January 2nd, 2012 by Questions
Does having and using a prepaid Credit Card, (in my case it’s a Mastercard) help rebuild your credit?
Posted from: British Columbia
One Response to “Sandra Davidson”
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January 02, 2012 at 4:41 pm, A licensed trustee said:
Unfortunately, it does not. With a prepaid card you are using your own money – no credit is being given.
You should look into a secured credit card. With a secured card you place money on deposit at a bank and they will issue you a credit card with a limit equal to your deposit. If you miss a payment the bank will take the funds from your deposit and either reduce your limit or cancel your card.