Advice with credit cards?

Robert8x

Hello,
Im looking into getting a credit card with Nationwide.
The two cards im looking at are:

http://www.nationwide.co.uk/products/credit-cards/select/features-and-benefits

http://www.nationwide.co.uk/products/credit-cards/ncc/features-and-benefits

After doing some research into both, id rather get the "select" credit card as it has the lower interest and cashback on purchases. The only issue is, i found a website that reviews credit cards and it says that the "select" card cannot be used to build credit? The link is:

https://moneycompare.which.co.uk/credit-cards/45796-nationwide-select-credit-card

The only reason i was getting a credit card is to assist me to maintain a good credit score. I couldnt find anything about the second nationwide card i linked, the one with higher interest. Im just wondering if the second one i linked will help credit score, and if not what type of card helps to do this?

Thanks, Rob

Candyapple

Credit scores are meaningless, ignore them. What matters is your credit history.

If you are new to the world of credit, then you would need to build your file by making sure you are on the electoral roll, making sure you have a bank account and say for example a mobile phone contract (SIM only preferably) and that these are showing across all 3 of your files.

Mainstream credit cards such as Nationwide only tend to be given to customers who have a proven track record of a good credit history.

If you've never had a card before, you would be be better off starting with a Capital One / Aqua / Vanquis card because they are subprime lenders and just make sure your balance is repaid in full every month, and then after about a year apply for mainstream cards.

StopIt

That information on which is incorrect.


All credit cards that report to the CRAs will build your credit history.


Forget the score. Use whatever card you have as normal, pay off the balance in full every month.

Robert8x

Candyapple wrote: »

Credit scores are meaningless, ignore them. What matters is your credit history.

If you are new to the world of credit, then you would need to build your file by making sure you are on the electoral roll, making sure you have a bank account and say for example a mobile phone contract (SIM only preferably) and that these are showing across all 3 of your files.

Mainstream credit cards such as Nationwide only tend to be given to customers who have a proven track record of a good credit history.

If you've never had a card before, you would be be better off starting with a Capital One / Aqua / Vanquis card because they are subprime lenders and just make sure your balance is repaid in full every month, and then after about a year apply for mainstream cards.

Thank you, im only 19 about to go 20,since i was 18 ive had a sim only contract and a separate finance agreement paying for a laptop monthly over 3 years, im still paying both contracts now, although my phone one is different to the original one i took out. Ive never missed a payment for either. Out of the ones you said to go for which is the better company?

Robert8x

StopIt wrote: »

That information on which is incorrect.


All credit cards that report to the CRAs will build your credit history.


Forget the score. Use whatever card you have as normal, pay off the balance in full every month.

Thanks for the help

Candyapple

Make sure you check your credit files to check all the info is up to date and correct.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk


Use the eligibility checker, what do the results say?
https://www.moneysavingexpert.com/eligibility/credit-cards/

[Deleted User]

I guess by "credit builder" they are referring to one of the sub-prime cards from Vanquis or Capital One or Aqua that are targeted at people with little or no credit history, with the onus that it "helps build an (irrelevant) credit score).

All credit cards contribute towards your credit history, which is what really matters

Robert8x

Candyapple wrote: »

Make sure you check your credit files to check all the info is up to date and correct.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk


Use the eligibility checker, what do the results say?
https://www.moneysavingexpert.com/eligibility/credit-cards/

So i just applied for the "Select" credit card from nationwide and got approved, slightly higher apr than normal though at 19.9 instead of 15.9, still better than the other ones offering 35+

Robert8x

One other thing i forgot to ask, obviously im going to try and use it and spend 100 on it each month, then just pay it off in full, but what happens if i dont use the card at all, will this impact me?

Candyapple

Congrats on getting a decent card

Make sure you set up a direct debit to take at least the minimum payment every month.

If you don't use the card, it doesn't impact your credit history - you will still get the green zeros (good). Just make sure you use it at least every 6 months to stop Nationwide from closing your account due to dormancy.

MallyGirl

Robert8x wrote: »

So i just applied for the "Select" credit card from nationwide and got approved, slightly higher apr than normal though at 19.9 instead of 15.9, still better than the other ones offering 35+

It doesn't matter what the APR is if you pay the statemented amount in full by the due date