Help with 1st credit card.

Matchedbetter_2

Hi everyone,

Ok, i'm thinking of getting an MBNA Amex credit card to buy petrol with 1.5% cashback. A few things I would like to know are?

1) Do I have a chance of being accepted.
- i'm 18, still at scholl and work in retail earning £1,500 a year.
2) How do I repay the cost each month? Is it a standing order or Direct Debit? And how do I set it up?
3) What date do I have to repay on each month?
4) Do I incur any fees for buying things with mu card online or in shops?

Thanks
Craig

smj43

No, you won't get accepted. Try Vanquis or Capital One Classic.

I don't think you can afford a credit card on £1500. I think you should wait until you are earning a lot more before thinking about borrowing money.

Saints2011

Matchedbetter wrote: »

Hi everyone,
1) Do I have a chance of being accepted.

If this is your first credit card, I would say very unlikely.

Matchedbetter wrote: »

- i'm 18, still at scholl and work in retail earning £1,500 a year.
2) How do I repay the cost each month? Is it a standing order or Direct Debit? And how do I set it up?
Would be by direct debit, or debit card payment.

Matchedbetter wrote: »

- 3) What date do I have to repay on each month?
Depends on statements

Matchedbetter wrote: »

- 3) Do I incur any fees for buying things with mu card online or in shops?
Not usually..

I would say you need to contact your bank first of all and see if they have any offers for you, or build a credit rating with a mobile phone contract, if your bank cant help look at Capital One, Barclaycard Inital, Vanquis as starting points. You need to build some credit before applying for top card offers as the one above youve mentioned would be for people with a 'perfect credit history' which takes time

Saints2011

Check out http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Matchedbetter_2

KirbyBirch wrote: »

I would say you need to contact your bank first of all and see if they have any offers for you, or build a credit rating with a mobile phone contract, if your bank cant help look at Capital One, Barclaycard Inital, Vanquis as starting points. You need to build some credit before applying for top card offers as the one above youve mentioned would be for people with a 'perfect credit history' which takes time

Ok, i'm with nationwide at the moment for my current account so should I go through them and try to get a credit card and then in a year try to aim higher? Also on moneysuoermarket they said my credit score was excellent and I had a 6/10 chance of getting a Barclaycard Initial. Do you think one would be better than the other?

smj43

Matchedbetter wrote: »

Ok, i'm with nationwide at the moment for my current account so should I go through them and try to get a credit card and then in a year try to aim higher? Also on moneysuoermarket they said my credit score was excellent and I had a 6/10 chance of getting a Barclaycard Initial. Do you think one would be better than the other?

What credit have you had in the past?

Fruit_and_Nut_Case

Matchedbetter wrote: »

Hi everyone,

Ok, i'm thinking of getting an MBNA Amex credit card to buy petrol with 1.5% cashback. A few things I would like to know are?

1) Do I have a chance of being accepted.
- i'm 18, still at scholl and work in retail earning £1,500 a year.
2) How do I repay the cost each month? Is it a standing order or Direct Debit? And how do I set it up?
3) What date do I have to repay on each month?
4) Do I incur any fees for buying things with mu card online or in shops?

Thanks
Craig

smj43 wrote: »

No, you won't get accepted. Try Vanquis or Capital One Classic.

I don't think you can afford a credit card on £1500.

Just to answer the other questions for when you do get accepted...

• Direct Debit is the way to go as this can be varied by MBNA each month depending on what you owe on the card. Tell MBNA that you want to set it up.
• Usually about 3 weeks after your monthly statement is issued, although this is only approximate. If you have a DD set up it is the responsibility of MBNA to take it at the appropriate time.
• Normally no fees. Package holidays, flights and cars are some common exceptions to this.

Saints2011

Matchedbetter wrote: »

Ok, i'm with nationwide at the moment for my current account so should I go through them and try to get a credit card and then in a year try to aim higher? Also on moneysuoermarket they said my credit score was excellent and I had a 6/10 chance of getting a Barclaycard Initial. Do you think one would be better than the other?

Definantly try with Nationwide first they can see how your current account is running with your salary etc, make sure you check with Experian, Equifax & Call Credit that you are registered on the Electoral Roll otherwise more than likely a straight decline.

Moneysupermarket are not lending you money therefore I wouldnt take much notice of this and I am sure I would be backed up by other users on here :rotfl:this is the same with Experian,Equifax & CallCredit prediction of your score waste of time. Try Nationwide then look down the Barclaycard Initial route do not make more than two to three applications of credit in three months as you will fall into the declining spiral read that thread I posted the link for its really usefull

Matchedbetter_2

KirbyBirch wrote: »

Definantly try with Nationwide first they can see how your current account is running with your salary etc, make sure you check with Experian, Equifax & Call Credit that you are registered on the Electoral Roll otherwise more than likely a straight decline.

Moneysupermarket are not lending you money therefore I wouldnt take much notice of this and I am sure I would be backed up by other users on here :rotfl:this is the same with Experian,Equifax & CallCredit prediction of your score waste of time. Try Nationwide then look down the Barclaycard Initial route do not make more than two to three applications of credit in three months as you will fall into the declining spiral read that thread I posted the link for its really usefull

Will probably do this ^^^^^^^^

smj - I haven' had any previous credit unless you count my current account with nationwide?

F&NC - Thanks I will keep this in mind

smj43

I think you are unlikely to be offered a credit card on such a low income. You may have a chance with your bank, but again it is unlikely. Try getting a mobile phone contract for 12 months to build a history of credit. Make sure you always pay on time and in a year, you will probably have a much better chance.

Matchedbetter_2

Also, I have deposits to gambling sites because I do Matched betting, will this affect my credit?