First credit card - best choice for future credit?

A_rabbit_with_a_cause

I'm 18 in a week, and in the future I'd like to be able to get a card with decent cashback options (I run my own advertising business, and getting 2% back on all my ad spend would be great). I know this isn't possible at the moment, though.

So. I'm pretty careful with my money, I never splurge to be honest. I'd never spend more on it than I had in cash. So the APR isn't a big factor, I'd be paying the balance off at the end of every month.

So, what'd be the best card for building up a good credit rating?

Thanks

SailorSam

I've seen Santander advertising their new credit card on the Tv tonight, they're offering 1%; 2% or 3% depending upon what you use it for.

nathand_2

If you're looking at the immediate future, you won't get something like Santanders card without some credit history. Check Aqua or Vanquis. If you are on the electoral roll then try Capital One.

izools

+1, you won't get a decent card with no credit history.

No cashback or 0% deals for you until you've proven yourself with a Capital One Classic, Aqua Card, or Vanquis Card for a couple of years.

Good luck!

auto-man

My son got a card at 18 with no history. It is possible

auto-man

izools wrote: »

+1, you won't get a decent card with no credit history.

No cashback or 0% deals for you until you've proven yourself with a Capital One Classic, Aqua Card, or Vanquis Card for a couple of years.

Good luck!

Who told you this? Got Proof? It's advice like this that worry me because I never use any of these company (nor wife or son) but you encourage we get high rate card.

Do you work for them are very young and naive to think you know something the rest don't? I report post as worry about authentic.

Cpu2007

auto-man wrote: »

My son got a card at 18 with no history. It is possible

Hi
I recently applied for the MBNA cash back credit card(the one that doesn't require to have a minimum spending) but got rejected.
I'm 23 and a student but got a decent spending,I mean I usually spend more then £500 a month on credit card.
How did your son got a cash back cc?how old is he and what does he do?

nathand_2

auto-man wrote: »

Who told you this? Got Proof? It's advice like this that worry me because I never use any of these company (nor wife or son) but you encourage we get high rate card.

Do you work for them are very young and naive to think you know something the rest don't? I report post as worry about authentic.

My statement is based on experience as I imagine will be the same for iztools. I wasn't "told" by anyone, I simply applied for a Barclaycard at 18 and was shot down. It was nothing to do with my income, or any other factors. I more than met their criteria except for credit history.

Now the OP has a choice to make here. Pick a prime card and be shot down further hindering his ability to get credit. Or alternatively check out sub-prime cards from the likes of those mentioned and be in with a shot.

izools

First of all:

I didn't say "you can't get a card at 18". You can. Just only specific cards.

Take this as an example of the acceptance criteria for the Capital One World Mastercard:

Before you apply, check you're eligible

We're more likely to accept you if:

• You've had credit cards in the past
• You're aged 21 or over
• You're a home owner
• You have an income of more than
  £20,000 p.a.

We're not likely to accept you if:

• You have missed repayments in the past
• You've never had credit in the UK before
• You've had any CCJs or defaults

And this from Barclaycard's website for Gold:

Think about our Gold Credit Card if you:

• Need to strengthen your credit rating and want some time out from paying interest on your balance transfer
• Have an average credit rating
• You have no history of bankruptcy
• You have not had any County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years
• You have a limited history of managing credit commitments well i.e. have existing credit cards, loans, overdraft or mortgage, but have no more than 2 credit commitments
• Your record of paying credit commitments on time is less than 4 years old
• You have not missed ANY payments on a credit card or loan in the last 12 months
• Don't already have a Barclaycard
• Have had a permanent UK address for 3 months or more
• Have a regular income of more than £17,500 pa
• Excluding a mortgage, your debt on credit cards or store cards is less than 40% of your income
• Are aged 21 or over

Please let me make it clear I am aware that the cards I listed are high APR.

I would not suggest anyone use these cards to spread repayments, only to build history as they're the only kind of card likely to be accepted for with no previous credit history.

And remember, if a credit card is paid in full and on time no interest is payable. So it doesn't matter if the APR is 10,000%, if you clear the bill in full before the due date every month, it costs you nothing to run.

So please, take my correct and wise advice in the guise it is intended and understand that I am trying to help and avoid more threads titled "Declined, but no bad credit. Why?"

Probi

If you have been with your bank for a while then try getting a card from there first, these arn't quite as bad as the cards mentioned above and your bank has a good record of how you have handled your finances in the past.

Ultrasonic

Probi wrote: »

If you have been with your bank for a while then try getting a card from there first, these arn't quite as bad as the cards mentioned above and your bank has a good record of how you have handled your finances in the past.

Exactly what I was about to suggest. I'd go into a branch of your bank and ask about getting a credit card. That way if they know straight off that your application wouldn't be successful they could tell you.

I am in no way an expert of credit histories, but I'd have thought that if you applied for a 'better' card and got rejected then having this rejection in your credit history is not likely to be helpful in the future? (Thinking specifically of the original question of how to build up a good credit history.)