Thursday, June 3, 2010

Thanks for that great answer. I do not have a credit card now, although I do have a Walmart money card. Is that enough for now or do I really need to have an actual credit card?

You're welcome. As for your Wal-Mart Money Card, it won't help in rebuilding your credit. It's not a credit card; it's a prepaid debit card and as such there are no bills associated with it. You can only spend what you put on the card and after that it's empty and useless until you decide to refill it.

The key difference between that and a secured credit card is that the collateral you use to obtain the secured card won't be used to pay off the bill unless you fail to pay when your statement comes. You'll still get a bill each month and be responsible for paying that bill in full (or at least the minimum amount), and your payment history will be recorded and submitted to the major credit reporting firms. Since there's no bill with a prepaid debit card, there's no reporting and thus it can't help you rebuild your credit.

Ask me anything


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