Credit Card Help Needed

lcfceaves31

Hello,

I am new to this site and rather in-experianced with the 'Credit/borrowing' topic.
I am 22 years of age and currently in full time employment, but earning less than £18,000 a year. One Debit card and one ISA, but no credit cards.
All I want is one Credit Card, where I can help my credit rating. I have a loan currently on a car, not missed a payment and also had a previous loan paid off in full, never missing a payment. But I think having a credit card where I spend around £20-£100 a month on that I can pay off in full the next month, shoudl help my rating more?
If so, I am not sure what to use. I do not want an American Express card, but any other advise?

Sorry if it is a bit bland.

Cheers

stephane_2

lcfceaves31 wrote: »

Hello,

I am new to this site and rather in-experianced with the 'Credit/borrowing' topic.
I am 22 years of age and currently in full time employment, but earning less than £18,000 a year. One Debit card and one ISA, but no credit cards.
All I want is one Credit Card, where I can help my credit rating. I have a loan currently on a car, not missed a payment and also had a previous loan paid off in full, never missing a payment. But I think having a credit card where I spend around £20-£100 a month on that I can pay off in full the next month, shoudl help my rating more?
If so, I am not sure what to use. I do not want an American Express card, but any other advise?

Sorry if it is a bit bland.

Cheers

You would get an American Express....first place to try would be your bank & see what they say. Otherwise you would have to go for a card like Vanquis, Capital one or Barclaycard Initial. The interest on those card is very high, can be anything from 27% to 40% so you would have to make sure that you use it regularly but paying in full at the end of the months to avoid paying any interest and it will help your credit file.

stephane_2

stephane wrote: »

You would get an American Express....first place to try would be your bank & see what they say. Otherwise you would have to go for a card like Vanquis, Capital one or Barclaycard Initial. The interest on those card is very high, can be anything from 27% to 40% so you would have to make sure that you use it regularly but paying in full at the end of the months to avoid paying any interest and it will help your credit file.

Sorry I meant you would NOT....

CLAPTON

It's a little worrying that you're only 22 but have already had two loans.
Better to save up before spending.. that way you have all your income to spedn rather than sharing it with the bank in interest payments.

CC can be quite a temptation to over spend even more than you do today.

However as stephane says you're best to start with your bank.
Then only use it for normal things and set up a DD to pay in full each month so you never forget to pay and never pay any interest.

lcfceaves31

Ok, thanks for the advice, I will start with my Bank, currently Barclays.
If I tried saving for a car, it would have taken me a few years, so really couldn't wait, even though I feel like I am being robbed in interest payments.