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    • sultanoflondon
    • By sultanoflondon 26th Nov 17, 2:10 PM
    • 27Posts
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    sultanoflondon
    First time credit card, how long to wait before stoozing?
    • #1
    • 26th Nov 17, 2:10 PM
    First time credit card, how long to wait before stoozing? 26th Nov 17 at 2:10 PM
    Hi all,

    I have never had a credit card before. Is it a good strategy to take out a credit card for 'bad credit' candidates (like the Aqua card), use it like a 'normal' credit card (pay off in full at the end of the month) and then wait for 6 months? Then after building a strong credit score, switch cards and then start stoozing? Or should I apply for a competitive 0% purchases card and then begin immediately, despite never having had credit before?

    Also, how long before an anticipated mortgage application should someone stop doing this?

    Thank you very much!
Page 1
    • zx81
    • By zx81 26th Nov 17, 2:19 PM
    • 14,388 Posts
    • 15,181 Thanks
    zx81
    • #2
    • 26th Nov 17, 2:19 PM
    • #2
    • 26th Nov 17, 2:19 PM
    Perhaps a little ambitious. Get a card - any type will do, but sub prime are easier to get. Use regularly, clear in full each month.

    Making sure you ignore your credit score, after several months, you could consider getting a better card. However, it's unlikely you will get a decent promo offer after so little time.

    Ultimately though, by using the cards regularly (maintain a few, don't keep closing them) you'll have a wider choice of cards.

    Don't take on any additional credit within 6 months or so of a mortgage application.
    • sultanoflondon
    • By sultanoflondon 26th Nov 17, 8:22 PM
    • 27 Posts
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    sultanoflondon
    • #3
    • 26th Nov 17, 8:22 PM
    • #3
    • 26th Nov 17, 8:22 PM
    Perhaps a little ambitious. Get a card - any type will do, but sub prime are easier to get. Use regularly, clear in full each month.

    Making sure you ignore your credit score, after several months, you could consider getting a better card. However, it's unlikely you will get a decent promo offer after so little time.

    Ultimately though, by using the cards regularly (maintain a few, don't keep closing them) you'll have a wider choice of cards.

    Don't take on any additional credit within 6 months or so of a mortgage application.
    Originally posted by zx81
    Thank you for your reply!

    Do you think that it would be possible for me to get a cashback card or rewards card? Cashback card such as American Express Platinum credit card, or American Express The Preferred Rewards Gold Card? Or again are these too ambitious? Or how about any other American Express card? Am keen on American Express in particular because they have the highest APR rate and I have heard that taking a card with a high interest rate shows that you are responsible with credit (obviously wouldn't be using the credit card for credit).

    In general, is this true? Should I try to get a card with a high interest rate? Or should I just stick to a sub-prime card at first?

    One credit card that I wish to get for it's foreign exchange benefits (and keep it, not gonna get rid of this card) is the Halifax Clarity credit card. Should I just take this credit card and then use this instead of taking this and an American Express?
    • zx81
    • By zx81 27th Nov 17, 9:47 AM
    • 14,388 Posts
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    zx81
    • #4
    • 27th Nov 17, 9:47 AM
    • #4
    • 27th Nov 17, 9:47 AM
    Try an eligibility checker - but an Amex is probably aiming too high for a first card. Equally the Clarity is not usually a beginner's card.

    Aqua has cards with free forex.

    Lenders don't see your interest rate, so not sure where you have got the idea from that an high interest rate shows you are responsible. If the rate could be seen, it would show that you aren't able to get better offers so are high risk.

    It you want the highest interest rate you can get, Vanquis would be a good place to start. Or a payday loan?
    • MallyGirl
    • By MallyGirl 27th Nov 17, 9:53 AM
    • 2,098 Posts
    • 6,974 Thanks
    MallyGirl
    • #5
    • 27th Nov 17, 9:53 AM
    • #5
    • 27th Nov 17, 9:53 AM

    It you want the highest interest rate you can get, Vanquis would be a good place to start. Or a payday loan?
    Originally posted by zx81
    please take zx81's comment in the spirit it was intended - i.e. a joke - and don't do this
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    Any views are mine and not the official line of MoneySavingExpert.com.
    • Dobbibill
    • By Dobbibill 27th Nov 17, 10:39 AM
    • 2,543 Posts
    • 3,631 Thanks
    Dobbibill
    • #6
    • 27th Nov 17, 10:39 AM
    • #6
    • 27th Nov 17, 10:39 AM
    OP - you may struggle to get any card yet without an income.

    http://forums.moneysavingexpert.com/showthread.php?p=73472223#post73472223
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


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