Using a Debit card as a Credit

[Anonymous]

I recently read that using your debit card does nothing to help build your credit profile. I haven't heard anything about using your debit/bank card as a credit. Does anyone know if it also doesn't help or if using it as a credit does?

[Anonymous]

No, it does not help.  It is still only a debit card with a Visa or Mastercard logo. 

[MarineVietVet]

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@Anonymous wrote:
I recently read that using your debit card does nothing to help build your credit profile. I haven't heard anything about using your debit/bank card as a credit. Does anyone know if it also doesn't help or if using it as a credit does?

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I use my debit card as a credit because it gives me points at the Rewards Program at Wells Fargo. But it is not a true credit card in the classical sense and will not help your credit profile.

7/09
TU-742
EQ-779

Time can heal all wounds and a low FICO. 

[pattycake]

Debit cards do not report to the credit bureaus, so in that sense, they are not like credit cards.  They are more like gift cards.  

[Anonymous]

Thank you so much for your help.

I normally use my bank card for just about everything. I like the idea of not having a bill come every month and I'm also enrolled in a rewards program whenever I use it as a credit. I am fairly new to understanding my finances if you can't tell.

[pattycake]

Well, tira, welcome to the boards!  This is a great place to be to understand your credit and how important it is to manage it the right way.  If you ever run afoul, the good folks here can help you get back on track. 

[Anonymous]

Thank you very much pattycake!

[marty56]

If you get a CC and use it every few months for a small charge and PIF each time and use your debit card for everything else, you will be in great shape and not wind up in the CC debt trap that so many of use have done here.  You can build your credit with a 100 CL CC just as well as 1000,000 CL CC.

Always PIF, never ever ever late and dont apply for credit unless your really need it.  1 Visa/MC and 1 store card (Sams/Walmart) and mabye a gas card should make you good to go.

Dont worry about the CLs since I had 4 times the amount of credit when I was subprime as I do now and my scores are not subrpime anymore.

[Anonymous]

Thank you!

I have more credit cards than that. I'm better off paying them off and just not using them as opposed to cancelling them, correct?

[marty56]

Always PIF.  Never cancel unless they charge a fee.  If they do charge a fee, wait till you get a replacement that doesnt and then cancel.