Time needed to develop a good credit rating

allinsonp

I will be 18 next week and am looking for a credit card, not really to borrow on but perhaps for a bit of flexibility and for benefits such as discounts.

I was particularly drawn towards the Virgin Card because of the 10% discount in stores but with the APR they have I can't imagine they would accept me.

I will probably end up applying for the Capital One 34.9% card in a hope that this will deter me from spending too much!

My question is, say for example I was accepted for a high APR card, roughly what is a typical amount of time spent meeting payments before either a provider offering a cheaper rate would accept me or the existing company offering a lower rate of interest?

Any advice would be greatly appreciated

Pete

londonchap

Pete,

In my experience, credit card companies usually review credit limits on a bi-annual basis. Assuming that you spend a little on the card every month and pay off the balance in full, you should be able to get a credit limit increase after 6 months. The fact that you have been meeting your repayment obligations will also be reflected on your credit history and will help when you want to apply for other cards/finance.

On another note, I would strongly advise against doing anything other than paying off the full balance each month with these kinds of interest rates.

LC

s1h

your 18 go out and get !!!!ed have a good time, shag some birds.

You can worry about all this when your older.

londonchap

s1h wrote: »

your 18 go out and get !!!!ed have a good time, shag some birds.

You can worry about all this when your older.

I don't think having a good time and being careful with your finances/credit history are mutually exclusive.

exel1966

Assuming you have a Bank Account and a reasonable relationship with your bank, this should be your first port of call in trying to obtain a card.
They are more likely to accept you over a creditor who hasn't any knowledge or history of you. Start there and when you have shown that you can responsibly deal with credit (6-12months), then think about something else.

Your question is an impossible one to answer as all companies set their own individual criteria as to how they vet an applicant, consider credit limit increases or lower interest rates. There are obviously high scoring criteria which would boost your suitability in time, but being 18 you won't have accrued those points yet.