What type of credit card should I apply for?

Rachel27

I recently checked my credit report and credit score on Experian. My score is at the high end of "Fair". I would like to boost this, so when it comes to getting a mortgage or whatever, then I know my credit rating won't affect me.

I'm 21 and never had a credit card before. So I have neither had good credit, nor bad credit.

I wasn't registered on the electoral roll, but I got the form and filled it in and sent it off today.

Ideally, I would like a card so I can make one or two purchases on it, then pay it off in full every month.

Can you choose your limit? Because I don't want a high limit and I'm scared I may overuse my credit card, even though I will try really hard not to.

Is it better to apply for one through my bank (HBOS) or go somewhere like CapitalOne, Goldfish or Virgin Money?

Azrael_1701

Rachel27 wrote: »

I recently checked my credit report and credit score on Experian. My score is at the high end of "Fair". I would like to boost this, so when it comes to getting a mortgage or whatever, then I know my credit rating won't affect me.

I'm 21 and never had a credit card before. So I have neither had good credit, nor bad credit.

I wasn't registered on the electoral roll, but I got the form and filled it in and sent it off today.

Ideally, I would like a card so I can make one or two purchases on it, then pay it off in full every month.

Can you choose your limit? Because I don't want a high limit and I'm scared I may overuse my credit card, even though I will try really hard not to.

Is it better to apply for one through my bank (HBOS) or go somewhere like CapitalOne, Goldfish or Virgin Money?

Okay firstly, dont waste your money on the "score", its worth squat. Secondly, you will need to wait a while for the electoral roll to update, i think its six weeks (can someone confirm?). You would be best trying at your own bank, ring them and ask if its possible and they will have a look for you, failing that then best bet would be a sub-prime card such as a CapOne Classic, Barclaycard Initial or Sygma/vanquis cards.

Rachel27

Azrael_1701 wrote: »

Okay firstly, dont waste your money on the "score", its worth squat. Secondly, you will need to wait a while for the electoral roll to update, i think its six weeks (can someone confirm?). You would be best trying at your own bank, ring them and ask if its possible and they will have a look for you, failing that then best bet would be a sub-prime card such as a CapOne Classic, Barclaycard Initial or Sygma/vanquis cards.

Haha okay, I was just interested to see what my score was because I feared it was really bad, so was pleasantly surprised to see it was average.

And I'm not in any hurry to apply, I just want to research first. I will wait until I'm definitely on the electoral roll. Do they let you know once you are registered?

paulmcerlean

Wait until you are on the ER otherwise you will be declined. It can take a few weeks for the update to reach the CRAs so keep checking your credit file and when you are listed as on the ER, apply then.

In terms of a card, try your own bank first, who will have enough on you hopefully to give you a card with a better rate than you will get with a starter card.

If they say no, and they might then you should look at:

Vanquis, Capital One or Aqua all whom provide cards for those starting off in the world of credit cards. Barclaycard too do the initial card though rumours suggest this is a little harder to get first time around

Stay clear from Virgin cards until you have had a bank credit card or starter credit card for at least 12 months whilst repaying each month on time and not exceeding your credit limit.

Virgin cards are from MBNA and require a strong previous credit card history or they will decline you. Simple as.

paulmcerlean

Azrael_1701 wrote: »

Okay firstly, dont waste your money on the "score", its worth squat. Secondly, you will need to wait a while for the electoral roll to update, i think its six weeks (can someone confirm?). You would be best trying at your own bank, ring them and ask if its possible and they will have a look for you, failing that then best bet would be a sub-prime card such as a CapOne Classic, Barclaycard Initial or Sygma/vanquis cards.

A sygma card is not a first credit card normally, they sit in between the prime cards and sub prime cards so will tend to be refused to those without a previous credit card history.

Chris842

I think I only have an average rating, but I got accepted for the Barclaycard Gold and the Egg card. So you could try them.

I dont recommend egg though, they messed me about and make it very difficult to get a card sent out. So went to Barclaycard.

gt94sss2

Rachel27 wrote: »

Can you choose your limit? Because I don't want a high limit and I'm scared I may overuse my credit card, even though I will try really hard not to.

Is it better to apply for one through my bank (HBOS) or go somewhere like CapitalOne, Goldfish or Virgin Money?

As others have said - apply for a card with your bank.

If you feel the credit limit is too high, just ring them up and ask for it to be lowered to something you feel more comfortable with.

Regards
Sunil