Credit card advice

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Hi there. I am 24 years old and work with my parents who own seven children's nurseries. I take home about 18,000 a year after tax and am currently living at home (though will be moving out next year.) I have never had a credit card and have no debts but two debit cards from nationwide and a natwest account with a 300 pound overdraft. My credit score is excellent (999) with the only negative that I have never had any debts and paid them back (eg a credit card.) I am looking to get a credit card where I will make small purchases and then pay it back by direct debit every month to improve my credit score. I am thinking I want to start doing stuff like this for when I move out in case I need a loan or a mobile phone contract etc (I just bought my phone outright and then went on PAYG with giffgaff previously.) What card would be best for my needs?

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  • Wywth
    Wywth Posts: 5,079 Forumite
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    Hi there. I am 24 years old and work with my parents who own seven children's nurseries. I take home about 18,000 a year after tax and am currently living at home (though will be moving out next year.) I have never had a credit card and have no debts but two debit cards from nationwide and a natwest account with a 300 pound overdraft. My credit score is excellent (999) with the only negative that I have never had any debts and paid them back (eg a credit card.) I am looking to get a credit card where I will make small purchases and then pay it back by direct debit every month to improve my credit score. I am thinking I want to start doing stuff like this for when I move out in case I need a loan or a mobile phone contract etc (I just bought my phone outright and then went on PAYG with giffgaff previously.) What card would be best for my needs?

    If, as you say, you have an excellent credit score, why do you want to improve it? Can you get any better score than 999?

    If, however, you actually have a bad credit history, then this article would probably be useful
    http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

    Otherwise, if you really have a good credit history and just want the convenience of a credit card for some purchases, then perhaps a cash-back credit card would interest you?
    http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

    It all depends what you really want from credit card. If you just want a credit card to say you have a credit card, then almost any would do (as long as it has no annual fees - most don't, but the odd ones do)
  • hypochondriac
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    Well from what I read some organisations don't like loaning money to people who have never been loaned money before. The only negative mark on my credit score (that I could see) was that fact. I wanted to get a credit card to prove that I can use one properly and manage loans etc so that I can get a loan in the future if needed (mortgages for example.) Thanks for the advice.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    Aqua Reward is what you need.
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