I heard gas cards are a safe way to help raise your score. Is this good information? I heard about this and it sounds right but I want to make sure of it.
Yes I have heard that as well. Just be careful when applying because to many inquiry's will lower your score. It is always best to get your credit report and score so you know where you stand before applying. And know your debt to income ratio to much credit can lower your score also.
Any type of credit or credit card is a way of raising your credit as long as you treat it properly, charge a little and make sure your payments are on time, establish a good payment history.
When you apply for credit it creates an inquiry on your report, these are called soft and hard inquiries. Soft is when they inquire with out your permission, kind of advertisement and hard is when you actually apply for credit. It takes about six months for them to fall off your report. You can request that soft inquiries be removed, they usually will at your request.
Interesting. I don't think I've actually heard of gas cards other than with businesses. I'm sure they could raise your credit score; just like any other credit card when used responsibly. As long as you make your payments on time; like goodnatured said.
Since I've never even heard of personal gas credit cards, anyone have any recommendations? Do they have cash back & things like that on them? I am just curious. :)
They have incentives just like any other card, for example the sunoco here in town gives you a five cent break on Tuesdays, so the one lady always gets her gas on Tuesdays.
I have never had a gas card, I always thought that you could use a regular credit card for gas so why bother.
Well, you can use a regular credit card for gas. I was just curious. Unfortunately, none of my credit cards are cash back. :( It would be neat if they were though. It doesn't seem like the savings would be that significant; especially in my area [I know]. My area charges more when credit is used rather than paying cash. I'm a "non-cash" carrier, so naturally I pay more for my gas no matter what by using my debitcard. Although, I probably could save a bunch on gas by using the Kroger Rewards card-not the credit card-the one you use to save money on items. I've never used it for gas but receipts always say that I could save such & such on my gas. I just dont know how that works.
Once you open a credit card account, gas or otherwise, the best thing to do is to monitor it carefully:
-Keep the balance well below the limit (Balance = Limit * .30)
-Always pay your bill on time (preferably the entire balance)
-Never close it, unless you suspect fraud of some sort
I'm trying to rebuild my credit as well. I found a site called "http://improving-my-credit.blogspot.com" that is the on-going story of someone in a similar position as me. A friend of mine showed it to me. The person is starting off with a score of 526 and trying what she can do to get it higher.
Anyone who lives around here can take advantage of cheaper gas by shopping at giant eagle, martins or sams club. You can shop there and get fuel perks. I believe they (sams club) offer credit cards that you can but gas on.
I would like to stand behind what was posted by bear bones. The part about keeping only thirty percent of the credit cards used is a biggie.
sd i think that its a matter of "the more you spend the more you save per gallon". thats how krogers works. oddly enough, i build up fuelperks with kroger & i have never even used the savings. they expire too! sort of like coupons for gas.
It is true that gas credit cards helps in maintaining and increasing your credit score. However I must add that the different terms and conditions on this card makes it hard to use it to your advantage every time. Don't use too many of these cards at the same time. To know how to use it, you can check the details from about.com.
Along with this make sure that pay your dues in time and try to keep your balance less than at least 20% of your credit limit.
Yes I have heard that as well. Just be careful when applying because to many inquiry's will lower your score. It is always best to get your credit report and score so you know where you stand before applying. And know your debt to income ratio to much credit can lower your score also.
Any type of credit or credit card is a way of raising your credit as long as you treat it properly, charge a little and make sure your payments are on time, establish a good payment history.
When you apply for credit it creates an inquiry on your report, these are called soft and hard inquiries. Soft is when they inquire with out your permission, kind of advertisement and hard is when you actually apply for credit. It takes about six months for them to fall off your report. You can request that soft inquiries be removed, they usually will at your request.
Interesting. I don't think I've actually heard of gas cards other than with businesses. I'm sure they could raise your credit score; just like any other credit card when used responsibly. As long as you make your payments on time; like goodnatured said.
Since I've never even heard of personal gas credit cards, anyone have any recommendations? Do they have cash back & things like that on them? I am just curious. :)
They have incentives just like any other card, for example the sunoco here in town gives you a five cent break on Tuesdays, so the one lady always gets her gas on Tuesdays.
I have never had a gas card, I always thought that you could use a regular credit card for gas so why bother.
Well, you can use a regular credit card for gas. I was just curious. Unfortunately, none of my credit cards are cash back. :( It would be neat if they were though. It doesn't seem like the savings would be that significant; especially in my area [I know]. My area charges more when credit is used rather than paying cash. I'm a "non-cash" carrier, so naturally I pay more for my gas no matter what by using my debitcard. Although, I probably could save a bunch on gas by using the Kroger Rewards card-not the credit card-the one you use to save money on items. I've never used it for gas but receipts always say that I could save such & such on my gas. I just dont know how that works.
is gas card means credit card?
can anyone specify about gas card?
yeah, we were talking about credit cards that are used for specifically for gas.
Once you open a credit card account, gas or otherwise, the best thing to do is to monitor it carefully:
-Keep the balance well below the limit (Balance = Limit * .30)
-Always pay your bill on time (preferably the entire balance)
-Never close it, unless you suspect fraud of some sort
I'm trying to rebuild my credit as well. I found a site called "http://improving-my-credit.blogspot.com" that is the on-going story of someone in a similar position as me. A friend of mine showed it to me. The person is starting off with a score of 526 and trying what she can do to get it higher.
I hope this helps.
gas cards
I haven't seen any 'gas cards' either. But, I would think, you would have to have good credit to get one.
Anyone who lives around here can take advantage of cheaper gas by shopping at giant eagle, martins or sams club. You can shop there and get fuel perks. I believe they (sams club) offer credit cards that you can but gas on.
I would like to stand behind what was posted by bear bones. The part about keeping only thirty percent of the credit cards used is a biggie.
gas cards
There is a Giany Eagle and Martins about 45 minutes away from where I live. No Sams Club, though. How does the 'gas thing' work with them?
sd i think that its a matter of "the more you spend the more you save per gallon". thats how krogers works. oddly enough, i build up fuelperks with kroger & i have never even used the savings. they expire too! sort of like coupons for gas.
hope that helped.
Gas Credit Card
Hi marcusandila,
It is true that gas credit cards helps in maintaining and increasing your credit score. However I must add that the different terms and conditions on this card makes it hard to use it to your advantage every time. Don't use too many of these cards at the same time. To know how to use it, you can check the details from about.com.
Along with this make sure that pay your dues in time and try to keep your balance less than at least 20% of your credit limit.
Hope this helps :) .
Regards,
Aaron.