Should I apply for a credit card?

01chris

My situation is the following:

I am in my early twenties, graduated in July and am on the job hunt but haven't found anything yet - although I have a feeling that might change this week.

I am looking at jobs around £15k pa.

My registered address is my parent's house where I have lived all my life. (I'm currently not staying there but it's where any financial products are registered, and I'm on the electoral role there).

I've just done an Equifax credit check out of interest and found that I have an excellent score. I have never owed money, and never gone over my £200 overdraft. However, I have never had any other credit products so my history is pretty much non-existant.

A friend was telling me I should get a credit card to boost my score. What would your advice be? I don't need or want one but if it is going to help me get mortgages etc in the distant future then is it worthwhile doing? Or is having an excellent credit rating enough?

[Deleted User]

Ignore the score. As you've seen, you've been rated excellent with little history, which would put you as higher risk which most lenders.

But using a card regularly and paying off in full each month is a good way to start building a credit history. Try your bank in the first instance.

forgotmyname

Your not employed so i wouldnt bother applying until you are.

SteveHenshaw

I agree with above - don't bother until you have a job.

01chris

Thank you, all. If I apply for a card and am rejected, will this negatively affect my credit rating? Am I correct in assuming that my bank (who I've been with for 8 years) are the most likely people to accept me?

Gaz83

01chris wrote: »

Thank you, all. If I apply for a card and am rejected, will this negatively affect my credit rating? Am I correct in assuming that my bank (who I've been with for 8 years) are the most likely people to accept me?

You've already been given the best advice you'll get.

Don't apply until you have a job.

01chris

Gaz83 wrote: »

You've already been given the best advice you'll get.

Don't apply until you have a job.

Sorry, didn't realise until I re-read my last post that I was unclear; I am definitely going to wait until I've got a job. Even with a job, I'm assuming that my application(s) will be unlikely to be successful given that I have almost no credit history?

forgotmyname

Even when you get your job the company may think your a high risk and could be dismissed with little notice if your not what they were looking for.

Get the job save monthly with your own bank and see what they offer.

Your own bank will see the money going in and out and how you manage it.

Having one rejection wont be a deal breaker but the next company maybe one that auto reject if you have applied elsewhere in the last x amount of months.

The credit scores are useless. Lenders dont use it.. They have their own critera and dont readily dilvulge that info.