who is FIA card services?

[trumpet-205]

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@Anonymous wrote:

Using a debit card may or may not affect a credit score.  But, as you indicate,  the institution through which the debit card is obtained will be more inclined to issue a credit card providing the debit card was sufficiently funded during its use.  They may require that credit card charges be paid directly from a bank account (checking, saving, money market, etc.) and that there are sufficient funds in that account to cover card charges.     Before widespread use of credit cards young people were advised to borrow a few hundred dollars from the bank then pay it back on schedule thus establishing a credit score.  Now, maintaining a credit card account in good standing is a good way to build a good credit score

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Debit card has zero influence on credit score, period. No discussion here.

If issuer requires you have enough fund to cover credit card purchases then we are talking about secured credit card, where you put money down as a colleteral. Again has nothing to do with debit card.

I don't know where you getting your information from but debit card has nothing to do with building credit history. The End.

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@chalupaman wrote:

Anyway, I've heard of cases like with Chase where people were able to get cards with them with barely any history partially because they had a lot of money in their checking accounts but other than that, if you have no credit, the best thing to do to build it is to get a secured or college card and go from there.

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Many banks do that for their premium customer, specifically high-net-worth individual (HNWI). Since they have a lot of money risk of defaulting is low for them. Again has nothing to do with debit card or not.

[Anonymous]

No, Those are my own words.  I got my first card - AMEX - when I was in my 20's because I had a job with a good income.  I paid the card in full monthly (the "Green Card" isn't a credit card).  Over time I built a good score so years later my mortgage application was accepted at a low (at the time) interest rate.  That can work today as well as it worked then 

[longtimelurker]

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@Anonymous wrote:

No, Those are my own words.  I got my first card - AMEX - when I was in my 20's because I had a job with a good income.  I paid the card in full monthly (the "Green Card" isn't a credit card).  Over time I built a good score so years later my mortgage application was accepted at a low (at the time) interest rate.  That can work today as well as it worked then 

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The green card isn't a credit card, but it certainly isn't a debit card!

[trumpet-205]

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@Anonymous wrote:

No, Those are my own words.  I got my first card - AMEX - when I was in my 20's because I had a job with a good income.  I paid the card in full monthly (the "Green Card" isn't a credit card).  Over time I built a good score so years later my mortgage application was accepted at a low (at the time) interest rate.  That can work today as well as it worked then 

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Green card is charge card, a very specific type of credit card where you must pay off the entire balance each month. You are still borrowing money with charge card. Because you promised to pay the entire balance off each month, card issuer set very low standard in issuing charge card.

Also, before the economy recession, card issuer pretty much issue cards to high school students and college graduates all the time. Back then subprime lending was very profitable and there weren't CARD Act which requires income verification.

Again nothing to do with debit card. Actually go ahead and request your own free annual credit report. You will not find deposit account or debit card on your credit report.

[FinStar]

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@trumpet-205 wrote:

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@Anonymous wrote:

No, Those are my own words.  I got my first card - AMEX - when I was in my 20's because I had a job with a good income.  I paid the card in full monthly (the "Green Card" isn't a credit card).  Over time I built a good score so years later my mortgage application was accepted at a low (at the time) interest rate.  That can work today as well as it worked then 

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Green card is charge card, a very specific type of credit card where you must pay off the entire balance each month. You are still borrowing money with charge card. Because you promised to pay the entire balance off each month, card issuer set very low standard in issuing charge card.

Also, before the economy bubble, card issuer pretty much issue cards to high school students and college graduates all the time. Back then subprime lending was very profitable and there weren't CARD Act which requires income verification.

Again nothing to do with debit card. Actually go ahead and request your own free annual credit report. You will not find deposit account or debit card on your credit report.

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Exactly.  I don't think steambuff is getting it.

[Anonymous]

Let me put it this way - debit cards, also known a check cards, deduct purchases from a linked account immediately.  Using a debit card that is paid in full during each billing period - among other factors - will help establish a credit rating.  A credit card extends credit for a period of up to a month when it must be paid in full to avoid interest charges. Usually one must build a good credit history in order to qualify for a credit card.  However, some credit card companies do offer cards to college students in the hope of building brand loyalty in them.  But these cards usually come with low monthly charge limits that may be gradually raised if the card holder (or parents) make timely monthly or paid-in-full payments.

[trumpet-205]

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@Anonymous wrote:

Let me put it this way - debit cards, also known a check cards, deduct purchases from a linked account immediately.  Using a debit card that is paid in full during each billing period - among other factors - will help establish a credit rating. 

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Except it doesn't. Debit card and deposit account do NOT, in any way, help your credit rating or credit history. Any bankers will tell you the same. Why don't you pull your annual credit report from here,

https://www.annualcreditreport.com/index.action

You will NOT find debit card, checking account, savings account, money market account, etc on your credit report. What you'll find is charge card, credit card, auto loans, mortgage, etc on your credit report.

[Anonymous]

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@Anonymous wrote:

Let me put it this way - debit cards, also known a check cards, deduct purchases from a linked account immediately.  Using a debit card that is paid in full during each billing period - among other factors - will help establish a credit rating.  A credit card extends credit for a period of up to a month when it must be paid in full to avoid interest charges. Usually one must build a good credit history in order to qualify for a credit card.  However, some credit card companies do offer cards to college students in the hope of building brand loyalty in them.  But these cards usually come with low monthly charge limits that may be gradually raised if the card holder (or parents) make timely monthly or paid-in-full payments.

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You don't pay a debit card...just comes out of your checking/money market.

[trumpet-205]

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@MstrPTato wrote:

You don't pay a debit card...just comes out of your checking/money market.

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Few banks offer a rare type of debit card called deferred debit card, where money is taken away at the end of statement period.

But still, you are not borrowing money in any way (in short of overdraft) with a debit card. There is no bill to be paid with a debit card.

[09Lexie]

Perhaps I let these last few posts go for too long.  

@ steam buff:

The topic of this thread is concerning FIA card services.  Perhaps you were unaware and posted on a two year old thread but we have other boards that discuss General Credit, as well as  a policy of staying on topic.  

Please ensure that your posts are relevant to the topic or they will be deleted.

Lexie, myFICO Moderatorbb