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loans v credit cards.
jachowden
Posts: 51 Forumite
in Credit cards
I am looking at getting a credit card in april to help build a good repayment history but in the mean time would it be wise to get 1 or 2 small easily affordable loans to help towards the repayment history? help please.
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Comments
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AVOID credit cards!!Long time away from MSE, been dealing real life stuff..
Sometimes seen lurking on the compers forum :-)0 -
Loans are likely to cost you.
Perhaps worth getting a credit card - and ensuring that you pay it all by DD each month (so no interest). I think the general advice on here for people without good credit ratings is Capital One or Vanquis, but I'm sure there will be some experts along shortly...
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Loans will cost you money in interest - don't do that.
First make sure you are on the electoral register. Apply for your main bank's basic credit card. If you are rejected by them, then it is time to apply for a sub prime like Cap One or Vanquis, but don't go mad with the applications. Only do one or the other, then if you are rejected wait for a few months before trying again.
Once you have a card, ensure that you use it each month and pay it off IN FULL before the due date. There is no need to allow interest to accrue - it won't look any better on your credit history. Good luck.0 -
Why? There are lots of people here who would disagree.brightonman123 wrote: »AVOID credit cards!!Are you for real? - Glass Half Empty??
:coffee:0
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