Credit Card Advice

Danny_M

Hey,

I'm looking for a little bit of advice if someone could help me please.

I'm in my middle 20s and I have never had a credit card before. I'll be looking to move into my own place with my partner in early 2021 and I have heard having a good credit score will be a big help with that.

So I have been thinking about getting a credit card and purchasing my Christmas gifts on it, so that I can build up my credit score.

Could someone please guide me in which credit card is the best to go for and if there is any other advice I should know with this plan?

Thanks

TadleyBaggie

It's your credit history that is important, your credit score is a made up number that no one but you can see. Get whatever credit card you can, use it for regular monthly expenditure and pay it off in full when you get your monthly statement.

MallyGirl

At this point the best card will be any one you can get - try the eligibility checker to see what your chances might be

Danny_M

TadleyBaggie said:

It's your credit history that is important, your credit score is a made up number that no one but you can see. Get whatever credit card you can, use it for regular monthly expenditure and pay it off in full when you get your monthly statement.

Yes my bad, thank you.

MallyGirl said:

At this point the best card will be any one you can get - try the eligibility checker to see what your chances might be

Do you have a link for that please?

MaryNB

If you lack a credit history look at getting a credit building credit card. Your APR will be high and credit limit low but use it every month and pay it off in full until you have some good history and can apply for a more mainstream card. If you carry a balance keep it within about 30% of the limit. Make sure at the absolute minimum you set up a direct debit for the minimum payment. 

Barclaycard, Vanquis and Aqua provide credit building cards. I'm sure there are others, they're the only ones I'm aware of. I used Barclaycard when I moved to the UK a few years ago and had no credit history. After a year of use I applied for mainstream card which had a much higher limit and standard APR.

Other tips:  Make sure you are on the electoral role. Check all your data is correct on your file on all three credit rating agencies. Don't pay for access to your credit file. For Equifax use Clearscore, for Transunion use Credit Karma and for Experian use MSE Credit club. You can request your full file for free from each agency. Don't use pay day loans. Avoid using you over draft. Don't make a habit of taking cash out using your credit card.

jonesMUFCforever

One other place to look - your own bank where your wages are paid into.
They should be able to give you an idea of acceptance/rejection without a hard search on your credit file.

MallyGirl

Danny_M said:

MallyGirl said:

At this point the best card will be any one you can get - try the eligibility checker to see what your chances might be

Do you have a link for that please?

https://www.moneysavingexpert.com/eligibility/credit-cards/search/