Credit Card for My Son

Paulatharris

Hello could do with some help. My son is 19, we would like him to build up a good credit rating. He does not earn anything at the moment but we give him a regular income. He has a similar credit score to me - 450. I can get a credit card with no problem, he keeps getting rejected. I assume it is because he is unemployed and has 0.00 external income. We want the card so he can make small purchases each month and pay for them each month. We have no problem with him potentially getting into bad debt, he and we are far too sensible for that but we just cannot get a credit card. We have his experian report and that shows no problems. Any help please would be appreciated.

[Deleted User]

With a thin file and therefore being much higher risk, he needs to try one of the sub prime providers - eg aqua, vanquis, cap one.

glentoran99

Deleted_User wrote: »

With a thin file and therefore being much higher risk, he needs to try one of the sub prime providers - eg aqua, vanquis, cap one.

With no income I doubt even they would touch him, Shouldn't be worried about credit yet

King_Of_Fools

Welcome Paulatharris!

Does your son have a current account with a bank?
Often the easiest first credit card to get is with the bank with whom you have a current account.

If he does - have you tried at that bank?
If not - he should open a current account first.

eskbanker

Paulatharris wrote: »

he keeps getting rejected

How many applications has he made and over what time period? Multiple applications in quick succession don't look good to potential lenders so it may be prudent to wait a few months before trying again.

Paulatharris wrote: »

I assume it is because he is unemployed and has 0.00 external income

Ask the relevant companies for the reason for each rejection - they may not actually supply useful information but no harm in asking....

SuperHan

And (as you are seeing, and someone will be along to say soon), the credit score means nothing, it's simply Experian's interpretation of your data.


If it meant anything, you and your son would both get accepted at exactly the same places as you have the same score, so if you're paying for the score, just cancel your subscription and concentrate on the actual data held within the file. There are plenty of pointers on this website to tell you what is good/bad/open to interpretation on your credit file.

DCFC79

The credit rating doesn't mean naff all.

No need to have a credit card, just running his account really well helps.

Paulatharris

King_Of_Fools wrote: »

Welcome Paulatharris!

Does your son have a current account with a bank?
Often the easiest first credit card to get is with the bank with whom you have a current account.

If he does - have you tried at that bank?
If not - he should open a current account first.

Hi Thanks, yes he does have an account - 6 years now, never overdrawn, they would not help either.

Paulatharris

eskbanker wrote: »

How many applications has he made and over what time period? Multiple applications in quick succession don't look good to potential lenders so it may be prudent to wait a few months before trying again.

Ask the relevant companies for the reason for each rejection - they may not actually supply useful information but no harm in asking....

Only 2 and these were last week. we did ask why but companies would or could not provide a reason.

Candyapple

Paulatharris wrote: »

Hi Thanks, yes he does have an account - 6 years now, never overdrawn, they would not help either.

He may have held the account for 6 years, but the data would only be reported to the CRA's since he turned 18.

Does he still have a child's account or is it a full current account?

Does his bank account show on all 3 credit agency files (Experian, Equifax and Call Credit)?

Is he on the electoral roll and if yes, same as above - does it show on all 3 credit agency files?

Paulatharris

Candyapple wrote: »

He may have held the account for 6 years, but the data would only be reported to the CRA's since he turned 18.

Does he still have a child's account or is it a full current account?

Does his bank account show on all 3 credit agency files (Experian, Equifax and Call Credit)?

Is he on the electoral roll and if yes, same as above - does it show on all 3 credit agency files?

He has a full current account and yes on the electoral roll, voted at last general election. Shows on all 3 credit files.