I have a lot of errors on my report that are being worked on, but I am considering going with a prepaid credit card that I can put money into each month and use like my debit card, but that will be reported to the credit agencies. Has anyone used anything like this.? I kind of need on where I can transfer money via the net rather than going into a store to do it, and I want to have some control over when and how much is transfered on the card. Advice is welcome.
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working on getting stuff off the reports hoping to see at least 150 point + in the next six months...can i do it ?
credit since bk in july 05:
Premier :$300
Aspen : $300
Wards: TBA -
I'm not sure about these, but secured credit cards do help rebuild your score. Interesting question--can't wait to hear the answer.*** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***
My posts represent hours of research on and off the web, these forums, my experience, and my opinions. -
Originally posted by rebtimrob
I have had one for several months and it has never reported to my credit. There's nothing to report - if the money isn't on the card, it won't process the transaction.I'm not a lawyer or legal expert, just offering advice on what I may have gone through and/or have knowledge of. Good luck!
341-done
Last date for objections: 02/21/06 - done
Discharged: 02/24/06
Case closed: 3/8/06Comment
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A pre-paid 'credit' card is not a secured card, its a debit card. It doesn't report to anything or anyone.Comment
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according to a few of the websites I looked at they DO report. I was just curious if anyone had used them, and found them to report. I would be easy enough to transfer money over to use for groceries or other shopping that I would usually use my debit card for anyways. I just thought if it meant not having a pull on my credit it could be good. This is one of the cards I was looking at, but it seems the fees are kind of high https://www.eufora.com/sco/apply.do?...6b2619d131d107 they say they do report to the scores....Originally posted by FilingOnMyOwnworking on getting stuff off the reports hoping to see at least 150 point + in the next six months...can i do it ?
credit since bk in july 05:
Premier :$300
Aspen : $300
Wards: TBAComment
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I used a pre-paid debit card for a long time when I couldn't get a checking account. I think they call them pre-paid credit cards and say you've been approved for up to $1500 and then on their website it tells you it's a debit card. Filing is correct it is not a credit card and it does not report to anyone. what site is that I would like to see the wording on that. Get a secured credit card, it will certainly report to the CRA's and maybe even all three.Discharged 2/27/06, closed 6/1/06Comment
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A pre-paid 'credit card' is a debit card, trust me. If you can prove me wrong, please do. If you've found a card that reports, its a secured credit card, not a prepaid.Comment
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I'm sorry to tell you but those are debit cards if you enlarge the picture you can see the word debit above the logo. The site says all the things you mentioned but they are lying. You can not report a debit card to the CRA's that is not a line of credit. You can use it where credit cards are accepted but it is a debit card. Go with a secured card that is your best bet or try orchard bank or first premier for a start. I had a pre-paid debit card when I couldn't get a debit card from the bank.Originally posted by rebtimrobDischarged 2/27/06, closed 6/1/06Comment
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Everyone is right, those won't be reported. Bank of America has a pretty good deal on a secured card that's worth considering. It's the way I plan to go once I've been discharged.Filed Ch. 7 1/25/08
341 Meeting 3/5/08
Declared No Asset 3/11/08
Objection deadline 5/5/08Comment
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B of A is not knownto be BK friendly, even if you haven't burned them and even for a secured card. That may have changed, but traditionallythat was the deal.
Also, this is an older thread...the TOS states not to resurrect old threads...start a new one, and you may get more replies
Filed CH7 - 10/13/05;
341 Meetings: 11/28/05, 3/20/06, 12/4/07 (3d time's a charm!)
Converted: 2/15/06 (to CH13), 10/15/07 (Back to CH7)
DISCHARGED: 2/15/08Comment
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The best securied card I found was from First Naional Bank of Omaha. The annual cost was $20 with a opening deposit of $500. They report to all three CRAs.
regards,
emoneyComment
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I use New Millenium, here's how it works:
You can start sending money in which they place in a savings account. Once your balance reaches $300 they send you a credit card. Your balance is your credit! Right now I have a balance of $600.
$99 processing fee. No credit checks etc
You can send in like $25-$50 dollars a month slowly if you want to build up the savings.
Annual fee $59 a month.
They do report it to all 3 credit bureaus once you obtain "credit card status" and start using it.
Quite honestly I'm getting ready to shut it down altogether, I've already obtained 1 too many cc's. I'm keeping my CAPITAL ONE and keeping my HOOTERS CARD. And when I shut down New Millenium, they will be sending my $600 back.
Best of Luck, CatchmeifyoucanJuly 2006: Filed Ch13 :blink:
Oct 2006: Converted to Ch7 :clapping:
Jan 2007: DISCHARGED :clapping:
Nov 2007: CLOSED :yahoo::yahoo::yahoo:Comment
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