Are Prepaid Mastercards , reported on your credit file - in order to improve credit ratings?
June 30th, 2009
such as cashplus prepaid, The Virgin Prepaid MasterCard, not sure what the point to them over a debit card.
The first 2 posters are incorrect.
The ONLY prepaid debit card that claims to report on credit because the monthly service charge is treated like an installment account is Eufora. Also, the UltraVX card is the first prepaid debit and secured credit hybrid card. I’ve posted links to both of these to support my findings.
Comments
If you’re referring to a "secured" credit card, then yes….that is one reason people use them. Some people use them because they are a better way for certain individuals to handle their money.
Debit cards do not report on your credit file.
References :
Sorry No. But, if you are trying to improve your credit there are cards you can use. Go to http://www.creditcardradar.com and look under "no or bad" credit cards.
References :
Credit card knowledge
The first 2 posters are incorrect.
The ONLY prepaid debit card that claims to report on credit because the monthly service charge is treated like an installment account is Eufora. Also, the UltraVX card is the first prepaid debit and secured credit hybrid card. I’ve posted links to both of these to support my findings.
References :
credit analyst/underwriter
https://www.eufora.com/creditbuilder.jsp
http://www.ultravx.com/howitwork.php
Wow, the 3rd poster is incorect as well!
There are many prepaid credit cards out there that do and do not help build your credit score…. The Eufora prepaid card is Not the only card that will help build your credit!
A great refence for you would be http://www.cashcardreviews.com , they have listings of different cards you can sign up for online, and tells you exactly which cards will help your credit, along with other compairative information and reviews…. I also want to mention, that the prepaid cards that can help build your credit, have monthly and annual fees, as where alot of the non credit reporting prepaid cards do not have those fees, I think it is a good idea to get one of those eufora cards if you cannot get a credit card or checking axxount tho, cause you need to establish credit somehow before you can get one again. Hope I helped you
References :
http://www.cashcardreviews.com
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