I was told by my mortgage lender (I've already been approved for a mortgage) that by getting a gas card and paying it off completely every month, it would help my credit score out a lot seeing how it is averaging just under 700 between the 3 bureaus. I have never had a credit card and my wife cancelled her only card she had for 3 years when we got married 4 years ago, so we don't have much of a positive history of credit between us other than a few small paid off loans and a car note i have paid off. I would strictly use it just a few times a month and pay it off every month. I've seen that Chase PerfectCard advertised EVERYWHERE with its gas rebates, so this looks like the best card for my purpose. I was just wanting to hear pros vs. cons from you guys and see if anyone has done this.
You definitely need some type of revolving credit. A gas card and a major credit card would be good. I have the Chase Perfectcard. Good card, good rebates. However, the Citi Dividend card offers a larger rebate (5%) on gas and standalone grocery stores. A good credit history will get you the best rates on many of the major loans you apply for. If you are getting ready to purchase a home, I probably wouldn't apply for any credit (except for the gas card if they say it's OK?). If you are not going to purchase within the next year. I would definitely apply for a couple cards. You need the history. Your file is probably pretty thin. Good luck to you!!
THANKS!! My loan officer was mostly talking about beefing up my score so that I would be stronger when it comes time to move up in house in a few years. Of course he was lookin for future sales opportunities. I just wanted to make sure the idea in general was good for me. I hear that AAA has a 5% rebate on their gas card. Does anyone know if you have to be an actual member of AAA to get it?
