Does it matter which credit card you have to improve credit score ?

kteara

dresdendave wrote: »

Surely the point of using a CC to improve a credit rating is that it needn't cost you a penny, unlike a small loan or similar. To avoid any costs it is essential to pay it off in full every month. Just purchase something you normally buy, fuel or supermarket food shopping for example, then pay in full after it has appeared on your statement.

As a 20 year old, does it matter which credit card? Should I be focused on things such as cashback etc. (I might be refused due to no prior credit history) or should I just get a card that I'm able to get easily such as capital one or one from Halifax

CLAPTON

setu_desai02 wrote: »

I started with £250 credit on capital one 4 and half years ago with pretty bad credit history of a CCJ for abandoning a contract. But I maintained it through out and have a pretty decent credit history and high credit limits one few different credit cards. Just make sure never miss the minimum payment. you don't have to pay full amount every month but it is good to clear up the pending balances and start with full credit once in a while.

seems pretty daft advice to regularly pay interest (usually at a very high rate)

grumbler

kteara wrote: »

As a 20 year old, does it matter which credit card? Should I be focused on things such as cashback etc. (I might be refused due to no prior credit history) or should I just get a card that I'm able to get easily such as capital one or one from Halifax

As said above, you won't have much choice in your age and for your first card.
"Focusing" can't help with getting a better card.

madteapot

CLAPTON wrote: »

seems pretty daft advice to regularly pay interest (usually at a very high rate)

Nobody said don't pay CC bills in full. I just said "you don't have to pay full amount every month".

CLAPTON

setu_desai02 wrote: »

Nobody said don't pay CC bills in full. I just said "you don't have to pay full amount every month".

reread your own previous post

ricky_v

kteara wrote: »

As a 20 year old, does it matter which credit card? Should I be focused on things such as cashback etc. (I might be refused due to no prior credit history) or should I just get a card that I'm able to get easily such as capital one or one from Halifax

Try Aqua's 0.5% cashback card as they're a sub-prime lender http://www.aquacard.co.uk/credit-cards

And for God's sake, repay the statement balance off in full every month!

No_6

Go for both Halifax and Cap-one on the same night and see who gives you the best limit
set up DD's for min payments and make sure you have the money to pay back what you spend on THEM !


6

Thrugelmir

kteara wrote: »

I would like to have a credit card purely for improving my credit score.

If you require funds to pay for a major item of expenditure then consider a personal loan. Satisfactorily repaying the loan to terms will add more creedance to your credit file than playing with a credit card.

grumbler

Unless the loan is free (truly), I wouldn't waste money on this vague extra credence.
Many people successfully get good mortgages despite not having any loans before.