I am looking at a credit card that reports to the bureaus monthly to help me raise my credit score quickly....

I declared chapter 7 about one year ago. I am never late with a utility but I know that I need to have credit to build credit. This card says they will report me monthly to help me build back my credit faster. Is it faster than a regular credit card if it reports that often?

Public Comments

1. Some credit cards don't report for six months at first but it depends. Most report every one to three months after that. It is usually a gimmick to get you as a new costumer to say they guaranty every month since nobody checks anyway. Have you dismissed your bankruptcy if not you need to do so are you won't be getting any credit card. Secured credit cards(pre paid) are a great way to build credit. Most banks will report every month because they know you are getting their card for building your credit. Plus, if you keep good standings with the bank they will give you a really good credit line. Three good standing lines of credit is a very strong ways of really raising your credit score. Hope this helps.
2. I just got my first credit card in February for the sole purpose of building my credit, and it too said it will report to the bureaus every month for the first 4 month, and after that quarterly. So far I have checked my report twice, and they have been reporting monthly. So, I guess for the most part some credit card companies do.
3. Many credit card companies do report monthly. Especially the larger ones as it is fairly cheap to do so. Axe is also incorrect in that they all wait for six months to report. As someone who works with clients on their credit problems on a constant basis, I can tell you I see plenty of customers who have only had a credit card account for two or three months and it is already on their credit report. As far as it helping you, it doesn't really help. The information that is important for your score is how long the account has been open, what the balance to credit limit ratio is, and whether you have paid on time or not. I usually have a client start building their credit with a finance company as well as the secured credit cards. However you must be certain that the company will report positive information and not just negative. Many of the companies say they report to the credit bureaus, but what they don't tell you is that they only do so when you are late. Make sure you ask if they report positive information and have them put it writing.
4. You need to wait until 2012