Can a prepaid master card help to build-up the credit score?
I need to build-up my credit score. I realised the importance of it very late .And now it is hard to find some financial body who is interested to provide credit card to me . So I thought of buying the master card, the pre-paid one. As I received it I found it has not my name printed on it. Now , I am sceptical if it can really help me to build my credit score.Is there any card that I can buy to serve my purpose ?
Public Comments
- Good Luck, Dont know of one
- http://www.applycreditcard-online.com/creditcard/bank-card-master-orchard-secured/
- A prepaid credit card can not help you build your credit score. You are not being extended credit. There are several that will report your use to the credit bureaus, but you will pay extreme fees to get this done. There are several unsecured credit cards that will approve you, but you should be careful of all the scams and preditory lenders. Avoid First Premier, Tribute, Rewards 660, Imagine, Total, and Continental Finance. These are all high fee / low limit credit cards that amount to nothing more than a scam. Avoid secured credit cards. Most report your status as secured and this does nothing to help build/rebuild your credit. Avoid Capital One. They do not report your credit limit and that damages your credit score. Example, they give you a $500 limit and you use $250, they will report your limit as $250. This will damage your credit score because instead of using 50% of your credit limit, it looks like you are using 100% of your credit limit. So far the best card I have found for building/rebuilding credit is Orchard Bank. They have a low interest rate (14.90, good for a sub prime card), low annual fee, no hidden fees and if you manage your account properly, they give excellent credit limit increases. You can get more info on Orchard Bank at http://www.creditcardindex.org/orchardbank.html
- Hi! I'll just add a few things here. First..high fee cards are not scams. I have Salute..and I was well aware of exactly what it would cost me...and did not care. As long as you understand the high fees..it is not a scam. Don't get me wrong..there are plenty of scams about..but salute is not one of them. >>>Even though this person has issues with the high fee cards..he is correct about the prepaids. They do not..and cannot..build credit. There still are some of the prepaids..like Eufora..that still claim to build some kind of credit...I would advise to stay clear of them. As I understand it..most only report to only one bureau..and only report your credit builder payment..which won't help much. Your best bet is to get a real secured card..from the likes of: Wells Fargo Bank Of America US Bank Orchard Bank
- "If you are not in position to get a credit card due to bad credit, then you can opt for a prepaid credit card. Prepaid credit cards offer many benefits like: Interest-Free purchasing Even people with a bad credit history can get prepaid credit card. The credit limit varies according to the balance on the card. Most of the retailers accept prepaid credit card, and it can be used just like a credit card or a debit card.When you use prepaid credit cards for any purchase, your money spent would be automatically debited from your balance present on the card."
- Don't believe what's been said about secured credit cards not building credit. They defeinitely build credit and the APR and annual fees are better than some of the unsecured cards that are out there. Granted you may find an unsecured card, but chances are it could very well be the ones that are loaded on the back end with all kinds of fees, which leaves the available credit next to nothing. I provided links to a couple of secured credit cards that will rebuild your credit despite what other folks have said There is one prepaid card called AccountNow that has the ability to build your credit. How it works is that any payments made through their bill pay service will report to an alternative credit bureau called PRBC that help to build credit. http://www.accountnow.net/info/cbProduct.aspx So, if you're looking to rebuild your credit with a prepaid card, AccountNow will be the best option for you.
- There's actually several 'prepaid' cards that will help you build / improve your credit score. To do so, you'll have to enroll in an optional 'credit builder' program. You'll pay a little extra-- but it will report all your card activity to the major credit bureaus. Here's where you can find them: http://www.asapcreditcard.com/prepaid-cards.html The BuyRight and Eufora Prepaid Mastercard's both have options to help build / repair you credit. OR, you could also choose an unsecured credit card (for poor / no credit) here: http://www.asapcreditcard.com/unsecured-offers.html Both options will help you rebuild / improve your credit history. You'll just have to decide which one is better for you. Hope this helps. GOOD LUCK!
- No, prepaid card companies do not report to credit agencies.
- Many banks offer prepaid credit cards under Visa or Mastercard. Other providers include Western Union, Greendotonline and Rush Card. Prepaid credit cards can also be purchased at selected stores, malls and even gas stations. Where's the credit? The term 'prepaid credit card' is probably a misnomer because there's no credit involved when you use it in any transaction. With a credit card, you pay with the money you don't yet have, but which your banker or credit card company guarantees for you. With a prepaid credit card, you only spend the money you loaded the card with. For example, if you have $300 on your prepaid credit card, you can't purchase a $325 item. It's that simple. Who can use a prepaid credit card? A prepaid credit card is a good tool to help you curb your shopping expenses. It is also a good alternative to a regular credit card that you didn't get due to bad credit or for any other reason. A prepaid credit card lets you enjoy the usage benefits a regular credit card can offer. Apply online for prepaid master card at: http://www.credit-card-gallery.com/PrePaid_Card.html
