Credit Card at 18

BlakeWills

Hi Guys,

I'm wondering about getting a credit card when I'm 18 in an attempt to start building up my credit score so I can get a mortgage in a couple of years.

Currently I earn £15,000 a year in IT support and im wondering which cards would accept me?

Also, I've been told this is the quickest way to build up a credit score for someone my age - Spend a little, pay it back straight away - Is this true?

Finally, how long does it actually take to build up a credit score? -Could I have one already? (I have a little girl and was up until very recently renting an apartment in my name, the rent was always paid on time, could I have already started to build up a score?) -The rest of the bills where in my partners name as she is over 18.

[Deleted User]

Using a card regularly is a good way to build up a history. Use it and pay in full each month when you get the statement.

You'll have a score with the CRAs when you turn 18 - but that's nothing to do with anything. You need a history of good credit management.

Try your own bank for a card, or someone like aqua.

DebtFree14_2

This worries me a lot! You are 18 and want to build a credit history? Why not just enjoy being 18 and not get any credit. Most people ruin their credit history at your age. Your more likely to get a card, spend on it and then enjoy it and spend some more. Credit should be requested only when it is needed. If you don't desperately need the spare cash don't apply. Just make sure your on the electoral role. I got a credit card when I was 18, spent on it, got another one. Couldn't afford the payments, got a loan to cover it. Still paying that loan off today!!

BlakeWills

DebtFree14 wrote: »

This worries me a lot! You are 18 and want to build a credit history? Why not just enjoy being 18 and not get any credit. Most people ruin their credit history at your age. Your more likely to get a card, spend on it and then enjoy it and spend some more. Credit should be requested only when it is needed. If you don't desperately need the spare cash don't apply. Just make sure your on the electoral role. I got a credit card when I was 18, spent on it, got another one. Couldn't afford the payments, got a loan to cover it. Still paying that loan off today!!

This worries you? The fact I'm attempting to be sensible and not get in debt worries you?
What?!

Alarae

I got my first at 19, which was with my bank (granted it was a student one). Just before I turned 21 I was approved for the Amex Everyday Cashback, Halifax Clarity and recently the Nationwide Select.

I arguably have a better credit history than my 30 year old partner, although his is now improving since he pestered him into getting a card.

I think it's great you want to build your credit history now. Just put something on it each month and pay off in full and your credit history will start building. Then when you need credit, such as a mortgage, you will have this history for them to consider with.

Just remember- credit is not there for you to treat as your own money. Buy what you can afford in your bank!

Swampy3k

Getting a CC isn't a bad idea, HOWEVER, do not get dragged into the thought process of "it's shiny I can afford it now", this is how the bills creeps up and you find yourself worse off, if your looking to build up your credit score, why not try a contract phone or something similar? Best of luck to you.

fawnsinthegarden

It's good that you have a clear idea what you want but you don't have a universal credit score, it would be a good idea to read through the MSE guides on credit reports, 'scores' and credit cards before taking the plunge so you know exactly what you are dealing with as confusion isn't helpful.

I can understand what DebtFree14 is saying, at your age I had been working for a high street bank for around 6 months and they were throwing credit my way, and despite having a very strong grasp of money and economics etc, it only took one devastating life event for the cards to start tumbling. Having said that my brother got a mortgage at 19 without any previous credit history and has never had any debt issues, his house is paid off and he's turned 30 last year. We both were very money aware, I just happened to have a life event throw a spanner in the works and I had no savings to cover my commitments.

If you want to build up a history, apply for a card, probably capital one extra may be the best for your situation as it's a cash back card (do a soft search via capital ones site to see if they will accept you first) and then set up the direct debit payments to pay in full. Treat your credit card payments the same as cash, pay in full or it costs. Use it for something like just petrol or another spend you would normally make day to day, nothing else.

DebtFree14_2

BlakeWills wrote: »

This worries you? The fact I'm attempting to be sensible and not get in debt worries you?
What?!

Im simply stating the fact that if you have spare cash most people will spend it. Naturally when people first get a card they want to buy and the spiral begins. As the previous poster said. Mobile phone contracts also leave a credit footprint and most come with unlimited txt, unlimited minutes so the monthly amount will not change.

You may of course have strong will power and be a savvy saver but most are not.

Good luck what ever you decide

Tixy

If you want to get a mortgage in a couple of years then the most important thing will be building up savings for a deposit and ideally showing regular deposits in to a savings account. There are some lenders that have special savings account for saving for a deposit (save to buy type accounts) and you might want to look in to that.

As well as those savings then yes it is a good idea to show some responsible use of credit. You should find a lender willing to give you a card, perhaps your own bank or one of the subprime lenders. You will likely only get a small limit but that isn't an issue at all. Its not how much credit you use that is important its using it sensibly.

JKSandy

Barclaycard initial (you can do an eligibility checker via the barclay website) or your own bank? Use it and pay it in full each month.

Are you on the electoral role? If not put yourself on it. DO NOT apply unless you are on it.

iAMaLONDONER

BlakeWills wrote: »

Hi Guys,

I'm wondering about getting a credit card when I'm 18 in an attempt to start building up my credit score so I can get a mortgage in a couple of years.

Currently I earn £15,000 a year in IT support and im wondering which cards would accept me?

Also, I've been told this is the quickest way to build up a credit score for someone my age - Spend a little, pay it back straight away - Is this true?

Finally, how long does it actually take to build up a credit score? -Could I have one already? (I have a little girl and was up until very recently renting an apartment in my name, the rent was always paid on time, could I have already started to build up a score?) -The rest of the bills where in my partners name as she is over 18.

I got my first credit card when I was 18 with a limit of £750 and 1 current account.

A long story short a year and a half later I know have 5 Credit cards and 9 bank accounts! I 'stooze' and have made a bit!

Try Capital One or Barclaycard first, sign up to the electoral roll