THE BORE

General => The Superdeep Borehole => Topic started by: Candyflip on July 06, 2008, 10:48:03 AM

Title: Does a check card help build credit?
Post by: Candyflip on July 06, 2008, 10:48:03 AM

I'm assuming not, but I've heard both yes and no

Title: Re: Does a check card help build credit?
Post by: Mupepe on July 06, 2008, 11:00:47 AM

No.  Having a current bank account and keeping it in good standing with savings helps though so I guess it's kind of related.  But no, not directly.

Title: Re: Does a check card help build credit?
Post by: brawndolicious on July 06, 2008, 11:16:07 AM

If you do get a credit card, it only takes like a year to get up to a "good" credit rating without a fixed income (job).

Title: Re: Does a check card help build credit?
Post by: Candyflip on July 06, 2008, 11:17:48 AM

Well poop.

Title: Re: Does a check card help build credit?
Post by: TVC15 on July 06, 2008, 05:31:50 PM

If you want to build credit, get a low limit (like under 1000) and buy like, 1 thing a month on it, and immediately pay it off at bill time.  After like 6-12 months, this stops being that effective, but for a while you might see dramatic gains if you do not have much credit history.

Title: Re: Does a check card help build credit?
Post by: Brehvolution on July 06, 2008, 08:46:06 PM

Many banks have programs for building credit. My bank offer a credit builder program where you deposit $100 for a 'bill' into what is actually as savings account on a certain day each month. After 12 months, you will now have access your $1200 plus interest plus the bank notifies the credit agencies that you paid off your bill/loan on time.