I'm an 18 year old student who wants to build a credit rating! (working part time)

moneyballs2

I'm in my final year of sixth form and thought that building a credit rating now would help me when it comes to getting a good sized overdraft when I go to Uni.

I'm working part time alongside my studies and am wondering what option would be best for me? I would only ever use the card to purchase little things which I would pay off every month by DirectDebit (a small cup of coffee or whatever)

Any ideas where to go for that would accept me?

Also, when filling in applications, what should I put my employment status down as, Student or Part-time employed as I can't select both!

Many thanks

Lokolo

I wouldn't bother. Most student overdrafts won't depend on your credit history unless its bad. Banks don't tend to expect a decent credit rating from students, just not a bad one.

However, best bet is to go with the bank you are currently with if you do want one.

redpete

Most student bank accounts give you overdraft limits way more than would be justified on the normal credit rating the bank would do so improving your history would be very unlikely to get you even more money.

moneyballs2

I'm with Alliance-Leicester which is now Santander.

They do a card with 18.9% APR and that'll probably be too low for them to even consider me, would it be worth going Vanquis as they tend to go for people with bad/low credit ratings.

Also, for student bank accounts you can get an overdraft up to a certain amount, so surely a good credit rating would help get the full amount? As a few of my friends have no credit rating and were refused the top amount, whereas another which had a phone contract for about 8 months managed to get a bit more... I also looked at the MSE guide about it, and it says about rejections because of a lack of info or slight anomalies, so surely a built up rating would help??

Thanks

[Deleted User]

natwest as an example give an automatic o/d of £1250 in the first year plus a credit card with £500 limit,the only condition being that your grant/student loan is paid directly into the account

kay07_2

redpete wrote: »

Most student bank accounts give you overdraft limits way more than would be justified on the normal credit rating the bank would do so improving your history would be very unlikely to get you even more money.

Sure Shot! :T

bengalknights

Take out a loan for £500 pay it within a year then repeat over and over

Fruit_and_Nut_Case

Nothing else to add except for saying well done for thinking about this in advance. Forward planning is good!

williham

First card I got was with my bank then 2 or 3 months later I got a 0% deal for 12 months with cashback and put all my money in savings. Now I'm 22 and I have a few different cards, all to make money of course.

kay07_2

working full time, but i am just 21. can i get loan? because my salary is not so high.:j

kay07_2

Please tell me what should i do.?:think: