First credit card

Lynzw

Hi everyone.

I'm thinking now is a good time for me to get my first credit card but I do not have a clue where to start. I'm 26, on a permanent contract in work but have never had credit before. Really unsure where to start here...
Currently with Halifax bank so I will check what the are offering. Is it best to go through your bank? Would I be accepted having had no previous credit? How long does the process take?

Any advice would be greatly appreciated!

JakeGreen

Are you on the electoral role where you live?

If I were you I would apply to see your statutory credit reports for £2 each from Experian and Equifax. Check over the data they have on you for accuracy. Query any things which you think are incorrect.

If everything is in order and you're on the electoral role and it is showing on your credit report then it's probably best to apply to Halifax for a standard credit card, else you'll have to apply for an 'initial' or 'credit builder' or a 'poor credit' card with other providers to build up your credit profile.

Lola888

I'd ask the Halifax as they have a record of your income and will have some sort of history with you. Most likely they will give you one, but the limit might be a little bit lower, my DH was given one with a £500 limit.

You can apply on line and it can be as quick as a week from memory.

Halifax might not be the best APR or offer any incentives, but its fine as long as you aren't planning to use it to buy anythng and pay it off slowly. If you get one use it for a few household things and pay off straight away it will improve your rating and if you do decide to try for one of the ones with incentives or a better rate then you are more likely to get accepted. It's a way of dipping your toe into the borrowing world.

Lola888

Forgot to say if you have an overdraft on your account then you are already known to the credit scorers. Also if you live with your parents and they have good credit that will rub off on you. I got a cc when I was living with them and was offered a £1,500 limit straight off so that might be worth asking your parents about.

Lynzw

Thanks for your replies, I don't live with parents but think I'll take your advice and enquire with Halifax as I do already have an over draft with them