Does a Paypal Credit card help rebuild credit?

June 29th, 2006 by Questions

I am about to be discharged from my bankruptcy (next month). I have credit card from Paypal, that is actually more like a debit card – I can only spend what is actually in my Paypal account, nothing more. But the card is a Mastercard and can be used anywhere that a credit card can be used.

Would this card count towards rebuilding my credit, or should I still consider getting a secured credit card?

personal bankruptcy, credit card

Questions

One Response to “Does a Paypal Credit card help rebuild credit?”



June 29, 2006 at 9:27 am, A licensed trustee said:

A secured credit card helps repair your credit if it appears on your credit report. If the card is issued by an American company, such as Paypal, it may not appear on your credit report, and therefore may not help rebuild your credit. I suggest once your bankruptcy is finished you get a copy of your credit report to determine if a Canadian secured credit card is necessary.

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