CC 18 yr old suggestions/tips

Star2018

Hi, im turning 18 on thurs, so trying to be grown up and getting evrything sorted! (maybe best now, as i doubt i will have a clear head on fri!!) :beer:

i am looking at the a+l premier 21 current account, looking at ISAs and lookign at a cc to build my credit score. I am planning to use this c card for online purchases, this way it will only be small purchases and i can pay it off everything month, additionally it will sit on my desk so i wont be tempted when im out and about. I am completely new to all this, i have had a simple cash card since i was 12 so thats all i know! So any suggestions, hints and tips especially to do with the cc and anything else that would be useful to know will be fantastic!!

skyrider007

Are you going to uni? If so, apply for a student account and you should be given a credit card as part of the package.

Otherwise, apply for a Capital One Classic card.

Star2018

no not going to uni, i am in full time work and doing a microsoft certification on the side. kk ta will have a look

nomoneytoday

TBH at 18 many people are better off without the temptation of a credit card. It's very easy to fall into a trap, as it's a lot harder to pay back debt than to spend it. Especially during a "5 week month" or holiday etc

If you can do it, then great and good luck

Svenena

Personally I would recommend not getting one at all. I got a cc when I was 18 (pressurised by the bank) and while things were okay to begin with, it became a massive temptation when I was short on money and I spent loads on it, which I am still paying off seven years later. Rather than building my credit score, it has totally destroyed it as I have missed loads of payments (through a combination of disorganisation and often just not having the money). Of course you may be much more sensible about it than I was, but in my experience, few 18 year olds are (obv this is a generalisation, some are!). I warned all my younger friends not to fall into the same trap, but sadly, many have. If you do get one, make sure it has a LOW limit (eg £200) and you can't go far wrong then.

stratty

my advice would be to not get a credit card

PROLIANT

My advice would be to get a credit card, used responsibly it will be one of the most valuable tools you will ever possess. :T

Richard._UK_3

Hello,

Firstly I would just like to say hello to everyone on MSE, I am obviously a newcommer. I just could not help but view this post and comment as it is fairly relevant to myself also.

Just to say, I am 18 also and I hold a Credit Card and hold regular Direct Debit from my current account to pay for Car Credit also. I use my credit card frequently, usually for online purchases - Amazon Prime, etc. I have to say that I have had no problems at all in using this and making sure that I pay the money off on it.

My only concearn is it is dependant on your income, I am fortunate enough to be a very well payed apprentice of BT which definately helps. So my advice is for you to examine exactly what your income is and to identify how often you make purchases online and then assess yourself exactly how much you really NEED a Credit Card, or feel that you must because you are 18 now.

I hope This is of use to you,

Thanks!

Richard.

JimBlizz

In your position I would have a credit card, but have a direct debit to pay it full each month.

Star2018

hey, i applied for the BT apprenticeship too! which section are you in? the position i applied for became unavailable i work in sales now earning £15,000 which i usually accompanied by commision. I dont count my commision tho as its not guaranteed and when i do get it its just a bonus which goes into a savings account or a treat for myself. which credit card did you get and how easy was it to get?

Richard019

I'm with Proliant on this one. Your best bet is to get one and use it sensibly. Given what you're saying about how you use your bonus I don't think it's much of an issue controlling things but this is what I would do whilst you get used to it.

Set up a 2nd bank account with a Direct Debit to pay off the card in full. Whenever you spend on the credit card move the money from your main account to the 2nd one. That way you know the bill will be paid in full as well as knowing how much money you actually have left. (Ideally this would be a savings account with a high interest rate but I'm not sure if it's possible)

It's far from the most profitable way to do things but to begin with it's one of the simplest ways of managing it and it will improve your credit records which will be useful in future.

Once you're comfortable with it and know what your spending/income is likely to be then you can start spending in advance of earnings and using the other 'tricks' on here to make money.