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Easiest to get credit card to build credit record for 18 yr old?

My son would like to get a car loan but cannot as he lives at home and has no bills to pay, so no proof on his credit record, but it is a good credit record. He has saved up all his money he has from his apprenticeship job to pay for the insurance, but now does no longer want to wait. His bank (Barclays) told him he needs a credit card to build up a profile but they have not sent him the card after filling out the paperwork and this is now 4 weeks ago. They offered him a card with a £50 limit even though he earns over £1000 per month. I think they are waiting until he has worked for his company for at least 6 months which would be in March.

It is such a crazy world as his sister the minute she turned 18 with no income (student) got a Barclaycard with an £800 limit. My son earning a good wage for an 18 year old cannot even get one it seems. The family has excellent credit ratings so I cannot see a problem there.

Anyway, which lender should he approach to get a CC to build up is credit record? Which one is easy to get? Not worried about the rates too much and not one of those cards for defaulters who need to repair their credit files. He will not use it except to pay for his travel costs and pay those all back each time he gets the statement.

Any tips?
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Comments

  • Has your son been put on the electoral roll at your address since he turned 18? If he has a PAYG mobile as well could consider changing that to a contract handset.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Any tips?
    Is he registered to vote at your address? This is essential before he applies anywhere.

    Normally, the advice is to first try his own bank - because they already have some history. Could he remind them that he's still waiting for his card?

    That said, some of the big banks don't report positive account conduct to the CRA's, so he may not build up any history anyway with a Barclaycard.

    The only other option, though you probably won't like it, is to go with the likes of Aqua, Capital One Credit Builder, or the much maligned Vanquis card.

    However, to return to my opening point, an application from someone (especially an 18 year-old) who is not on the Electoral Roll may be a wasted application.
  • Yes, he is registered on the voters roll (I think as he got a letter not too long ago about some kind of voting, but I will double check).

    He has a contract phone but it is coming off my account, so will change that as well. (He wont like that as he is saving every penny for his car) :rotfl: if he goes over his limit he pays me the difference.

    I just dont understand how his sister with no income, no mobile phone contract etc. gets a card right away and he cannot and he has more money in his current account than I have with his dad combined.

    He has been so good saving the £4K for the car insurance all he really needs is a small loan to buy the vehicle. His job is secure and he is on a 3 yr apprentice contract.
  • Could he not try to get the insurance on monthly instalments, and then use the £4k to pay for the car?
  • As other posters have said, make sure he is registered on the electoral roll! If he isn't already on there, once the confirmation letter arrives he must wait about 2 months for it to show on his credit file, and then he can apply for another credit card from Capital One or whoever...
    some of the big banks don't report positive account conduct to the CRA's, so he may not build up any history anyway with a Barclaycard.
    Barclaycard DO report their credit cards on people's credit files, so it WILL build his credit history. Same applies to all credit card companies. It's only some bank accounts (I know this applies to NatWest) that sometimes don't show up if account conduct has been good.
    He has a contract phone but it is coming off my account, so will change that as well.
    If his contract mobile bill is in HIS name then it will build his credit history too (regardless of who pays it!). If the contract is in your name, you might want to contact the network and get them to change it into his name - and you can keep paying the bill if you want!! ;)
  • jamalfatty wrote:
    Could he not try to get the insurance on monthly instalments, and then use the £4k to pay for the car?

    I am not 100% sure but he told me if he were to pay in installments it would be nearly £1000 more. He feels discriminated against, but its all those boy racers to blame.

    The longer he has to wait he might not need a loan and can buy the car as his savings increase every month, but he is very picky about the car he wants (no old banger for him).
  • If his contract mobile bill is in HIS name then it will build his credit history too (regardless of who pays it!). If the contract is in your name, you might want to contact the network and get them to change it into his name - and you can keep paying the bill if you want!! ;)

    He told me of better deals out there so we will be looking at changing and then putting it in his name and maybe if they let us do it even on his account. Hopefully that will help things along a bit quicker.
  • What sort of car does he want that will be £4k for insurance?????
    There are times when parenthood seems nothing but feeding the mouth that bites you Peter De Vries
    Debt free by 40 (27/11/2016)
  • Any small car with an engine size of max 1.2. I think its a Seat or a Fiesta he is looking at buying.

    Young boys are penelised because so many have accidents.

    We thought of putting him on our insurance but the cost would then be £5K as it is a 2 litre so its better he gets his own insurance and car. Once he has 1 year no claims under his belt his insurance will nearly halve. Now if he were girl.... LOL
  • Does he absolutely need to get a car? There is no way on earth I would pay that amount of money for 1 years insurance for anything!

    Could he not use public transport for time being and put the money away somewhere as an investment for time being? (Unlikely I know for an 18yr old!)
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