Anyone have any experience with them? I am thinking about getting one from Western Union, just to use for when I buy things off the net.
http://www.westernunion.com/info/osPrepaidMC.asp

I dont want to get a real credit card becuase all I hear is horror storied about them, and plus next spring I start college and that will help me. I dont want a true credit card because I know I will get in trouble and get bad credit and all, and thats another thing how can I get good credit since im 18 now I want to build up some credit, I have heard go to a jewlery store and buy some jewlery and pay the payments on it on time and that will give you great credit is this true. I just want to get things built up since I am 18 and can do these things.

 

I don't know about your bank, but mine will make a loan against money you have in your savings account with no credit check or anything--the money is already there and they just basically lock it up so you can't withdraw it. If you have a few bucks stashed, that's a pretty painless way to get started, and the interest rate is usually low--think mine charges 3-4%.

I haven't heard about jewelry stores. I'd kinda put them in the same class as the buy-here-pay-here car lots....I'm not sure store credit is reported to credit bureaus unless you don't pay and they send it to collection.

 

Get a Secured Card from your bank. i got a American Express one as a gift and there are alot of restrictions on the prepaid. The secured card from your bank should have no restriction and all the benefits of a regular card. And they should report to the credit agencies. If not you will still have a bill to show that you do pay on time. Just my $.02

 

check with your bank and see what they can offer you

 

Everyone repeat after me slowly...c r e d i t u n i o n if it's available to you.

 

I had a Providian prepaid card a few years ago. Made the payments, carried a small balance each month, and in about 6 months I got an unsecured card (one of those that costs $29/ year for 'membership'). Kept making payments and eventually, got a better deal. The prepaid card helped get my credit back up.

I had bad credit, though, so I needed some help. If you don't have bad credit, hold out for the better deal.

 

I just got a credit card myself, keeping it low, i'll spend my money before i do anything there. I use that card for maybe gas and thats it, and pay it off the next week. I looked into these prepaids, but decided against it. Don't remember why, been a while. I'd definately talk with your bank and see what they can offer. And always if it is possible to get involved with a credit union, do it. I'm in with NC State Employees CU.

 

I've got a Visa with a $500 limit, enough to get you out of trouble but enough to keep you out of trouble. If ya know what I mean