Credit cards the secrets on how they affect your credit score
The first thing to understand about how credit cards affect your credit score is, your score is only affected when the company issuing the card reports to one of the three major credit bureau’s, these being Equifax, TransUnion, and Expirian. Most Issuing banks report to all three however a few secured credit card companies do not. If you are looking to rebuild your credit by means of a secured credit card then it is important to find out if the issuing company is reporting to the credit bureaus.
Credit History
When a credit card issuer’s reports to your credit report you are establishing a track record so to speak. This track record allows lending institutions to see how well you are able to pay back debt. The idea behind it is, if you have paid back what you owed in the past chances are you will be able to pay back what you owe in the future. This is a simple definition however there are many facets to this picture. To illustrate it think of it this way.The credit bureau’s are like your teacher, you credit score is like a report card, and your credit history is what you are...
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