Looking For A Credit Card

Phil_GT

hi all.

girlfreind is currently looking for her first credit card.

her income is approx 8600 a year.

we both live together, with a mortgage on our newly bought house (although i pay all bills)

i've checked my experian credit score and it says its 999 so full marks on that.

however my girlfreind has only been with halifax bank for about 2 years, and other than a joint morgage only has a mobile contract for a few years

i just want to know what cards she could be eligable for.

as we dont want to be looking at vanquis or similar (by this i mean over 16% interest)

this is mainly going to be used for applicance shopping like a new washer etc, household stuff. so a long 0% period is benificial.

also what would be a sensible limit to apply for. i was hoping for 1k-1500?

Consumerist

Unfortunately, your credit record will count for nothing when it comes to a credit card for your girlfiend; she will need to build up her own record.

You can read about how best to do it here and here. It boils down to applying for a card with a high APR and low credit limit and conducting the account properly for at least six months so that she has a perfect credit history when she comes to applying for a cheaper. mainstream, card. Spend on the card every month and repay in full and on time every month.

chattychappy

Whilst it's worth checking your report, paying for the credit score is pointless. It's a number generated for you - they don't give it out. Different lenders have their own scoring systems. Hence the usual waffle "see how lenders might regard you" etc.

I suppose Tesco is a good card to try, given their 0% on purchases deal. Failing that then she could try her own bank Halifax. But frankly given she doesn't have a card already and has a low income, she might have little option except to start with subprime card.

paulmcerlean

First credit card unless her bank gives her one, she will have to go for a capital one first card, barclaycard initial, aqua or vanquis.

You will not get a 16% or less APR with no credit card credit history (yours is irrelevent, as is the fictional credit score you wasted 6 quid on).

Limit wise - you dont decide that, they do. And I very much doubt it will be anywhere close to what you have stated above. With credit cards, you have to start at the bottom and work your way to the top.

Try your bank first, that is your best chance what with the history they have on you. They will offer you the best limit and APR in comparison to the sub prime cards, but if the bank say no, and they might with the lack of credit history, then it will be a 35% APR and £300 limit for the first 6-12 months with the barclaycards, capital ones etc...

paulmcerlean

chattychappy wrote: »

Whilst it's worth checking your report, paying for the credit score is pointless. It's a number generated for you - they don't give it out. Different lenders have their own scoring systems. Hence the usual waffle "see how lenders might regard you" etc.

I suppose Tesco is a good card to try, given their 0% on purchases deal. Failing that then she could try her own bank Halifax. But frankly given she doesn't have a card already and has a low income, she might have little option except to start with subprime card.

Very unlikely to get a tesco card as a first card with just a mobile phone as credit history.

In fact, nigh on impossible.

Phil_GT

hi all again.

about the mobile contract,

when i first got my mastercard, id only ever had a mobile phone contract and they asked what limit i wanted, i advised 1k to be sensible then had it upped a year later to 2k. (seeing as hsbc dont auto upgrade)

do you get long 0% apr with these starter cards cards?
as this is the only reason were looking into 1.

as we want to get a new washer and various other bits and bob's without having to deplete whats left of our savings

Consumerist

Unfortunately, your girlfriend won't get a 0% APR on any of the sub-prime cards. She will, however, be in a good position in 6 -12 months if the account is conducted properly throughout that period.

Edit
As mentioned above, Halifax may offer a cheaper mainstream card if her account has been operated satisfactorily in the two years she has been with them. Probably her best bet at the moment.

izools

Even once she has obtained and maintained a sub prime card (Capital One Progress would be best for her considering she already has history with mortgage and phone) - she will find it hard to obtain prime credit - due to her income.

Approach Halifax, if they say no, accept that she can't get a 0% card. If they do say no, she should still get a Capital One Progress card to enable good deals on future credit applications - she's got to build a credit history some time and the sooner she starts, the sooner it will be enough to get great credit deals.

Good luck! :beer: