I am 28yo and have never had a credit card. Advice please.

Matthew25_uk

Hello Everyone,

I am 28yo now and have never had a credit card, but now i want one, thing is i dont know who is offering the best deal / which is the best credit card to get?

Anyone got any advice / opinions / suggestions.

Look forward to your replies.

Regards
Matt

:beer:

NonGeographicalMan

Matthew25_uk wrote: »

Hello Everyone,

I am 28yo now and have never had a credit card, but now i want one, thing is i dont know who is offering the best deal / which is the best credit card to get?:beer:

It depends whether you use the card to borrow or pay it off in full each month.

Read the various articles about credit cards on this website.

Moggles_2

It takes time to build a good credit history. What other credit facilities are held in your name?

If this would be your first credit card, the bank that holds your main current account may be the best place to start.

Once you've operated this and at least one other credit card for a bit you'll find it easier to get the cards and credit limits you want.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Matthew25_uk

thanks guys, yes this is my first credit card, i have a visa debit card and was always brought up as a child on the ethos of "you dont spend what you dont have" so my credit rating is probably quite poor, ironically.

NonGeographicalMan

Matthew25_uk wrote: »

thanks guys, yes this is my first credit card, i have a visa debit card and was always brought up as a child on the ethos of "you dont spend what you dont have" so my credit rating is probably quite poor, ironically.

No a poor credit rating only occurs where you have not paid money back on time or had county court judgements etc against you. Most of the rest of your credit rating, comes from where you live (this has a huge impact as where I live is a very well rated postcode for credit as there are almost no bad debts or identity fraud in this area), your income and your type of job and how long you have held your job and finally your age (getting in to debt and spending wildly etc is much less common the older people get on the whole).

Once you have a credit card and always make reliable repayments the credit limit is usually gradually increased over the years but this has been much less common since the credit crunch.

If you have been operating a Visa Debit card reliably and not creating vast unauthorised overdrafts this already establishes to your current bank or building society that you are not a bad credit risk. It is still a card that you could do serious damage with if you were irresponsible.

CLAPTON

Matthew25_uk wrote: »

thanks guys, yes this is my first credit card, i have a visa debit card and was always brought up as a child on the ethos of "you dont spend what you dont have" so my credit rating is probably quite poor, ironically.

best to stick with that ethos

when you get the credit card use it regularly but set up a DD for the full amount each month so you never pay interest and never forget to pay.

that way you enjoy the benefits of a CC (such as they are), improve your credit rating which may help getting a mortgage and never pay any interest.


what's suddenely made you want one anyway?

CLAPTON

NonGeographicalMan wrote: »

No a poor credit rating only occurs where you have not paid money back on time or had county court judgements etc against you. Most of the rest of your credit rating, comes from where you live (this has a huge impact as where I live is a very well rated postcode for credit as there are almost no bad debts or identity fraud in this area), your income and your type of job and how long you have held your job and finally your age (getting in to debt and spending wildly etc is much less common the older people get on the whole).

Once you have a credit card and always make reliable repayments the credit limit is usually gradually increased over the years but this has been much less common since the credit crunch.

If you have been operating a Visa Debit card reliably and not creating vast unauthorised overdrafts this already establishes to your current bank or building society that you are not a bad credit risk. It is still a card that you could do serious damage with if you were irresponsible.

This isn't really so

A credit rating will be poor if it doesn't show a history of positive responsible credit handling.

Using a current account may or may not show on your credit file.
It will improve your internal credit rating with your bank however.

Operating a debit card doesn't mean anything as it only exists as part of a current a/c.

saveralot

A credit card will improve your rating. Please be careful, its sooooo easy to over spend, been there done that and got the t-shirt.

Matthew25_uk

Thanks for your replies. We're thinking of going to New York for New Years Eve and wanted added protection when booking the flights/hotel etc (approx £3000). I have held my Visa Debit card for about 5 years now, anywhere between £2.3k to £3k gets deposited in it each month and i never really go below £150, i've never been into an overdraft or overdrawn (maybe twice by accident in last 10 years). The account is with Barclays and i also have a reward saver account with them with about £12k in it.

Matthew25_uk

The biggest thing i bought on my visa debit card was my car, i still got the £18,000 debit receipt lol. I was quite chuffed that it actually went through and the bank didnt block it.

I keep getting letters from Barclays offering me a £25k loan, but not sure if these are sent to everyone or just because my credit rating is okay?

CLAPTON

Matthew25_uk wrote: »

The biggest thing i bought on my visa debit card was my car, i still got the £18,000 debit receipt lol. I was quite chuffed that it actually went through and the bank didnt block it.

I keep getting letters from Barclays offering me a £25k loan, but not sure if these are sent to everyone or just because my credit rating is okay?

I would suggest you ask Barclays for a credit card as it seems you have a good track record with them.

It may be that your general credit rating is poor however... you may consider getting copies of your credit files from the three agencies.