There's an article on MSNBC that notes debit card use has overtaken credit cards: http://www.msnbc.com/news/808818.asp?0dm=B21CB How do debit cards show up on credit reports? (I did a search, but couldn't find an answer.) Now that credit scoring basically rewards you for not using your credit cards, would shifting to debit spending give a score boost that would be worth sacrificing Membership Rewards (or other) points? If you've gone debit I'd like to hear about your experience. THX!
Going debit doesnt show on your reports. Many resort to debit cards because of credit worthiness. I did this for years. As I was telling one of the others here in an IM. with a debit card you don't have the same protections as you have with a credit card. And further, some times the charges on a debit card don't post with the bank in a timely manner. This has led my speding happy wife to believe there was more in the bank. I will tell you that overdraft charges add up. IMHO credit cards are smarter and more conveinient
Debit cards are usually associated with a deposit account at a bank or brokerage. I have not seen deposit account TLs appear on CRA reports. On the other hand, if you have an overdraft line of credit, this sometimes appears as a T/L. Worse, if you default on your overdraft agreement, the bank can & will (or the collection agency) report the overdraft balance to the CRAs as a derog. Eddie F.
