Reply
New Member
Posts: 12
Registered: ‎01-28-2013
0

Does this help me raise my Credit Score?

Hi, I currently have a Chase Debit card with me all the time and I use it to purchase a lot of stuff by using Credit option when I pay at the registers. Will this raise my Credit score over time? And how does it compare against a card like Discover? Thanks!!

Contributor
Posts: 236
Registered: ‎01-20-2013
0

Re: Does this help me raise my Credit Score?

[ Edited ]

david122 wrote:

Hi, I currently have a Chase Debit card with me all the time and I use it to purchase a lot of stuff by using Credit option when I pay at the registers. Will this raise my Credit score over time? And how does it compare against a card like Discover? Thanks!!


Nope wont help. That is a debit card and will not be reported to your credit agencies which will not effect your credit score. Wheras, the Discover card is a "credit" card which you pay after you get a bill.

 

I would try going to Chase Bank and see if they have any preapprovals for their Chase credit cards for you. 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
New Member
Posts: 12
Registered: ‎01-28-2013
0

Re: Does this help me raise my Credit Score?

ahh... Thanks!!

New Member
Posts: 12
Registered: ‎01-28-2013
0

Re: Does this help me raise my Credit Score?

How about a Macy's or Bloomingdale's card?

Contributor
Posts: 236
Registered: ‎01-20-2013
0

Re: Does this help me raise my Credit Score?


david122 wrote:

ahh... Thanks!!


Yeah no problem.

 

The reasoning is that creditors/lenders want to see how you utilize credit they lend to you and your ability to pay back.

 

Wheras, debit cards basically take advantage of the funds that are already in your account and will be declined if you try to utilize more than the funds in your account. 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
Contributor
Posts: 236
Registered: ‎01-20-2013
0

Re: Does this help me raise my Credit Score?


david122 wrote:

How about a Macy's or Bloomingdale's card?


Those are store cards which are included on your credit report and help your credit report if paid on time. 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
New Member
Posts: 12
Registered: ‎01-28-2013
0

Re: Does this help me raise my Credit Score?

Thank you so much sir!

Contributor
Posts: 236
Registered: ‎01-20-2013
0

Re: Does this help me raise my Credit Score?


david122 wrote:

Thank you so much sir!


No problem!

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.