Bank hisotry using debit card? (split topic)

[MaKo1017 0]

I was able to have a debit card at wells fargo while im on a b2 visa. been charging all my expenses in my card, will I already have a bank history given that?

[Dave&Roza 748]

  On 5/31/2014 at 5:38 PM, ayne said:

I was able to have a debit card at wells fargo while im on a b2 visa. been charging all my expenses in my card, will I already have a bank history given that?

No. A debit card is really the same as writing a check as it comes out of the account tied to the debit card. You can make "credit" purchases with a debit card and not have to enter the PIN, but it still is deducted from your account after it is processed. There is no risk to the financial institution so it is not reported. Also think CREDIT score. A DEBIT card is not a CREDIT card and thus is not reported.

I had a debit card back in the '80s and it did nothing for my credit score. I had to get a Citibank credit card with a $500 credit limit to start my history. One thing that helped my wife's credit score was to make her co-owner of my investments. That gave her a great debt-to-equity ratio and also being a joint owner of our main credit card helped--not an authorized user but joint owner. In about 6 months her credit score was about as good as mine.

You need to get some sort of credit card or loan to begin establishing a history.

Dave

[Ryan H 3,853]

Posts split into separate thread as poster is asking a question about their own situation and not replying to the OP of the other thread.