends up comming out of your checking account |
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Karly
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using a debit card will not raise your credit, debit cards are the same as writing a check, the money comes right out of your account |
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Brenda
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Somewhere in there is a question (I think) :):)
A debit card is a debit card ~ a credit card is a credit card.
One can't use ONE in place of the other.
An easy way to start building a credit rating is to borrow a small amount of money (from a bank) and pay it back regularly and on time if not early. No matter if you need the money to buy something or not.
The absolute best thing that you can do is live within means, don't bounce cheques, don't run your bank account into the RED and well . . . be well with your money.
If you have some history with your bank you'll eventually qualify for a credit card. Once you have a credit card . . . always pay the full balance owing each and every month.
There's no rush |
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Kronner 82
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I don't think that debit cards will build credit when run as credit on a card purchase machine, but I could be wrong. One way you could build credit without running a balance is simply get a low-line credit card and buy your NECESSITIES on the card, then IMMEDIATELY go online and pay 'em off with your debit card! |
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czar_rob_the_great
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Bank cards issued to you are not credit cards and will not build credit. even if the card has a Visa or Mastercard logo on it.
And your second question, I have a Visa Sharecheck card issued by Navy Federal with a Visa logo on it, and I also have a debit card for the same checking account. The difference between the two is this: When you use your Visa card the bank will authorize that amount for 3 days, so the balance on your account reflects what you just spent for 3 days. After 3 days the bank will de-authorize that amount and adjust your balance accordingly, so it will appear that you have more money, but don't spend it because eventually the company that you used your card at will take your money, so you could potentially go in the whole if your not careful.
However, the regular debit card is an instant transaction, meaning that the money you spend at that moment is deducted from your account and it is never "authorized" or deauthorized. |
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Dyvid
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Your debit card will NOT give your credit. Credit is determined by money you borrow and then repay. Your debit card takes money straight out of your bank account, thus you borrow no money at all.
I don't understand your second paragraph question. if you are askign if you can use your debit as credit the answer is no. Again you need to borrow money.
I have some advice for you. (I built my credit up to 780 in less than a year so this should be valid to you) No major credit card company will let you borrow money without any record. You have to start off small, apply for one at your local bank, after a few months (2-4) months I would suggest you go to another bank and get a second card. After a total of 5-6 months you should have enough credit to apply for a third card, or close one and apply to a decent company.
I tried 3 months ago to get a discover but I didn't make enough income a year to qualify for them. So some companies will require a $16,000 yearly income to be considered...since you can spend more and hopefully get yourself into more debt.
Start off small and work your way up. I recommend using WaMu, since you can view your monthly (just about) credit score. |
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Classy Granny
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Your debit card purchase comes out of your checking account and will do nothing to build credit. |
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Peter C
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Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments. - creditreport.imess.net |
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BillD
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If you want to build credit by using a card then it must be a credit card. Using a debit as credit won't and can't do anything. If you have been declined numerous times because of not having any credit then I would look at cards specifically designed for people with no credit or bad credit. There are a few prepaid cards out there too that have a credit builder system built into them.
http://www.peoplesavehere.com/creditcards.html |
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wildbirdie
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Using a debit card as a "credit" card only changes whether you sign for the transaction or use a PIN. It's still a debit card and goes against your checking account. Since there is no extension of credit, there is nothing to report to credit bureaus. Banks like this because they get bigger fees for clearing "credit" and the merchant doesn't know the difference. |
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lostangel442005
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Yes it will slowly build your credit because it proves you can manage your money but just using your debit card will do that. and yes if you use it as credit it will still be basically like debit and take the money out of your bank account. |
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