Will A Prepaid Master Credit Card Raise my credit score?

Question

Hi, i wanted to raise my credit score but will a prepaid Mastercard raise my credit or is it like a debit card?

Answer 1

You better use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 2

No it won't it works as a debt card. There is no risk to "Mastercard" if you have prepaid the, thus it will not help your credit.

What will help raise your score is if you have small balances on a FEW open cards. You don't have to have them paid off each month, the lower the better and if they are paid off each month great. The bureau likes to see consistant payment and low debt ratios.  If you have a $10k credit line and you are using $9500 it will reduce your score more than if you had the same $10k available and are only using lets say $500 bucks of it.

Answer 3

a prepaid card doesnt report to a credit bureau unless the issuer says that.

Answer 4

No but it will help manage your money better and take away the risk of NSF and overdraft fees.

Don't be fooled by AccountNow and others who claim to rebuild your credit.  They report to PRBC which is a secondary credit reporting company.  The problem is that no credit company uses PRBC to determine if you are a good credit risk.  

I suggest getting the Bank Freedom prepaid debit card http://www.bankfreedom.com  -  I've done a lot of research on the subject and their card is by far the best.  They have no activation fee and there is no monthly fee if you have your paycheck directly deposited on the card.  You can load them with Green Dot MoneyPaks at a heck of alot of places.  They work just like a credit card and there is no credit check or bank needed.

Hope this helps.  Thanks!

RC

Answer 5

only if they report to a credit reporting company but the line entry will show secured but to answer your question is probably most do

Answer 6

most of the time it does.