Credit Card for 18yo student

JamTomorrow

My Son has just turned 18 and would like to start to build his credit score.

he is a FT student with limited income.  Credit card will be paid in full via add each month.  I’d doesn’t need the credit for anything other than to build his credit score.

No Fx loading would be beneficial as he is in Europe this summer.  His current bank account is with Nationwide.

any recommendations for suitable credit cards?

Emmia

JamTomorrow said:

My Son has just turned 18 and would like to start to build his credit score.

he is a FT student with limited income.  Credit card will be paid in full via add each month.  I’d doesn’t need the credit for anything other than to build his credit score.

No Fx loading would be beneficial as he is in Europe this summer.  His current bank account is with Nationwide.

any recommendations for suitable credit cards?

Honestly, as he's a student with limited income I'd steer well clear of a credit card - he's got lots of time to build a score, no need to rush.

If he really wants to build, he could consider a mobile phone contract.

WillPS

TSB and HSBC offer holders of their Student Accounts credit cards.

They're very unlikely to be accepted anywhere else without an income or a decently populated credit record. A SIM only mobile contract held in their own name seems a sensible place to start.

ManyWays

I suggest he waits until his last year before even thinking about building his credit score. 

CliveOfIndia

JamTomorrow said:

No Fx loading would be beneficial as he is in Europe this summer.  His current bank account is with Nationwide.

If you look on the main MSE site under "Cards & Loans" you'll find recommendations for so-called "Travel" credit cards which don't charge FX fees.  However, as others have said, with very little credit history he's probably unlikely to be accepted (though there's no harm in making one application).

And, just to be pedantic, trying to improve one's score is a pointless exercise as it plays no part in any lending decisions - indeed, it's not even visible to potential lenders.  However, building up a positive credit history is very worthwhile.

Correct use of a credit card is one of the simplest ways to start building a history - though it does require a little discipline to only use it for buying things you can really afford

Malkytheheed

I echo wait till last year before applying. 

The maturity that ocurs from 1st year to 4th/5th year is dramatic!

Jami74

JamTomorrow said:

My Son has just turned 18 and would like to start to build his credit score.

Why? Is there a rush?

MrFrugalFever

118 money - set a £250 limit and it’s FX fee free.

[Deleted User]

If he has a FlexOne - it's already forex free & lasts until 23 if wanted.

Has can try for a Nationwide credit card - they are forex free.
Barring that  Aqua Advance or 118 Money - Low limits and forex free.

artyboy

Jami74 said:

JamTomorrow said:

My Son has just turned 18 and would like to start to build his credit score.

Why? Is there a rush?

Well I suppose it depends how many years of good, reasonably well padded history is useful ahead of making any more significant credit applications (as you might once you start working following graduation). 

I had the same thought for Little Miss Arty - she's got a current account (with a never to be used overdraft facility!) and mobile contract already but would getting a credit card and using it/paying it be in any way effective in providing a more positive credit file? She's working PT so has a reasonable shot of getting approved for something...

CliveOfIndia

artyboy said:

would getting a credit card and using it/paying it be in any way effective in providing a more positive credit file?

Yes.  To be blunt    

Using a credit card regularly and always paying back in full, every month, without fail, is probably one of the easiest ways to start building up a solid credit history.  It just needs a bit of common sense to use it properly.  Whatever limit you're given, never look upon it as a sudden pot of available free money.  Only buy stuff that you know you'll be able to repay in full when the next statement drops through the letter-box.

A credit card can be a very useful tool, but it just needs a little bit of discipline.  Some youngsters are extremely financially-savvy, others less so.  It's when you start buying things and think "Oh, that's OK, I'll pay it off in a few months" that things can start to become a problem.