1st Credit Card needed.

cantswimwontswim

Hi, I've never had a credit card, always debit. But, I went to hire a van and was told I needed a credit card, I was also asked for a credit rather than debit card when buying furniture. So, I shall get one but am not sure which or if I will be penalised for not using it much. Also, my credit rating is low as my mortgage is paid off (I'm OLD), and I've not had a loan for many years which seems to affect these things i.e Santander. I've steered clear as I know I could get carried away if I saw something I couldn't afford. Any advice welcome?

[Deleted User]

Use the MSE eligibility checker, get the card, spend on it every month and pay if off every month in full and there is nothing to worry about with the added benefit of section 75 protection. Age is less of an issue than earnings.

cantswimwontswim

Thank you Farfetch, have just done that and looks as though my bank is the easiest and best option. The section 75 does make it better than a debit card. Thanks again.

[Deleted User]

Yes bank is usually a good bet for a first one as they can see your income and outgoings and know you as a customer. If they do decline you, try for one of the basic credit builders like Capital One or Vanquish - ignore the horrific APR as if you pay in full every month you won't pay any interest

Some_Guy

Deleted_User said:

Yes bank is usually a good bet for a first one as they can see your income and outgoings and know you as a customer. If they do decline you, try for one of the basic credit builders like Capital One or Vanquish - ignore the horrific APR as if you pay in full every month you won't pay any interest

Just to say, it's Vanquis (no 'h' at the end) - though I'd guess the name may well have been derived from the idea their customers are vanquishing (i.e. defeating or overcoming) their bad credit histories by using their credit cards.

cantswimwontswim

Many thanks to both of you.

Some_Guy

Deleted_User said:

Use the MSE eligibility checker, get the card, spend on it every month and pay if off every month in full and there is nothing to worry about with the added benefit of section 75 protection. Age is less of an issue than earnings.

Just to say, really really really do this - i.e. pay it off in full! Whilst it is possible to do longer-term borrowing using credit cards, this really needs to be planned for carefully otherwise you'll end up getting rinsed with interest and your debt can balloon very easily.

There are plenty of cautionary tales on the MSE forum boards from people who have got into trouble with credit cards, so as you are starting out, do be careful - don't give into temptation to spend more than you can afford. Like many others, I got myself into a right pickle with credit card debt when I was younger - it's a situation that's genuinely best avoided!

MalMonroe

Hey, you are NOT OLD!! (although I don't know how old you are, granted . . . you're probably younger than me - although you don't know how old I am either)  

The only time you will be penalised is if you miss any repayments so go for it, it can only be a good thing! 

There's an article from this very site here - https://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards-1/
although obviously not all the bits (like about bad credit) will apply to you. It's still an interesting read and it's very recent. 

jacklaurence

I'd recommend using the Clear score app to see which they would recommend you can get as a 1st credit card

cymruchris

jacklaurence said:

I'd recommend using the Clear score app to see which they would recommend you can get as a 1st credit card

Not such a good idea - it gives an indication, you're right - but the BEST way to see if you will be accepted for a card is to use the eligibility checker directly on the card suppliers own website. Clearscore (and other CRA's) use their own data to try and work out your likelihood of getting a card - the credit card providers have their own criteria and can much more accurately let you know if you'll be successful.