Get my 1st credit card to improve credit rating?

dannylfc_1

Hi guys,

I've just graduated from uni and I've never had a credit card before and I don't particularly want to use one.

But is it true that by applying for a credit card it improves my credit rating?

I've been into shops before e.g Debenhams and tried to sign up for their reward scheme but in the end was not allowed.

Should I sign up for one even though I'm not planning to use it? If so can you recommend any in particular?

Thanks! complete noob!:D

dazza.mk

dannylfc_1 wrote: »

Hi guys,

I've just graduated from uni and I've never had a credit card before and I don't particularly want to use one.

But is it true that by applying for a credit card it improves my credit rating?

I've been into shops before e.g Debenhams and tried to sign up for their reward scheme but in the end was not allowed.

Should I sign up for one even though I'm not planning to use it? If so can you recommend any in particular?

Thanks! complete noob!:D

Your issue is you don't have much of a credit history, a credit card will help to build that. First stop would be approach the bank that holds your current account (assuming its been well run for a decent period of time). Then use it for small purchases and setup a direct debit to pay off in full every month, as a 'dormant' card doesn't build much history.

[Deleted User]

dannylfc_1 wrote: »

Should I sign up for one even though I'm not planning to use it?

Just to reinforce dazza.mk's point, you do need to use it. You won't improve your credit rating by stuffing it in your sock drawer.

Anthorn

If you get a credit card and not use it it's about as much use as a fridge at the Antarctic. You would be better off not using your debit card and using the credit card instead but don't spend more than you usually spend, credit limit permitting. Then clear the credit card balance every statement. That way you will build up a good credit report.

I recommend Vanquis but others will recommend a different card. At the end of the day with no credit records, it's what you can get rather than what you want.