Cap One and Vanquis

Weybridge78

cjmillsnun wrote: »

I would argue that he should use it, and pay it off in full every month. Having a card doing nothing will have little to no effect on a credit file.

Makes more sense.

SnowTiger

Shakin_Steve wrote: »

Hmmm...I'm having difficulty finding the bit where I said my son was irresponsible. I did, however, find the answer to the only question I asked in an earlier post.:)

You asked

Shakin_Steve wrote: »

Really?

And

Shakin_Steve wrote: »

And how responcabel would it be to give a card to someone who can't even set up a direct debit to make payments?

That's two questions.

You mentioned "responcabel".

I assume you mean responsible.

If your son is responsible, it would be responsible for a credit card company to send him advertisements for credit cards.

He is an adult. Perhaps it's time to remove the cotton wool.

Samsung_Note2

Shakin steve id ignore all these people and there silly advice.:p

Get him to apply for High street credit card (plenty to apply to if the first half dozen fail)...preferably Gold or Platinum Cards,dont want to be flashing sub prime plastic in the student bar.

System

Weybridge78 wrote: »

It will be more difficult for him to apply for a mainstream credit card with such limited credit history. I would advise him to apply for a Capital One card and then not use it. It will provide some stability to his credit report and may have a positive impact since he won't be making late payments nor going over his credit limit. After a year he could then apply for a mainstream card once his credit history is more solid.

You have no idea what you are talking about.

Once eligible for a student account, the bank that holds his account will issue him with a student credit card fairly easily.

Last time i checked, only mainstream lenders provide student (bank) accounts.

adindas

Samsung_Note2 wrote: »

Shakin steve id ignore all these people and there silly advice.:p

Get him to apply for High street credit card (plenty to apply to if the first half dozen fail)...preferably Gold or Platinum Cards,dont want to be flashing sub prime plastic in the student bar.

People who really care about money saving which this site is all about, will care more about the benefit of using particular card rather than be afraid to be seen flashing sub prime plastic such as Vanquis, Capital one, Aqua.

Reasonable number of people have prime credit cards from high street banks with much high limit but prefer to use their Aqua, Capital One on many occasions because they are getting cash back. Not to mention the benefit of zero fee for purchase in foreign currency abroad when traveling abroad.

I really wonder how many people out there are really watching which card you are tapping in the card reader.

T-G-C

I totally respect your decision to govern your son regarding this area of life and appreciate that the world around us is fueled by marketing and companies wanting to rip people off.

As someone of your son's age, I know first hand that he will never acclaim a credit card from a mainstream / low-interest provider unless he gets a student credit card but most banks will require him to be at university to approve it until he has built a credit history for himself.

If he hasn't even opened a mainstream bank account, his credit file would be point blank and if no credit is obtained and responsibly used, it will remain in that state, which will haunt him when he turns a greater age and wishes to receive a low-interest credit card, bank loan or mortgage.

I personally turned 18 last month and have already applied for and received a Vanquis Origin credit card against my mother's command. She too doesn't think that I need to concern myself with credit at this age, but in a world of today, I totally disagree. I will only spend on the card what I've got in real money and then pay it back on time each month, to obtain those green ticks for lenders to see when I apply for things in the future - like a mainstream credit card.

If your son isn't responsible (which I am not instating) or has absolutely no experience at all with the financial world, I would advise against letting him be independent with a credit card like I am, because I familiarized myself with it from the age of 16 and so know how to use them without getting into financial debt and troubles.

The main point here is to guide your son along the right path. Allow him a mainstream current account (no overdraft or loan) and then apply for a credit building card but teach him how to use it and maintain oversight of his credit balance and his statements.

Good luck! :j

dresdendave

T-G-C wrote: »

Allow him a mainstream current account (no overdraft or loan) and then apply for a credit building card but teach him how to use it and maintain oversight of his credit balance and his statements.

Good luck! :j

Allow him?


The son is an adult, he doesn't need a parent's permission to conduct his financial affairs.

getaway85

cjmillsnun wrote: »

I have to ask. How has he not got a bank account at 18? It is absolutely essential to have a bank account in today's world.

Cap1 and Vanquis will have got name and address from the electoral roll, as if they are on the unedited register, then name and address are in full view and can legally be used for marketing.

because the poor kid grew up with no privacy and overbearing parents that snoop on his post and want to control what he does.

if he hasn't got a bank account he's going to have a bad time with anything he does, jobs, uni, college, claiming benefits, going on to get credit, car finance, a mortgage etc etc

Shakin_Steve

getaway85 wrote: »

because the poor kid grew up with no privacy and overbearing parents that snoop on his post and want to control what he does.

if he hasn't got a bank account he's going to have a bad time with anything he does, jobs, uni, college, claiming benefits, going on to get credit, car finance, a mortgage etc etc

What are you on..you tool :rotfl: You don't have the first idea about...well, anything by the sound of things. There are some really strange people on this forum, and you are right up there.:D

Shakin_Steve

He hasn't got a bank account at 18 because he's only just 18. When he gets his letter confirming his place at uni, he will open a student account..then he will have a bank account at 18.:D
Until then, he'll just have to manage on the £10,000 I saved up for him and gave him on his 18th birthday...poor kid.