We sometimes work with folks for 12 months or more to fix their credit so that they can buy a house. Often times, we need for them to add more GOOD items to their credit reports – because the only current information they have on their credit report is bad. Sometimes the easiest way to do this is to get a couple of Gas Credit Cards that give you points, and better prices, to use their gas cards.
Gas Credit Cards, and Store Credit Cards, are usually easier to get than traditional “Bank” credit cards. However, they generally have very steep fees, and rates, therefore it’s a good idea to follow these steps:
Keep Your Balance to around 25% of the Credit Limit: Because higher balances can pull your score down, if you have a credit limit of $200, you should have a balance of no more than $50.
Don’t charge just to get reward points: This is obvious, for most of us. If you can pay the balance off at the end of the month, and you are accruing points – that’s one thing, but if you can’t keep your balance down as mentioned above, don’t do it.
If you can’t pay your balance in full – don’t use the card anymore.
Here are some places you might look for gas credit cards… I highly recommend you check out fees and rates!
Top Gasoline Credit Cards!
We are providing this information so that you can get your credit in shape, and purchase a home. If you have questions about purchasing a foreclosed home in Cary or Raleigh, or if you are considering a refinance, please call Steve and Eleanor Thorne we are Mortgage Bankers in Cary 919 649 5058 !