First credit card

skullncrossbones

Hiya, 

I am wanting to apply for my first credit card and when I do a google a lot of websites talk about which credit card to apply for if you have a bad credit score to help rebuild your score. However my credit score is pretty decent I just don't have a much of a history. In the future I'd like to buy a property so I think having a credit card would help with this. Any tips of info on a good credit card for a first timer with quite good credit score?

lr1277

As a first step, you could apply to the bank where you have your main current account. They should have an idea of your financial history so may be amenable to offering you a credit card.

RBYHS

You should definitely first check with your bank if they can offer you a credit card. 

Otherwise run a quick eligibility check on MSE and see what you could be eligible for. 

The easiest cards to get are sub prime cards such as any card issued by New Days such as Aqua, Amazon, Marbles, Fluid or Capital One or Vanquis. 

Hope this helps. 

funkycredit

skullncrossbones said:

Hiya, 

I am wanting to apply for my first credit card and when I do a google a lot of websites talk about which credit card to apply for if you have a bad credit score to help rebuild your score. However my credit score is pretty decent I just don't have a much of a history. In the future I'd like to buy a property so I think having a credit card would help with this. Any tips of info on a good credit card for a first timer with quite good credit score?

As above, try your own bank but if that's Barclays then it won't have any effect (just go to Barclaycard and test their eligibility checker direct). Otherwise try their own eligibility checker (not applicable to HSBC). 

Your score is quite irrelevant, although it shows good the lenders will want to see history and management of credit. So try getting any card - even if a sub-prime, and keep for 6 months then you'll get some history and might be accepted for more prime products. 

So I'd ask my bank first then look at NewDay / Barclaycard Initial / Tesco Foundation / Capital One and see how their eligibility checks turn out. 

TVAS

Why don't you join money saving expert credit club, do a soft search to find out your score.

Soft search do not show up. It will also give you a list of card that you can apply for and also provide the percentage chance of getting each card.

Are you on voting roll? Does the bank have your middle names? 

It sends you an email when you have made a large payment or paid the full credit card bill to say your rating has changed.

I am now 984 out of a max 999. 6 years ago it was in the 700s.

Ebe_Scrooge

TVAS said:

Why don't you join money saving expert credit club, do a soft search to find out your score.

It sends you an email when you have made a large payment or paid the full credit card bill to say your rating has changed.

I am now 984 out of a max 999. 6 years ago it was in the 700s.

Here, have 15 of my points.  There you go, you've got 999 now.

It'll bring a smile to your face, but sadly it'll have no bearing on your ability to borrow money.  The score is not used by any lender - indeed, they can't even see it.  It goes down in reaction to any change in your credit circumstances, and creeps up in reaction to stability, that's all.

OP, as others have said, with a thin credit history your best bet is either your own bank or one of the sub-prime lenders initially.  Don't worry about the interest rate - if you pay the card off in full every month, you pay no interest.  And in order to build a favourable history, that's what you need to be doing - user the card for everyday purchases (food, petrol, etc.), and pay if off in full every month.  The number or value of transactions you put through the card is irrelevant - just make sure you pay the full statement balance every month, after the statement arrives but before the "payment due" date.  Easiest and safest is just set up a direct debit to pay the full amount.