Work expenses/ credit card/ building credit

finncat2

Hi all
I thought using a credit card to build credit would be a good idea as I am looking to buy for first time this year. 

I have not had a credit card before. 

Work expenses could amount to £500 ish a month. 

Rewards would be great but mainly looking to build up a credit score. 

What would everyone recommend please ? 

Thanks 

MattMattMattUK

finncat2 said:

Hi all
I thought using a credit card to build credit would be a good idea as I am looking to buy for first time this year. 

I have not had a credit card before. 

Work expenses could amount to £500 ish a month. 

Rewards would be great but mainly looking to build up a credit score. 

What would everyone recommend please ? 

Thanks 

Your credit score is a meaningless number created for marketing purposes, ignore it. 

Lenders want to see that you can borrow responsibly, pay on time, not run up debt and carry credit card debt over a period of time etc. 

The best rewards cards are probably not available to you as a first card, but you might get lucky, have a look at the MSE eligibility calculator and see what options you get first.
https://www.moneysavingexpert.com/eligibility/credit-cards/

finncat2

Thank you, that’s really helpful. 

I looked on the calculator under ‘credit building option’ 
would it be better to look at a different sort of card? Other options are 0%balance transfer, 0% spending,reward,0%money transfer, all rounder 
sorry not sure what’s best and all new to me !

MattMattMattUK

finncat2 said:

Thank you, that’s really helpful. 

I looked on the calculator under ‘credit building option’ 
would it be better to look at a different sort of card? Other options are 0%balance transfer, 0% spending,reward,0%money transfer, all rounder 
sorry not sure what’s best and all new to me !

It depends what they are offering you, "credit builder" cards are usually for people with a poor credit report, missed payments etc. Just look at what options you can get, but this does not impact your credit report, so look at what options you can get and play around, a rewards card is always better if you have that option. 

born_again

finncat2 said:

Thank you, that’s really helpful. 

I looked on the calculator under ‘credit building option’ 
would it be better to look at a different sort of card? Other options are 0%balance transfer, 0% spending,reward,0%money transfer, all rounder 
sorry not sure what’s best and all new to me !

If you do not have a credit card now, then balance transfer option is a waste of time. Money transfer the same really, as not always the cheapest way to get a loan.
0% on spending would be best.

I guess you will have a mobile contract & do you pay other bills by DD?
As lenders look for good credit history. So no missed payments.