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There are several factors involved with establishing credit.
Length of employment, income, late payments, etc.
There are many pre paid Visa's out there.
There are pre paid debit cards, and pre paid credit cards.
Bank of America has a prepaid Visa or MC credit card that requires
a deposit between $300 and $10,000. Check with one of their
local branches or visit their website for more info.
This prepaid account will help establish your credit, but keep in mind
there are several other factors involved with credit ratings.
This account may or may not increase your score. Check with
one of the reps at Bank of America and they can explain how
their pre paid Credit cards work.
Another way to build credit is if you have collateral.
You can open up a CD at a financial institution and
take out a loan against a percentage of it. This
will give you some cash collateral.
Length of employment, income, late payments, etc.
There are many pre paid Visa's out there.
There are pre paid debit cards, and pre paid credit cards.
Bank of America has a prepaid Visa or MC credit card that requires
a deposit between $300 and $10,000. Check with one of their
local branches or visit their website for more info.
This prepaid account will help establish your credit, but keep in mind
there are several other factors involved with credit ratings.
This account may or may not increase your score. Check with
one of the reps at Bank of America and they can explain how
their pre paid Credit cards work.
Another way to build credit is if you have collateral.
You can open up a CD at a financial institution and
take out a loan against a percentage of it. This
will give you some cash collateral.
1
0
Pre paid debit cards do not help you establish credit. Pre paid credit cards (May or may not ) help you establish credit and build your FICO score. There is a mathematical algorithm used to calculate your credit score, but it is unknown to the public.
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