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First Credit Card - Advice

Hello,

I recently decided that its about time I should start trying to build a credit rating. One of the best and easiest ways to do this is to get your first credit card and make small purchases on it and pay it back quickly and efficiently.

I applied to my bank for a credit card and due to me having no credit history, they felt they could not offer me a credit card at this time. I should note I'm in full time employment.

So my question is: Should I consider applying for one of those credit cards that have a high interest rates, that are designed for people with either poor or no credit history or should I just wait and apply again in a year or so time?

Its not that I need a credit card, its just, building up a credit rating is usually a good thing to do as it can help in later life with a whole variety of things.

Any help or advice would be greatly appreciated.

Reply 1

Tiger Rag

Do you have things like a phone bill or other direct debits / bills? Personally, I'd build up a decent credit rating that way first, instead of getting a card with a high interest rate.

The problem you seem to have is that because of your lack of credit history, you may struggle to get something decent.

Just out of interest, (it may not make any difference) how long have you been with your bank for?

Reply 2

Derri-95

Original post by OU Student

Since October 2011. The problem is I've never had to set up a direct debit or have any other regular paying bills.

I've literally never had anything that would help build up a credit rating and since I've not used my bank account all that much over these last 4 or so years, I think they weren't inclined to give me a credit card just on trust alone.

Most people I've spoken to either got one at a young age either through the trust of the bank, which is random or they've had things like direct debits or regular paying bills that they've never defaulted on and then got one with a decent interest rate.