First Credit Card

READ13

Hi there, just looking for a little advice,

I am 20 years old, 21 in May and am saving hard with my gf for a mortgage and house, i have my car insurance coming up soon, and am looking to get a 0% purchase credit card to put it on, and repay each month. My theory is this will help me build up my credit score etc as i know i wont miss any payments at all.

Any recommendations on the best way of doing this, Ive read martins guide and am not sure at all whats the best way forward for my first card, any advice greatly appreciated.

Tixy

You might struggle to get a 0% card as your first card. Do you have any other credit accounts at all? or have you had any before?
You could try your own bank - checking that you fit their criteria for a 0% card first in terms of income level etc.

READ13

sorry i m not sure what a credit account is?? i literally just have my normal current account for wages, a joint savings with the gf, and an isa. not looking good then i take it?

Tixy

Anthing that would appear on a credit file - eg a current account with an overdraft, a store card or catalogue account or something like a mobile phone contract (or loans or credit cards but it sounds like you don't have these).

If you don't have any credit history on your credit file it makes it hard for lenders to judge what risk you are. A lot of people know have to start by getting subprime cards with high interest rates and building up a credit history before they are able to get the better cards.

Have you read? - Credit Rating: How it works and how to improve it
and 'Bad Credit' Credit Cards: Use them to rebuild credit rating

READ13

Yes thanks I have read both, I have a mobile phone contract and have done for a couple of years not missing a payment, i dotn have any store cards however. So Im guessing im going to have to get a rubbish one first??

nzseries1

READ13 wrote: »

So Im guessing im going to have to get a rubbish one first??

It does sound a bit like that. But in my opinion (others may disagree), applying for one 0% card wouldn't hurt, and if it's not successful, then try for a "rubbish one".

From what I've read on here, Halifax are the most lenient with their criteria. They gave my sister a 0% card when she opened a current account with them, and she'd only just arrived in the country. They currently have 10 months of purchases at 0%.
http://www.halifax.co.uk/creditcards/home.asp