Flaming_Maniac wrote:
Hurricane2k9 wrote:
Flaming_Maniac wrote:
Being happy about obtaining a little piece of plastic while not actually gaining any money is an interesting perspective...
However, being happy about obtaining a little piece of plastic which, when used responsibly, can help build a record which in turn can get you better interest rates on loans and mortgages and such is also an interesting perspective.
AFAIK debit cards don't help your credit any more than a checking account (not very much) because the card just doesn't work if you have no money, there is no opportunity for you to royally fuck up and therefore no room to show responsibility.
There are other better ways to gain a good repertoire with your bank, but really the most important thing is your first loan. You get your parents to co-sign that, don't fuck it up, and then you have decent credit to build on.
That's right.
Using a debit card has no effect on your credit rating. Simply, it is NOT credit ... and using it responsibly has no institutional benefit (although, it can train you personally to manage money well).
However, if you should get into trouble with the debit card and end up in a default situation, then your credit rating AND your bank rating (the service the banks use to grant accounts) can be damaged.