Anyone know if there is any gas cards that are easy to get right out of a BK to help rebuild credit?
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Any gas cards easy to get?
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The only "real" gas cards are Shell, Texaco/Chevron and BP. The Shell cards are issued by CitiBank so may be tougher to get. The cards by BP are equally difficult. Texaco/Chevron are issued by GE Retail Bank and is a little easier (GECRB also issues cards for GAP stores, Wal*Mart and many other retail stores).
I am not sure I'd use a gas card to rebuild credit. I don't know that they are any easier to get than credit cards like Hooters (cancelled?), Orchard Bank, or Capitol One. Additionally, you really don't want to be carrying any balances over 30% on any card. Gas cards usually have rather low limits on them anyhow. I think the most I ever had on my Shell was a limit of $1,000. Gas cards usually have a very high interest rate (over 20%) compared to major credit cards.
I have also found that people with gas cards tend to "revolve" the costs more and "roll" the card each month (making payment but then using that much in gas).
If you want to rebuild credit, try getting a secured VISA card from your bank or credit union. One of the biggest keys with rebuilding is paying on time, not applying for a lot of unnecessary credit, not having a lot of "low limit" cards, and keeping your utilization REALLY LOW!Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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I've never understood why people even want an Exxon card or a Macy's card or any store card. All the stores that take these cards also take regular credit cards: Mastercard, Visa, Amex etc. Why not just get one card that you can use universally? You can pay at the pump just as well with a Visa as you can with an Exxon card. Am I missing something? Is it because they have lower credit standards and are used by people who can't get a regular credit card?Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.
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You're not missing anything MSBK... as I said the same thing in a different way.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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Originally posted by MSbklawyer View PostI've never understood why people even want an Exxon card or a Macy's card or any store card. All the stores that take these cards also take regular credit cards: Mastercard, Visa, Amex etc. Why not just get one card that you can use universally? You can pay at the pump just as well with a Visa as you can with an Exxon card. Am I missing something? Is it because they have lower credit standards and are used by people who can't get a regular credit card?
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Originally posted by ksgirl38 View PostMany department store cards offer extra discounts or freebies. A few of mine are worth carrying even if I only use them once a year.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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Originally posted by justbroke View PostIn the end, the costs associated with high interest rates on those cards (typically in the 20s to high 20s), does not justify the "perks"... unless you don't carry a balance.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
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Originally posted by justbroke View PostIn the end, the costs associated with high interest rates on those cards (typically in the 20s to high 20s), does not justify the "perks"... unless you don't carry a balance.
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the point of any store card is not to carry a balance, but get a discount or additional incentive on a big purchase. If you are carrying balances month over month on 20-25 percent store cards, theres probably a correlation as to why you are on this boardCh 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
The rebuilding begins
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Originally posted by Bell30656 View PostSince I don't carry a balance, my Kohl's card has one purpose... to get me the discounts. I pay with the Kohl's card then go home and make my payment from my checking account. Money saved. I love having a 1-5% ratio on my credit report.
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