First credit card - best choice for future credit?

izools

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.

True with Lloyds TSB / Halifax / Bank of Scotland as they generate pre-approvals.

Barclays, RBS / Natwest, and HSBC all go through a full credit and risk check. The only difference banking with these four makes is that if you run your current account badly is a pre-decline but running it well doesn't increase your chances.

I've put about £40K through my HSBC account with a four figure average balance and no charges since I opened it last October and they won't give me a CC...

creditguard wrote: »

your son need secured credit card. With secured credit card you give the deposit of few dollars, they issue you a credit card and your set down is the credit limit, and you handle this card from 6 to 12 month.

There's no longer any such thing in the UK. We have pre-paid cards but these don't improve your credit rating.

Ultrasonic wrote: »

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.)

Rejections, thankfully aren't recorded on credit files - only the fact you applied

If you apply for more than three credit searched products in a six month period - irrespective of being approved or declined - your credit worthiness may start to suffer.

However, sub prime credit products are underwritten with different criteria, they expect applicants to have an above average number of previous searches as it is common sense to try prime before lumping with sub prime.