My niece is looking to establish her credit. She was asking about pre-paid credit cards. I've been doing some research, but wondering if anyone has any recommendations.
Thanks!
Posts: 2638 | Location: CT | Registered: October 06, 2010
When she goes to college, she will get piled on with credit card offers.
"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
Posts: 20200 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011
look in to secured credit cards. They are the one of the primary ways for people who have no credit or even bankruptcies to recover their credit.
I know wells fargo reports their secured credit cards to the credit bureau.
You give them 500 dollars, or whatever amount, and they hold it. After a year or so of no credit issues, they refund you the money and it turns into a standard credit card.
First In Last Out
Posts: 4917 | Location: CT | Registered: October 15, 2002
Went through this with one of my kids trying to establish her credit. USAA offers secured cards and reports them to the 3 credit bureaus with no notation they're secured.
“The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, and intolerable...” ― H.L. Mencken
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Originally posted by joel9507: Do pre-paid credit cards have any effect on credit ratings?
Yes, same effect as a regular credit card.
It's just a credit card, same as any other. The only difference is that your limit is fixed to the amount that you deposit in advance. Your money just sits somewhere until you establish your credit history.
I opened one through my bank, then Washington Mutual, when I was 18.
Posts: 13067 | Location: Orange County, California | Registered: May 19, 2002
