Will I earn credit with a Visa Check Card?

wubbles

Thanks for taking my question.

I have had a credit card for 5 years under my parent's name. However, I'm 21 now and I really need to start building my own credit (shoulda done this years ago). I have recently applied for a Visa Check Card through my bank, NFCU. I got this because I wanted to get my own card so my parents don't see when and why I'm spending money (they're not nosey, I just want privacy and personal responsibility considering I'm moving out soon). This can also draw directly from my checking account which is nice.

However, will this build me any sort of credit history even though it's a debit card? I'm sorry if this is an obvious question and I have looked up info on Visa Check Cards but I can't find a straight answer and I want to be certain.

Also, how long do you think it will take before there's proof of my credit history, 1 month? I am trying to get a PayPal Credit Plus card. I like the idea of Virtual Debit Cards for online purchases which is a perk to PayPal's CC. I know you can use PayPal's VDC without their Credit Plus card but my bank doesn't allow online money transfers with PayPal for whatever reason (they always get rejected and I get fraud prevention phone calls). I can probably fix this when I go to the bank tomorrow, I'm not sure.

Also, as a note, I've never been late with a payment and I've always paid my full bill off on time in the 5 years I've had a CC through my parents. I can't exactly call PayPal and tell them this and have them approve me for the credit card, though. :P

Short version: Will a Visa Check Card begin my credit history?
If so, how long should it take until I can get approved for a PayPal Credit Plus card?

Demerdar

No, a checking hard will have no impact on your credit.

Edit: Gah nevermind you've had a credit card before. You just need to apply for one in your name.

Monolithic_Dome

The check card will not build your credit history, as you are not being extended any credit.

I wouldn't do anything that resembles banking with paypal, ever.

Djeet

Is there a line of credit associated with the card, or does it just pull from your bank account?

If it just pulls from your bank account it's not going to "build" you any credit, other than the marginal credit building that maintaining a bank account (no overdrafts and whatnot) might.

wubbles

Monolithic_Dome wrote: »

I wouldn't do anything that resembles banking with paypal, ever.

I've heard of people having problems in the past but I've been a member since '04 without incident. Do you know of another credit card that has virtual credit cards? I'd really prefer to get a Visa or Mastercard but a lot of people have been suggesting American Express.

Djeet wrote: »

Is there a line of credit associated with the card, or does it just pull from your bank account?

If it just pulls from your bank account it's not going to "build" you any credit, other than the marginal credit building that maintaining a bank account (no overdrafts and whatnot) might.

Nope. I now realize how silly of a question this is.

Demerdar

wubbles wrote: »

Monolithic_Dome wrote: »

I wouldn't do anything that resembles banking with paypal, ever.

I've heard of people having problems in the past but I've been a member since '04 without incident. Do you know of another credit card that has virtual credit cards? I'd really prefer to get a Visa or Mastercard but a lot of people have been suggesting American Express.

I'm not understanding what you mean by "virtual credit card". Is it a CC that's online only? If so I'd shy away from that. Seems like it would be an easy target for identity theft.

Monolithic_Dome

Paypal is not considered by the government to be a bank, so they are continually arguing about why they don't have to follow rules set down for banks. Their terms of service also basically give them the right to freeze your account whenever they feel like it.

I know that citi, among others, offers virtual cards as part of a visa or mastercard package.

Monolithic_Dome

Demerdar wrote: »

wubbles wrote: »

Monolithic_Dome wrote: »

I wouldn't do anything that resembles banking with paypal, ever.

I've heard of people having problems in the past but I've been a member since '04 without incident. Do you know of another credit card that has virtual credit cards? I'd really prefer to get a Visa or Mastercard but a lot of people have been suggesting American Express.

I'm not understanding what you mean by "virtual credit card". Is it a CC that's online only? If so I'd shy away from that. Seems like it would be an easy target for identity theft.

The idea is that your bank generates a one-time-use credit card number for you. It doesn't matter if someone steals it because you've already created, used, and destroyed it by effect.

wubbles

Demerdar wrote: »

I'm not understanding what you mean by "virtual credit card". Is it a CC that's online only? If so I'd shy away from that. Seems like it would be an easy target for identity theft.

It's a credit card number you generate. You can set limits on it. For example, you want to sign up to africananalwhores.com and the subscription is $24.95. You can set the limit on the card to that same amount and you won't have to worry about a shady company charging you for other things in hopes it slips through the cracks.

The reason I want such a thing is for offer websites. I've been receiving free games from yourfree360games.com but I've run out of all the free offers or companies I trust (Blockbuster, Netflix, Gamefly, etc.). I don't want to get hosed by some 14-day weight loss trial for $50.

Monolithic_Dome wrote: »

Paypal is not considered by the government to be a bank, so they are continually arguing about why they don't have to follow rules set down for banks. Their terms of service also basically give them the right to freeze your account whenever they feel like it.

I know that citi, among others, offers virtual cards as part of a visa or mastercard package.

Thanks for the tip on citi. I'm going to research them tonight. I understand the shady practices PayPal has pulled in the past and the fact that they're not considered a bank. I never have funds in my account unless I sell something on eBay (which is then spent swiftly as I do most of my shopping online). I just use my Visa credit card I have through my parents with PayPal. It's often faster and it feels safer to me than randomly giving my credit card number to an unknown website. It's also really helpful for websites/auctions that only take PayPal.

Daenris

My Visa from Citibank (it's a Upromise branded card) offers virtual card numbers for online shopping. My Discover card also offers this, though you said you wanted a Visa/MC.

wubbles

I applied for the Citi Dividend Platinum Select Visa Card for Students. Nice cashback rewards and no annual fee along with VCCs is a winner in my book. Now hopefully I get approved. It appears they have an appeal system if I don't. I'm a little worried because despite working for the past 5 years and saving the majority that remained after tuition costs I'm not currently employed. I only put an annual salary of $50 for my savings dividends, haha. I'll also be back in work in December. I'm just inbetween jobs and I'm grinding out my degree, a practical co-op project for school, and my A+ cert. It got a little too busy to keep my old gruntwork job that was only a means to the end (money for school).

I'm so glad my parents taught me money management since a young age. I feel really bad for some of my friends that are already swamped in credit card debt.

EDIT: I forgot to mention again how thankful I am for everyone's help. Sometimes it's a lot easier to ask people in the know rather than wading through websites all day.