I imagine it does, in a 'universal' sense (more along the lines of 'Log In' than 'all the debts & credits on one-or-another group's records'). But ... I got aLog In, and of course they're offering me "loans & credit-cards" to help improve my credit-score. But the most that I want to mess with 'money' is my Bluebird by AMERICAN EXPRESS account (sort ofLog In ... although my 'legal guardian' handles an account or two I have in my name atLog In) ... I guess I'm asking: since Credit SesameLog In, does Bluebird report my 'account-activity' (basically just 'putting more money on it than I spend off of it') to theLog In?
To my knowledge, there are no credit score benefits to any prepaid card. Bluebird or any other preloaded card does not show up on your credit score. The only benefits of Bluebird is that it seems to be fee free in most instances, but I don't think this is going to do any good for you. Consider looking at a secure credit card instead. This type of card is secure by a security balance you put down on it. (hence secure credit card). Anyway, it will show up on your credit report like a normal credit card and create a payment history if you need it. Remember, in the end cash is king over plastic.
But what can cash do to improve my credit-score (other than 'pay for a secure credit-card')? And will the credit-card do me good if I never-ever-ever use it (after paying to open it)? What costs are there after that?
First, I can offer you this advice based on years of winning and losing. Your credit score determines a lot, but your cash pays for a lot more. In other words, if you want to build your credit a secure card will do that and a credit card will do that as well as loans. Payment history and a longevity of properly maintained accounts will lead to higher scores. There are people who get credit, loans, and create a time where their income is ate by the credit cards and loan debt that they have created. If I put away 200 bucks for 48 months or even find a mutual fund that expires in 48 months that gives me 6% interest then you can walk to a car dealership with around 9600+ and create a negotiation where you are in charge. I can't do that with a credit card. In the end I guess what I'm saying is finance is a marathon, there's no quick way to increase your credit score, but over time your good decisions will provide a proper foundation to a good score.
