Using a Pre- Paid to Pay Off Student Loans

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Using a Pre- Paid to Pay Off Student Loans

So after having a nightmare of a time fixing a creditors "mistake" of taking out a double payment of my student loans. I decided to switch all of my payments and things to a Prepaid Visa to make sure that never happens again. The only thing I do not know is if using a prepaid card is going to help build up my credit after my student loans are paid off. Does anyone have any advice that they are willing to share with me?

I'm not sure if it will have a major affect on your credit because its basically a debit card. I know that there are advisors who will tell people to get prepaids in order to try to build credit.

What I would do is probably just get a debit card to make cash payments and if you're worried about your credit score, pull your credit report and see what you need to improve and work like crazy to do so.

Making consistent payments and not holding much debt will increase your FICO in the end.

Okay. Thank you Gavin, I will be honest after having that happen I was leery period when creditors or companies ask me to make a payment over the phone, because I am afraid that is going to happen again and the cycle starts again.

I completely understand. I've had weird people call at all hours of the night saying they are from various cards. One thing that's nice about having a store card is you can physically go to that store to get info. Another thing is that I've never known anyone outside of Target Visa to call and not let you call them back to prove they are who they are.

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I would never put all that money on a prepaid card. You can never get that off of there as cash. Not to mention, if you don't use the funds within a given amount of time, they start tacking on fees to eat away at the balance until it's all gone. Those prepaid card companies are banking on the likelihood that you will never use up the entire balance on the card (even if it's just a buck or some change, that all adds up for them). I've never looked into what affect they have on your credit, but I doubt they would have any effects since they are not credit extended to you by someone else to begin with.

OhioTom76... I think that's the way prepaid *gift* cards work... there are fees after a certain amount of time (usually years into the future, though) But I think this question was about a prepaid Visa debit which has just the normal loading fees like any bank debit card.

kfuentes, as far as I know, Visa debit prepaid cards are not directly connected with building or maintaining a credit score.

That's smart. Never thought of using prepaid cards before, so that's a first for me. Thanks for sharing!

Using a Pre- Paid to Pay Off Student Loans | ConsumerFu


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