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gas cards?

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corgee

Joined: 24 Sep 2009
corgee's page
Posts: 8

152 Magic Points

Subject: gas cards?

Fri Oct 23, 2009 8:58 pm

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.
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“..If they were jerks before they had money, they are simply jerks with a billion dollars.”
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debranewell2008

Joined: 10 Oct 2009
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Posts: 422

7270 Magic Points

Sat Oct 24, 2009 2:53 am

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.

goodnatured

Joined: 03 Nov 2007
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Posts: 3733

3 Magic Points

Mon Oct 26, 2009 11:47 pm

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.

marcusandila

Joined: 27 Oct 2009
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Posts: 111

2422 Magic Points

Tue Nov 03, 2009 7:26 pm

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. Smile

goodnatured

Joined: 03 Nov 2007
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Posts: 3733

3 Magic Points

Tue Nov 03, 2009 7:31 pm

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.

marcusandila

Joined: 27 Oct 2009
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Posts: 111

2422 Magic Points

Tue Nov 03, 2009 7:42 pm

Well, you can use a regular credit card for gas. I was just curious. Unfortunately, none of my credit cards are cash back. Sad

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.

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