Why Prepaid Credit Cards Build Credit [creditdiagnosis]

Why Prepaid Credit Cards Build Credit [creditdiagnosis]

Question by : Which one of these three prepaid cards would be the best to get for credit building? Which one of these two prepaid cards would be the best to get for credit building? Before you say prepaid credit cards dont improve your credit score you might wanna look it up and see there are some that do. Please do not argue with me about prepaid not building credit because some have added a program that does..please look it up before ranting and argueing,thank you.If you really must put an arguement on prepaid cards not building credit please put which one of the two cards your talking about. Im wanting to boost my credit score. I have zero atm. And id like everyone's opinions on the following prepaid credit cards. Im looking for least costly but also the most beneficial. 1.Upside Visa Prepaid Card -2.99/mo -no credit check(they all have this) -no activation fee -free direct deposit -earn cash back points -Reports to the major credit bureaus -free transactions 2.AccountNow Gold Prepaid card -9.95/mo -$ 25 gift added to your card -free transactions -free credit builder -free online bill pay -reports to PRBC -no activation fee -free direct deposit So all have free direct deposit,no activation fees, and free transactions. I just wanna know which would most benefit me. Ok sorry for not putting this.i thought everyone knew prepaid cards dont have interest..if they're some then ive never seen them. so No interest on these. Best answer for Which one of these three prepaid cards would be the best to get for credit building?:

Answer by Sevenin Chwang
2

[prepaid credit building credit cards]

Account Now PrePaid Credit Card offers a credit solution for low income families. Build your credit with an Account Now account. Also, this program works great if you have been denied a checking account due to a Chexsystems report.

http://leafgardenpress.com/ Account Now Prepaid Credit Card.mp4

These cards are backed by prepaid deposits, making them more manageable, and relatively easy to obtain. Cards that send reports to a credit agency can help build the student's credit score. When applying for a card, call and ask which credit agencies ... Credit cards and college students can be a dangerous mix

Knowing why prepaid credit cards build credit is important to successful credit repair efforts to maximize your effort to improve credit score. If you have suffered through a bankruptcy or have extremely bad credit rebuilding takes time and effort, and prepaid credit cards are often the first step rebuilding your credit rating and rebuilding your finances. Let us discuss the reasons why these cards build credit.

Your credit rating as assessed by the credit bureaus is essentially an estimation of your financial health and responsibility. The exact formula for credit score is not known, but it takes into consideration your current personal finance situation along with your credit history with lenders. Falling behind on payments, seizures, foreclosures, as well as too many credit lines available negatively impact your credit rating. In your efforts to build credit after these financial mistakes one must address reestablish your responsible history and financial health.

Prepaid credit cards build credit by extending a credit line to otherwise high risk people.

They offer you a second chance to establish a responsible payment history with the credit reporting bureaus. By borrowing money again and meeting your payments on time, showing that you are proving that you have been able to get your finances and money management back on track towards success.

These prepaid credit cards build credit by providing you a second chance to borrow and show responsibility. Emergencies happen, and financial mistakes are a part of life, but these prepaid credit cards are willing to approve your new credit line with money as collateral and are an important part of building your credit back to health.

Pre-paid credit cards for people with bad credit specialize in services that help improve your credit score, such as monthly credit bureau reporting so that they are aware of your improved situation.

If used responsibly prepaid credit cards build credit over time, it does not happen overnight, but the process is important. These cards provide you an opportunity to catch your breath and get you through your financial emergency, then to rebuild. Borrow responsibility and have your prepaid credit card work for you to meet your credit score goals. With sound financial principles and persistence you will be back on track quicker than you might think.

Recommend Why Prepaid Credit Cards Build Credit Issues