who is FIA card services?

[Anonymous]

That was meant to say FIA checks and not VIA

[longtimelurker]

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@Anonymous wrote:

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@Chopbrocoli wrote:
After the acquisition of MBNA Corporation (which you probably recognize) by Bank of America, MBNA changed its name to FIA Card Services National Association. FIA Card Services is now a wholly-owned subsidiary of B of A.

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they should really reference BOA on the inq. How do they expect anyone to know all their subsidiaries unless one reads up on this stuff regularly. I almost disputed a legit inq.

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Well, works both ways because then people would ask "What part of Bank of America is this for"?

Also, presumably you knew that you had applied for a Bank of America card at that time, so not too difficult to check!

[Themanwhocan]

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@longtimelurker wrote:

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@Anonymous wrote:

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@Chopbrocoli wrote:
After the acquisition of MBNA Corporation (which you probably recognize) by Bank of America, MBNA changed its name to FIA Card Services National Association. FIA Card Services is now a wholly-owned subsidiary of B of A.

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they should really reference BOA on the inq. How do they expect anyone to know all their subsidiaries unless one reads up on this stuff regularly. I almost disputed a legit inq.

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Well, works both ways because then people would ask "What part of Bank of America is this for"?

Also, presumably you knew that you had applied for a Bank of America card at that time, so not too difficult to check!

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You're replying to a post from 2008.

[longtimelurker]

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@Themanwhocan wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

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@Chopbrocoli wrote:
After the acquisition of MBNA Corporation (which you probably recognize) by Bank of America, MBNA changed its name to FIA Card Services National Association. FIA Card Services is now a wholly-owned subsidiary of B of A.

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they should really reference BOA on the inq. How do they expect anyone to know all their subsidiaries unless one reads up on this stuff regularly. I almost disputed a legit inq.

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Well, works both ways because then people would ask "What part of Bank of America is this for"?

Also, presumably you knew that you had applied for a Bank of America card at that time, so not too difficult to check!

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You're replying to a post from 2008.

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Oops!  Thanks

[Anonymous]

A cash advance is a loan and you will pay a high interest rate on whatever you borrow (the amount of the check) starting as soon as the check clears.  Some people with poor credit will use a cash advance since they may be unable to obtain a loan.  Better to use a bank debit card that will automatically deduct purchase amounts from your bank account.  You borrow nothing and will build a credit history to boot. 

[trumpet-205]

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@Anonymous wrote:

Better to use a bank debit card that will automatically deduct purchase amounts from your bank account.  You borrow nothing and will build a credit history to boot. 

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You cannot build credit history with a debit card.

[Anonymous]

One does not borrow money with a debit card but the card company will note that the debit is covered on time.   Debit cards are recommended for those will poor credit and  would not qualify for a credit card.   Building or repairing poor credit is a tedious and time consuming process.

[trumpet-205]

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@Anonymous wrote:

One does not borrow money with a debit card but the card company will note that the debit is covered on time.   Debit cards are recommended for those will poor credit and  would not qualify for a credit card.   Building or repairing poor credit is a tedious and time consuming process.

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Again the usage of debit card will not show up on your credit report. Creditor reads what's on your credit report to make a decision. No issuer will take into account of actual debit card usage. At the very most they will give slight preferential treatment to those who have a deposit account with them.

While building/re-building credit report is time consuming, its benefit outweighs the cons. Imagine what'll happen if you need a mortgage only to find out you won't be getting favorable rate (if approved), because you have no good credit report.

If you are simply posting here to advocate the use debit card, you are in the wrong place to do so. Debit card has its place but building credit history is not one of them, never has and never will.

[Anonymous]

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

[chalupaman]

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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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Hope you're not just copying and pasting this stuff from a website. 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.