I have been researching for TWO days now on the very best prepaid credit card I could find. I had no idea it would take that long. The last time I searched for something this long online it was an ant farm. Yea that’s right…an ant farm. I thought it would be cool to have one in my office, because I had one when I was a kid and it was the greatest thing ever!
After researching close to 100 cards I did find one for you that I am thrilled to tell you about!
I have one or two more that have potential, but I am waiting for a response from the company to make sure they actually help customers build their credit. Because that is the entire reason I am recommending you get a prepaid credit card.
If you have gotten a chance to read my about me page you know that I have been buying and selling Real Estate for a few years now. When I was selling homes I didn’t follow the traditional style of listing with a Realtor and waiting for someone to come forward with my asking price.
I was selling manufactured homes with land, commonly called land-home packages in my area of Central Florida.
After speaking with a lot of people who were interested in my homes I realized that getting a loan for a manufactured home is much more difficult than a traditional single family home. So, I set out to meet some mortgage financing pros to learn every detail I could about qualifying for a home loan.
I spent weeks talking to lenders and I probably talked to over 100. I finally ended up hitting it off with a really cool guy named Dan. He was perfect for me to work with because he had a ton of experience with traditional home loans and he specialized in financing manufactured homes on land. Plus, he was a super cool guy!
What I Learned from Dan
Unfortunately, Dan got out of the mortgage business two years ago. But, in the time we worked together he taught me a lot of things about qualifying for a mortgage and what’s priority if you’re building your credit.
The thing that kept a lot of people from qualifying was their lack of “tradelines.” A tradeline is a credit account. Like a credit card, car loan, etc. Here is an explanation directly from Experian(one of the three credit bureaus.)
As you can see from the Experian article, tradelines are the backbone of your credit rating. Like the report says:
“Tradelines are important because without them, you don’t have a positive credit history to report.”
The Guaranteed Approval Card
The quickest and easiest way of building credit is getting a Prepaid credit card. Like I said at the beginning of this post, I have been searching, reviewing, and comparing these cards for you for two days. The card I like the most is the Prepaid Visa RUSHCARD and here are the benefits:
- Builds Credit (I thought they all did but after searching I found most don’t)
- 100% Approval Rate
- Free Direct Deposit Option
- Created by Russell Simmons in 2003(He’s the man! lol)
- You Get Approval in Seconds
- Apply Online
The Prepaid Visa RUSHCARD is easily the best card from the 100+ I looked at. Like I said, I have two others that I am still reviewing. I contacted both companies to see if they report to credit bureaus. If they do, I will add them to this report.
Why You Need to Get One NOW for Your Rent to Own
It is important to have 3 or more tradelines on your credit report. It is even more important to have your credit report showing tradelines that have been active for a long period of time. You will set yourself up for success if you signup for one now instead of putting it off. The great thing is your guaranteed approval!
Last thing I want to mention about tradelines. When I was first working with Dan he was able to use things that didn’t show on credit. Like a buyers cell phone, electric bill, or insurance payment. Lenders stopped allowing him to do that when the housing market fell apart. So those bills wont help you.
You can get the RushCard by clicking here: Visa Prepaid RushCard
Do you already have a prepaid credit card? Make sure they report to the credit bureaus!