How A Prepaid Master Card Rebuilt My Credit Score
My situation may well have been a lot worse that yours will ever
. My business went under, and took with it my personal credit score and access to bank accounts. What it left me with, was only one option to pay bills. Queuing and more queuing in the post office.
You certainly don't miss your water until your well runs dry. And without debit cards and direct debit, trips to the post office became strategic missions. Forget one thing and I'd have to go back home, get the bill, make sure I had the cash, go back to the post office and queue AGAIN. And we all know post offices around the world have a policy of closing counters as the size of the queue increases.
I can't stand waiting in line. There's 2 years of my life I'm never getting back.
Ok nobody likes bills. A bill arrives.
You curse it. You moan about it. But ultimately, you can call the company, drink your coffee while you hold, then pay with your card.
Imagine though not having plastic cards or bank transfers. Now all you have is hard cash. Ever tried squeezing a dollar bill down a telephone line? And there's no slot on your computer. Sorry, you have to move you feet, join the rest of the sad brigade and go pay.
For me, at first I couldn't even get a bank account. Then I was allowed an account where I could pay in and withdraw cash. Put money in. Money out. That's it. Still no card facility. Just a bucket to put money in!
And then I stumbled across prepaid master card. Instant bliss. The clouds parted, gospel choirs raised me up and darkness disappeared. Sanity!
Who knew a piece of plastic could be therapeutic!
Now, in one visit to the post office I was able to stuff enough cash on the card to pay the bills AND have surplus over to be a real man and take my wife out for dinner. Ok, maybe Denny's doesn't count as dinner. But I did have a credit card in my back pocket.I was a man.
I could stay at home and like magic pay my bills by telephone or by internet. CHOICES. I could browse the internet and actually order something. I could actually add to shopping cart and mean it. And of course, I couldn't spend more than I had put on the card, which meant I couldn't run up more debt.
I've never had an issue with identity fraud, but if someone had hacked my card number, they'd only get a Mac Muffin and that's it.
What I didn't know and later found out was the card company took $5 each month for using the card. And at the end of 12 months, they update your credit record saying you successfully repaid a $60 loan.
That positively impacts your credit score. So if you've had bad debt or never borrowed in your life, then this is one way to get off rejected planet and mingle with the cool credit crowd.
You know, there are some memories that stick with you forever. Like your first kiss. Holding your new baby in your arms when they're a few seconds old. And being told, yes, you can have a bank account with a real working debit card again.
I got on the phone to share the ecstasy of my daughter being born. I got on the phone again to share the wild elation of having a real bank account once more.
And the prepaid card is still in my wallet. I use it for what we call treat days. Stack up the card with the amount of cash we want and can afford to use and then out we go for the fun of spending it.
So get your prepaid card. And be part of the in credit posse.
by: Joe Martyn
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