First time credit card, how long to wait before stoozing?

sultanoflondon · 26 November 2017 at 3:10PM

Hi all,

I have never had a credit card before. Is it a good strategy to take out a credit card for 'bad credit' candidates (like the Aqua card), use it like a 'normal' credit card (pay off in full at the end of the month) and then wait for 6 months? Then after building a strong credit score, switch cards and then start stoozing? Or should I apply for a competitive 0% purchases card and then begin immediately, despite never having had credit before?

Also, how long before an anticipated mortgage application should someone stop doing this?

Thank you very much!

[Deleted User] · 26 November 2017 at 3:19PM

Perhaps a little ambitious. Get a card - any type will do, but sub prime are easier to get. Use regularly, clear in full each month.

Making sure you ignore your credit score, after several months, you could consider getting a better card. However, it's unlikely you will get a decent promo offer after so little time.

Ultimately though, by using the cards regularly (maintain a few, don't keep closing them) you'll have a wider choice of cards.

Don't take on any additional credit within 6 months or so of a mortgage application.

sultanoflondon · 26 November 2017 at 9:22PM

Deleted_User wrote: »

Perhaps a little ambitious. Get a card - any type will do, but sub prime are easier to get. Use regularly, clear in full each month.

Making sure you ignore your credit score, after several months, you could consider getting a better card. However, it's unlikely you will get a decent promo offer after so little time.

Ultimately though, by using the cards regularly (maintain a few, don't keep closing them) you'll have a wider choice of cards.

Don't take on any additional credit within 6 months or so of a mortgage application.

Thank you for your reply!

Do you think that it would be possible for me to get a cashback card or rewards card? Cashback card such as American Express Platinum credit card, or American Express The Preferred Rewards Gold Card? Or again are these too ambitious? Or how about any other American Express card? Am keen on American Express in particular because they have the highest APR rate and I have heard that taking a card with a high interest rate shows that you are responsible with credit (obviously wouldn't be using the credit card for credit).

In general, is this true? Should I try to get a card with a high interest rate? Or should I just stick to a sub-prime card at first?

One credit card that I wish to get for it's foreign exchange benefits (and keep it, not gonna get rid of this card) is the Halifax Clarity credit card. Should I just take this credit card and then use this instead of taking this and an American Express?

[Deleted User] · 27 November 2017 at 10:47AM

Try an eligibility checker - but an Amex is probably aiming too high for a first card. Equally the Clarity is not usually a beginner's card.

Aqua has cards with free forex.

Lenders don't see your interest rate, so not sure where you have got the idea from that an high interest rate shows you are responsible. If the rate could be seen, it would show that you aren't able to get better offers so are high risk.

It you want the highest interest rate you can get, Vanquis would be a good place to start. Or a payday loan?

MallyGirl · 27 November 2017 at 10:53AM

Deleted_User wrote: »

It you want the highest interest rate you can get, Vanquis would be a good place to start. Or a payday loan?

please take zx81's comment in the spirit it was intended - i.e. a joke - and don't do this

Dobbibill · 27 November 2017 at 11:39AM

OP - you may struggle to get any card yet without an income.

http://forums.moneysavingexpert.com/showthread.php?p=73472223#post73472223

First time credit card, how long to wait before stoozing?

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