First time credit card to improve credit report?

welshwolf_2

Hi All,


Following from a post that I recently made regarding being rejected for a loan despite excellent credit ratings (Experian) it was suggested that the reason I am declined finance is because I have never had any credit cards and only a handful of past loans for small amounts.


Would I truly benefit from having a credit card (Even though I feel that I don't need one) in the sense that I am more likely to be accepted for loans / car finance? I have always managed my finances really well to avoid getting credit cards because I believe in paying for things up front, but now people keep telling me that a lack of credit means that I am in fact less eligible. Please can I have your advice and suggestions?


Thanks!

grumbler

welshwolf wrote: »

Following from a post that I recently made regarding being rejected for a loan despite excellent credit ratings (Experian) it was suggested that the reason I am declined finance is because I have never had any credit cards and only a handful of past loans for small amounts.

How far in the past? If it was less than 6 years the above suggestion doesn't look plausible to me.

Would I truly benefit from having a credit card (Even though I feel that I don't need one) in the sense that I am more likely to be accepted for loans / car finance?

First of all, having a CC doesn't cost you anything, but can benefit you by rewards/cashback/perks, extra protection and flexibility.
Secondly, if used correctly, it does help to maintain continuous good credit history and improves results of your credit scoring.

Please can I have your advice and suggestions?

Ask the bank you have your current account with or try one of 'Bad-credit Credit Cards'