looking to get my first credit card advice needed

ricky_v

dory22 wrote: »

hello all i am looking to get my first credit card but need some advice on which would be the best for a first credit card.

any advice would be appreciated.

thank you.


kate

Capital One Classic Extra

http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards#caponeclassic

Set up a direct debit to PAY IN FULL, use it for all purchases where the merchant accept credit cards and don't charge you a fee as it gives 0.5% cashback plus £10 a year in free money.

Happy days

dory22

FireWyrm wrote: »

Dont, would be the obvious answer. We all think we can handle them...but we'll more than likely see you over at the DFW board in a few years time. If you can do without it, do so. It is the best advice I can offer. Borrowing on a credit card is hideously expensive if you do not pay it off in full, every month, without fail. If you save, you never have need of credit, nor a credit file. When you come up to mortgage, and you will, your best defense is a massive deposit - not a sparkly credit file. We live in a debt fueled economy, where banks have to generate debt to leverage money. All the advertising, telling you how much you need a card, is not for your benefit, it is for theirs. Remain suspicious of banks motives all your life and you'll never go far wrong.

There aint no such thing as a free lunch.

i am looking to build up my credit file.
iv never had debt in my life, my iphone, car, laptop, etc is all paid for by me, i am trying to get a deposit for a mortgage but as i freelance in a industry that's pay is shrieking every year and i can end up working for a months at a time in a different parts of the country where i have to rent a room somehwere, i'm left will very little money and have to stretch it out until my next job comes along, as i live at home with my parents and don't have my name on any of the bills i cant even use that in any future mortgage application, plus i am in the middle of setting up a business, so what other option do i have to build up my credit rating? i appreciate your worry, i am the only one of my friend who has never had any loans or contract phones or cars on finance and at 27 and working in theatre, its going to take me at least 20 years to get a mortgage deposit. so my choice are limited.

FireWyrm

Your credit rating is irrelevant in terms of a mortgage. All banks have their own scoring criteria and pay no attention at all to credit reference agencies, other than verifying address matches voter register. You do not need a credit rating. It is a myth and a fallacy. You need good business sense, a sound investment portfolio and savings in the bank. Do not be fooled. Your only value to the bank is as a debtor.

giblet10

I always like to have shiny credit cards in my wallet. To me it's a sign of status - I've just bought a bigger wallet to house all my status symbols.

When I'm sat on the train in First Class I look in people's wallets and love to see they also have status like me. Occasionally I see people showing off their Blockbuster or some other naff looking cards and I almost want to reach out to them, offering mentoring on how their card portfolio should look.

As Louis Winthorpe III said in Trading Places, as he opened his tall wallet "they don't give these to just anyone".

greenorange

giblet10 wrote: »

I always like to have shiny credit cards in my wallet. To me it's a sign of status - I've just bought a bigger wallet to house all my status symbols.

When I'm sat on the train in First Class I look in people's wallets and love to see they also have status like me. Occasionally I see people showing off their Blockbuster or some other naff looking cards and I almost want to reach out to them, offering mentoring on how their card portfolio should look.

As Louis Winthorpe III said in Trading Places, as he opened his tall wallet "they don't give these to just anyone".

Surely this is a joke?

matttye

FireWyrm wrote: »

Your credit rating is irrelevant in terms of a mortgage. All banks have their own scoring criteria and pay no attention at all to credit reference agencies, other than verifying address matches voter register. You do not need a credit rating. It is a myth and a fallacy. You need good business sense, a sound investment portfolio and savings in the bank. Do not be fooled. Your only value to the bank is as a debtor.

So you reckon someone could get a mortgage with 20 fresh defaults?

Mortgage lenders clearly don't ignore credit reference agencies - not sure where you got that from. They use them to assess risk just like every lender when making a lending decision.

bigadaj

For clarity the credit file held by the credit reference Agencies is used by lenders, the credit score they give you is worth precisely nothing, well £12.99 to them if you pay for it!

Responsible use of credit, of which the best option is to use a credit card for everyday spending and then pay in full after the statement date and well before the due date, is useful to most people. In particular it makes mortgage applications simpler and more likely to succeed.

iAMaLONDONER

giblet10 wrote: »

I always like to have shiny credit cards in my wallet. To me it's a sign of status - I've just bought a bigger wallet to house all my status symbols.

When I'm sat on the train in First Class I look in people's wallets and love to see they also have status like me. Occasionally I see people showing off their Blockbuster or some other naff looking cards and I almost want to reach out to them, offering mentoring on how their card portfolio should look.

As Louis Winthorpe III said in Trading Places, as he opened his tall wallet "they don't give these to just anyone".

Somebody's joking or has had too many easter eggs!

Mr_Goodkat

FireWyrm wrote: »

Dont, would be the obvious answer. We all think we can handle them...but we'll more than likely see you over at the DFW board in a few years time. If you can do without it, do so. It is the best advice I can offer. Borrowing on a credit card is hideously expensive if you do not pay it off in full, every month, without fail. If you save, you never have need of credit, nor a credit file. When you come up to mortgage, and you will, your best defense is a massive deposit - not a sparkly credit file. We live in a debt fueled economy, where banks have to generate debt to leverage money. All the advertising, telling you how much you need a card, is not for your benefit, it is for theirs. Remain suspicious of banks motives all your life and you'll never go far wrong.

There aint no such thing as a free lunch.

On multiple boards you offer terrible advice

A disciplined use of credit cards improves credit scoring with all financial institutions and further improves your standing with your own bank

You can also benefit from cash back, balance transfers and stoozing by using credit cards well.

I have free lunches most days curtesy of my banking and credit card choices....

OP try your bank and failing that Cap One or Vanquis, set up a dd and pay in full each month in time you will get better cards with higher limits / better benefits

Paulaviki

I really wish I'd never started down the route if credit cards. I feel like all I've done with my annual bonus for years is pay off credit card debt and I never manage to clear it because something crops up like car repairs and its just too easy to use the card!

If you are doing it just to build up a credit rating do not keep it to hand as you might find yourself using it. I would also try and have a low limit so it's not as easy to run up debt.

Of course you might be sensible and have self control.:p