Store card vs Credit card

hannah6394

I am a young girl looking to start to build my credit score...

I have already been turned down for a credit card with one of the banks, and have subsequently realised it's because I don't have much credit for them to check (only a bank account and phone contract)

I've waited a couple of months to apply, because I don't want 100s of credit applications on my report as I've heard that can affect your score badly. So, the question is, should I go for a high interest starter credit card, that I still may be rejected for and wait months to apply again, or apply for a store card which possibly I might have more chance of being accepted for, build my credit with that for a few years then apply for a lower interest credit card when I'm in a better position to...?

Any help is appreciated!

rolls99

Have a look around this site and at Martin's comments on Store Cards.

They are fine, IF you happen to need something from, say Argos or wherever, and you make sure you know what any promo/terms are and pay off before you are hit with interest.

But, as a means of building a credit profile, buying something you don't really need is not the best way to go about it.

Wait a few months and look again at one of the lower end/higher APR cards, and spend something on it each month that you usually DO buy, pay it off, and this will do the same for you as any store card.

If you've been refused a mainstream card now, look at the likes of Capital one etc, or Barclaycard Initial.

While they have high APRs if you spend little and pay off in full, it doesn't matter.

Store cards don't always work in the same way (tied to the store etc).

If you have only made one application recently I would not think another (to another provider) will make much difference, if you are refused, then just wait before applying again.

samtoby

I would try a catalogue first = maybe Very. You will start with a low limit but if you use it wisely the limit will rise. If you are declined appeal it! Never waste a search. If you explain your history with your phone how you run your bank account and also that you are on the electoral roll it is well worth a go.

CLAPTON

are you on the electoral roll
have you checked your credit files

do you have an income
did you try your own bank for a CC?

wiseshark

Vanquis, Aqua or Capital One credit cards are probably your best bet.

Vanquis in particular are easy to get, they accept almost everyone. Just be prepared for a very high APR, so spend say £50-£60 each month and repay in full.

Store cards are not always the best thing, again the APR is high and people often buy things they don't really need. The Argos store card is really difficult to obtain. Don't know why.

Catalogue accounts such as Very or Litttlewoods are relatively easy to get and if used wisely can be useful.