Does the use of debit card as a credit card affect credit score?
Answers:
It is doing absolutely nothing. It is not considered an "open line of credit" based on the principle that it is your money you are using on that card and it is not someone else loaning you the money. If you have no money in your bank acct. you cannot use it without over drafting your acct.
Look into a secured credit card if you need one, it works the same way a debit card works and it actually does help build your credit. Shop around for the best cards as some of them have some super steep fees and setup costs.
Good luck.
No. A credit rating or score is based on credit and since a debit card is NOT a credit card it has no effect.
No the debit card is linked to a Checking or Savings Account and is not a regular credit card as you have money in an account that it pulls from.
However, if you go overdrawn on the Checking/Savings account and don't pay it back that will go on your report and be a negative item.
not at all--it just allows big brother to monitor your spending so that they can dump sales junk mail on you--only in america
As far as I know, No. All it does is debit your bank account. The difference? Debit cards are riskier than password protected (PIN-only) old-fashioned ATM cards because debit card can be used with a PIN OR can also be used with only a signature, without a secret PIN or password, just like a credit card, over the phone or in a store. Debit cards: much greater liability risk than credit cards.
No, a debit card will not affect your credit score because you are just spending your own money. It's just like writing a check, but more convenient.
NO.
no it does not.
The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more about it at: http://www.credit-card-gallery.com/artic...
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