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    • SamJ35
    • By SamJ35 11th Sep 17, 10:48 PM
    • 24Posts
    • 13Thanks
    Recent Graduate - First credit card? Help
    • #1
    • 11th Sep 17, 10:48 PM
    Recent Graduate - First credit card? Help 11th Sep 17 at 10:48 PM
    Hi all

    Few questions regarding credit cards/credit ratings. These may have come up before but looking for some advice.

    I am recent graduate and have just started new job in the city. I'm looking at getting my first credit card to primarily start building a decent credit rating for the future. As a secondary motive however I have been looking at 0% interest cards to enable to me to spread payments for some things for the new flat I have started renting with my gf.

    I worry however that I may not be accepted for one of these. I have used the eligibility tool for some of the long ones (e.g Sainsbury's most recent 32month card) and come back with 30% chance of acceptance. I assume a primary reason for this was the mistakes I made regarding my finances during university.
    I operated 2 current accounts, one normal and one student. The student account with an interest free overdraft was almost at its limit for the best part of 2 years (and is still very far into that limit) whilst the other account was and always has been in credit. The student account has now transferred into a graduate account giving me 2 years before I start being charged interest. In an attempt to use "free" debt to my advantage, I am currently paying off the overdraft by a minimum every month over 2 years (dividing by 24) to be out of it before being charged interest. My question here is: should I be paying this off sooner to positively impact my credit rating? I can't imagine being overdrawn for another 2 years, despite it being 0%, will do my credit rating any good?

    My second question is regarding credit cards. Should I look to get a standard credit card (i.e not 0%) to simply put groceries etc on and pay back on the due date to start improving credit rating? Or would it be worth trying to go for a 0% card? Would both have the same effect of improving my rating? (Or, if I dare to say, would getting 1 of each card be an option?)

    Thanks in advance for any help!
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    • venison
    • By venison 11th Sep 17, 11:11 PM
    • 2,199 Posts
    • 2,378 Thanks
    • #2
    • 11th Sep 17, 11:11 PM
    • #2
    • 11th Sep 17, 11:11 PM
    Firstly ignore your credit rating as in 999 or 222 no one but you sees it, have you approached your bank for a CC ? maybe best to wait till you have been paid a few times, you could try for one of the credit builder cards like vanquis and pay off in full every month for a few months.
    Former Board Guide
    • redpete
    • By redpete 12th Sep 17, 6:27 AM
    • 4,261 Posts
    • 3,786 Thanks
    • #3
    • 12th Sep 17, 6:27 AM
    • #3
    • 12th Sep 17, 6:27 AM
    Firstly ignore your credit rating as in 999 or 222 no one but you sees it,
    Originally posted by venison
    The difference between 999 and 222 would give a good indication that there is something significant in your credit history, so don't just ignore it but look into the underlying information.
    loose does not rhyme with choose but lose does and is the word you meant to write.
    • Weybridge78
    • By Weybridge78 12th Sep 17, 6:48 AM
    • 156 Posts
    • 42 Thanks
    • #4
    • 12th Sep 17, 6:48 AM
    • #4
    • 12th Sep 17, 6:48 AM
    What cards does the eligibility checker say you have a good chance of getting?
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