Which credit card to choose as 1st one !

deanm.123

hi all, I am in need of help about choosing a credit card which will be my 1st one, the reason im looking for one is to build up a good credit score so im able to take out a morgage in the future (around 4 to 5 years time), after hearing martins:money: last show on radio 2 a caller was in a posion where she had saved alot of money but because she had never been in debt or needed to take a card before she was unable to take out a morgage as she had no way of showing a credit score (i believe this is correct), and i feel this will be the same as me as im good at saving and good at paying of debts (money i borrowed from family) and so on, i will add key factors which i think will help

• im 19, 20 in the summer
• currently live on my own
• will be self employed in around 2 years ( taking over a family business)
• earn around 800 amonth at the moment
• work part time but can work more hours if needed to
• with barclays bank

if their is any other details which would help will add them on here, i hope i can get some good info from you more experienced people out their :T

thanks

elfen

First and best place to ask would be your bank. They have information on how you deal with your account, and may be most likely to offer you a credit card (not definitive)

If they can't then it may be best to look at sub-prime cards. They're for people who need to build credit rating as well as those with bad credit histories, and the best ones seems to be Capital One and Vanquis.

dylanuk

As you bank with Barclays - and as elfen suggested - try Barclaycard.

Barclaycard offer an eligibility checker that will rate your chances of being accepted for one of their cards. It's a soft check - so while it will show up that your credit report has been searched - it won't show up as an application for credit, so doesn't affect your chances of being approved on another application.

https://letmechoose.barclaycard.co.uk/

Barclaycard also offer the Initial credit card - which is a 'bad credit rating' or sub-prime credit card, or a credit card for people who are new to credit. It is one of the better 'bad credit rating' credit cards anyway - so I don't think you will need to go elsewhere than Barclays.

deanm.123

just been on the link posted and it comes up with

how do you intend to use your card?
to make balance tranfers
to make purchases
to earn rewards on purchases

im guessing to make purchases is the correct one ?

Mr.Mulla

Since this will be your first time to apply for a CC, like what the others suggested, it would be best to approach first the bank you're currently with which is Barclays. You'll probably have a bigger chance of getting approved because you're already a client of them.

deanm.123

thanks for all you comments but im stuck still and have been doing more research, basicaly im cant get a credit card at the moment even the ones that are aimed at people starting a credit score with rates like 30 - 50% or one with my bank (barclays) ! so i was wondering (as i read it up) if i was a co signer to someones credit card would that make any difference to my score, if so how much and does it have to be a parent or could it be a grandparent or even a business credit card (as my grandad has a very good credit score and we have a business credit card) also how about takeing out a small loan if i can get one like with the provident or something,


also start with basics how does everything get recorded and where and do you have to register somewhere, as im really lost with this whole thing if you had'nt guesse

Any

deanm.123 wrote: »

thanks for all you comments but im stuck still and have been doing more research, basicaly im cant get a credit card at the moment even the ones that are aimed at people starting a credit score with rates like 30 - 50% or one with my bank (barclays) ! so i was wondering (as i read it up) if i was a co signer to someones credit card would that make any difference to my score, if so how much and does it have to be a parent or could it be a grandparent or even a business credit card (as my grandad has a very good credit score and we have a business credit card) also how about takeing out a small loan if i can get one like with the provident or something,


also start with basics how does everything get recorded and where and do you have to register somewhere, as im really lost with this whole thing if you had'nt guesse

A/ How do you know you cannot get card? Did you try? And if so, how many times?

B/ No, being additional cardholder from your parent credit card account will not help you in any way

C/No idea what kind of registering do you mean. Every credit gets recorded on Credit report which then each credit card company searches to see how you deal with your debt. More info http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Now, you are in catch 22 situation - you had no debt in past (that can be seen, obviously your parents don't count). So the companies cannot see how well you deal with debt. It is always advised that you go to your bank first because they can see how you deal with your current account (it is not debt, so doesn't get registered on your credit report). Then there are other things they take into account:
Time at address, ARE YOU REGISTER TO VOTE ON THAT ADDRESS?? (ie are you on electroral roll? - very important), how much do you earn and how stable is your job...

deanm.123

Any wrote: »

A/ How do you know you cannot get card? Did you try? And if so, how many times?

B/ No, being additional cardholder from your parent credit card account will not help you in any way

C/No idea what kind of registering do you mean. Every credit gets recorded on Credit report which then each credit card company searches to see how you deal with your debt.

Now, you are in catch 22 situation - you had no debt in past (that can be seen, obviously your parents don't count). So the companies cannot see how well you deal with debt. It is always advised that you go to your bank first because they can see how you deal with your current account (it is not debt, so doesn't get registered on your credit report). Then there are other things they take into account:
Time at address, ARE YOU REGISTER TO VOTE ON THAT ADDRESS?? (ie are you on electroral roll? - very important), how much do you earn and how stable is your job...

answer to a) i know i cant get a card becayse i have tryed about 6 ones includeing my bank and the ones aimed at poor history or new comers.

b)i asked about being added as a co signer because i read up more than once online that being a co signer to someone with a good credit history who uses their card often does help you out, and im being co signed to my business cc which often gets used and it has a very high credit

c)when i asked about being signed to something i meant like so you history gets stored on a national database or something but i guess not lol, but you also answered about being signed on the electroral roll which im not sure i am so i better make sure.

finally i forgot that my bank still thinks i am living at my parents house so i have to go change that at the weekend

Any

deanm.123 wrote: »

answer to a) i know i cant get a card becayse i have tryed about 6 ones includeing my bank and the ones aimed at poor history or new comers.

OK, that is a problem. Trying too hard looks like you are desperate and lenders will be worried. You need to give it a break for at least 6 months

b)i asked about being added as a co signer because i read up more than once online that being a co signer to someone with a good credit history who uses their card often does help you out, and im being co signed to my business cc which often gets used and it has a very high credit

First time I've heard of this. If the company is liable for the debt and not you personally, that has no effect on your rating what so ever.

c)when i asked about being signed to something i meant like so you history gets stored on a national database or something but i guess not Did you read the article I enclosed link for??????? DO IT!! lol, but you also answered about being signed on the electroral roll which im not sure i am so i better make sure.

finally i forgot that my bank still thinks i am living at my parents house so i have to go change that at the weekend

Go and change the address, sign on electroral roll and try again in 6 months AFTER you checked your credit history. Don't do anything until then.