credit cards for 18year old!!

rachiiemae93

i need help! i am 18 and looking to get a credit card to pay for my car insurance...
Except no-one will accept me as i have no credit scoring..

i have asked how i can get credit scoring but noone seems to be helping me ... i am new to all this and need help!

so if you have an tips please help me!!!! :undecided

thank youuuuu

Tixy

This article explains hoe to start to build up a credit profile
Credit Rating: How it works and how to improve it ...
and
'Bad Credit' Credit Cards: Best cards for poor credit scorers...
You might well find that to start you can only get accepted by a subprime credit card with a £250 limit or so. You can then use this to gradually build up a credit history. Don't max the card out and spend more than you can afford to repay the next month though - the APRs on these are very high.
Its probably cheaper to pay your car insurance monthly from the car insurance provider (whilst these often have APR around 20% or so, far better that than 40% or so on a subprime card.

That said if you've made lots of applications already very close together then this will have an impact and you may struggle to even get a subprime card. Its generally recommended to make no more than 3-4 applications for credit in a 6month period.

Fruit_and_Nut_Case

rachiiemae93 wrote: »

i need help! i am 18 and looking to get a credit card to pay for my car insurance...
Except no-one will accept me as i have no credit scoring..

i have asked how i can get credit scoring but noone seems to be helping me ... i am new to all this and need help!

so if you have an tips please help me!!!! :undecided

thank youuuuu

As an 18-y-o your car insurance is likely to be enormous. More enormous than the credit limit you might get if you were actually approved for a credit card. The joys of youth.

Maestro.

rachiiemae93 wrote: »

i need help! i am 18 and looking to get a credit card to pay for my car insurance...
Except no-one will accept me as i have no credit scoring..

i have asked how i can get credit scoring but noone seems to be helping me ... i am new to all this and need help!

so if you have an tips please help me!!!! :undecided

thank youuuuu

that is an incredibly bad plan.

car insurance at your age will be enormous and way above any credit limit you'll get - as already said. Not only that, but I suspect you want a credit card for it as you can't afford to pay normally? Bad idea, you'll just run yourself into more and more debt.

More thought needed about this I think. I'm 21 now, live on my own and earn £16K, and i still haven't decided to finance driving yet; it's just too expensive.

Plxply

I managed to get a Capital One secured card pretty much a week after my 18th Birthday with no income. Although the Capital One Classic was the first card I applied for (knowing I was subprime) so I assume you've fallen into the rejection spiral.

Saints2011

If you did manage to get the card your looking for which I suspect not, would you have it paid of in time of the renewal. Not forgetting a car also needs MOT, tax & mainteance with fuel

opinions4u

Rather than a credit card, I'd recommend a time machine.

Then go back in time 12 months, open a savings account and then, every month, pay a tenth of the estimated car insurance premium in to the account. Perhaps a bit more to cover servicing, MOT, possible need to pay an excess if there's a claim, possible puncture costs etc.

Then move the funds needed for insurance to your current account and pay by debit card.

Continue saving to make sure you have enough to pay for the following year's car insurance renewal and maintenance costs.

WhiteHorse

Pay monthly. An application to pay monthly is considered a credit application, so paying by this method will itself help your credit history.

w211

If have an account with a bank, ask them for a credit card if they do one.

I bank with Barclays (since I was 11), and applied for a Barclaycard when I was 18. Gave me one straight away with a £1,200 limit and even though I was only working part-time I put on the form I earned £3,000 a year.

Obviously helps if you kept your account in good order though.

Tremour-88

WhiteHorse wrote: »

Pay monthly. An application to pay monthly is considered a credit application, so paying by this method will itself help your credit history.

Thats wrong, monthly car insurance IS NOT a credit agreement that is recorded on your credit file

opinions4u

Tremour-88 wrote: »

Thats wrong, monthly car insurance IS NOT a credit agreement that is recorded on your credit file

It depends on how the insurance company makes arrangements for the monthly payments.