12-12-2012 11:16 PM
I'm 18 and have graduated college. I have a steady paying job, and I'm also going to college. So a lot of stuff has been changing in my life. One thing that hasn't changed though is my passion for games (especially Playstation games) I'm still living with my mother but I'm currently trying to build my credit so i can feel morecomfortable moving out. My personal finance teacher back at high school sudgested i get a pretty low limit credit card and use it once or twice and pay it off completely each month. This seems the best way to improve my credit score. (Well at least give me a good credit score) So i figured after seeing the playstation visa card that it was something that was aimed right for my current probeblem. I'd probably buy just buy 2 or 3 games or dlc (never goes over30) so is this a good idea? With the reqards that come on the card, and the ability to raise my credit score..
Oh and 2 or 3 games are usually what i do about everymonth. Sometimes more though.
12-13-2012 09:30 AM - edited 12-13-2012 09:32 AM
The Playstation Visa card is no different than any other branded Visa credit card issued by Capital One Bank, except that it offers rewards points that can be redeemed towards Playstation (and other Sony) branded products, instead of some other brand's products. To the credit reporting agencies, it is just another credit card from Capital One. Will having one improve your credit score if you stay current on your payments? Yes. Will it give you a good credit score? No, not by itself. Many factors are taken into account when calculating credit scores, and a few purchases a month on a low limit card from a bank known for extending credit at high interest rates to people with low credit scores; will not give you a good credit score. It's a small step in the right direction. Will paying it off in full raise your score? No. Maintaining a balance that rises and falls over time appears to earn you the most credit score points.