Student with no credit history, possible to get a cc?

SavingRookie

I'm a student too and I'm also 21 in my second year. Also like you I have a part time job but only work 12 hours, last year I decided to get a credit card and build a good credit history as early as possible. I applied for the Capital One classic last march and got accepted, set up a DD to pay in full each month and now I have 10 months of good history behind me.

Really recommend you to apply for this card, although it doesn't offer much back and the interest rate is high, it doesn't matter if you pay in full. I also use it for big purchases for a bit of extra security.

Hope this helps.

joeyboy

Still no word...

I assumed I'd get an email response, unless this is the sort of thing where it can take up to X working days (like a week or two) and I'll get a physical letter.

I haven't had anything rejecting me either though, would I be told if I had been rejected by now?

Herbalus

An alternative is the AQUA range of credit cards - they have huge APR of over 30% - but if you set up a direct debit to pay it off in full each month the APR doesn't matter. I'm a student and have one of these, as they are relatively easy to get. In fact their website has a spiel about their cards being used as a tool to improve people's credit ratings, and how even some people with Court Judgements against them can get them. The other advantages of an AQUA card is they are fee-free abroad in shops and hotels (but not in cash machines - don't use them for that!), so good for hotels, and the AQUA Reward offers 3% cashback each year (in multiples of £5, max £100/year).

The downside of AQUA is that, as they are willing to take more risky customers i.e. people with less income (students) and people with CCJs, the credit limits are small. Mine was originally £250, and after 6 months of responsible use they will only increase it to £350.

But if Barclaycard turn you down, wait a few weeks and then try one of these. You'll only need to spend a small amount each month, pay it off in full by direct debit, and your rating will rise.

The other option, and I don't like this one so think carefully about it, is a credit card from a store such as House of Fraser or Debenhams. As products, these are on the MSE website as things to be avoided, and I agree. The only reason I bring it up is that these stores are keen to sell them. For example in my second year of uni I bought some things at House of Fraser and was offered 10% off if I got their mastercard, and I passed their credit check telling them I had about £10k income (student loans plus part time work). This is an option if you want a bigger credit limit than AQUA as they generally start at about £500. Again, pay off in full every month with direct debit and their high APR won't matter.

joeyboy

^^

Thanks for the info.

I still don't know if I've been accepted but I have a feeling I have been. I just looked on creditexpert and it's shown Barclaycard looking at my credit report on Feb 4th and now Creditexpert shows I have £300 of available credit, where as I'm sure it said £0 before. However I've not had an email or physical letter from Barclaycard yet..maybe I'll get a credit card through the post next week.

Alarae

Congrats on possibly getting the initial!

I'm a student myself, however I'm with Lloyds and last year inquired if I could get a credit card (only for curiosity sake) and I was offered the Student Credit Card with a £1000 limit.

Now I have the Aqua Reward for the 3% cashback and the Capital One Classic Extra 0.5% cashback. The Cap 1 has a higher limit compared to the Aqua (£250/£500) so I use that for purchases over the price limit of my higher cashback card.

I too have a part time job at 18.5 hours a week which equates to roughly £530 a month, and that is what I put down as income when applying for the credit cards and was accepted. They are worth a try too since the cashback is a nice reward bearing in mind they aren't fantastic cards. Just remember to pay in full each month to escape interest!

joeyboy

yay got the card through the post today!

I have a £400 limit on it. I've registered it online which seems to have activated it so I don't need to phone up to do so. Also I'm surprised that in the account manage page on mybarclaycard I am able to see what my PIN is. The letter said I'd get my PIN in a few days but I just went and saw it online so...yeah.

iAMaLONDONER

joeyboy wrote: »

yay got the card through the post today!

I have a £400 limit on it. I've registered it online which seems to have activated it so I don't need to phone up to do so. Also I'm surprised that in the account manage page on mybarclaycard I am able to see what my PIN is. The letter said I'd get my PIN in a few days but I just went and saw it online so...yeah.

Good to hear mate!

rh41

iAMaLONDONER wrote: »

Good to hear mate!

why bother? is this a drunken message?

iAMaLONDONER

rh41 wrote: »

why bother? is this a drunken message?

Not at all- it was just a comment of solidarity with a fellow MSEr