What is a better to have â?? retail or gas card in order to have god credit mix? Or it doesnâ??t matter? Where does a gas card fall? Under retail? What gas cards are revolving and which one are charge? I know that they are 10% of credit score â?? but could someone tell me how much points they got once these cards show up on the report? Thanks!
I added a texaco/shell card to my mix and picked up 21 points when it posted. It is a revolving card, not a charge. It started with a 500 gas limit and a 100 cash limit, it is now at 700 gas and 200 cash. It reports to all 3 cra's at 900 CL.
Actually, there are a half dozen or so insurance companies that will give you a slightly lower rate if you have a gas card or two. They figure that it shows some extra responsibility in your driving-somehow.
I have heard the gas card vs. insurance both ways. I have had a Sunoco acct for 12 years and up until late 2003 it never reported to the CRA's once it did report I saw no effect on my insurance rate nor on my Fico think I even gained a few points because of avg age of accounts. I wonder if the insurance score looks at it differently with a thin file.
"...Provisions in Choice Point's general explanation of credit scoring could lead a consumer to believe that not having a gas card or having a department store credit card could raise a consumer's insurance premiums. ..." from: http://www.sao.state.mt.us/sao/news/20030408FarmersAlliancemustdisclose.html
