Credit Card

I've recently turned 18.
I was wondering how long it'll take for me to obtain enough credit to apply for a credit card.
Thanks

I waltzed into my bank and they gave me a student credit card (Lloyds) with a £1000 limit. Six months after that I was accepted for the Capital One Extra (0.5% cashback) and Aqua Reward (3% up to £100 cashback).

Just over a year after applying for the Lloyds I got accepted for an Amex Platinum Cashback card and a month after I got a guaranteed offer via my online banking at Halifax for a Clarity Credit Card.

You'll have to start off with the crappier high rate cards (Vanquis, Capital One, Barclaycard Initial) but after a year or two with reasonable income should get accepted for the better cards that offer rewards and whatnot.

High rates won't matter as long as you pay off in full every month.


Posted from TSR Mobile

If you are younger and haven't had credit before (like me) you will be able to find a credit card, but at quite a high interest rate. What I am doing to build my credit score is using my credit card I got through Vanquis to make purchases and then paying it off before the next monthly statement is produced. This means I am avoiding paying interest (I only spend what I have so I know I can pay it back promptly) and my credit rating is rising quite nicely. By building my credit score I will have access to more lending products at lower interest rates.

Every lender will have their own criteria. You will be more likely to get one with the same bank that you have a current account with.

I expect most other banks will require at least some credit history in the form of bills being paid in your name etc.

I see. That makes sense. So you use your credit card like a debit card.

Exactly, and it is working well to build my score. I also make all my direct debits go through it and as soon as I see they have gone out I transfer the money to the credit card to clear it. This is to make sure I am using it so I look attractive to other lending organisations in the future as if you don't use it they will see.

Another thing I have done to increase my credit rating...when my phone contract was up for renewal my mother put the renewed contract in my name and just gives me the money to cover it.

I applied for aqua and vanquis and was denied. My phone is in my name though and I might transfer over the net. Soon, my rent and things will be in my name so that's good I suppose.

Just a thought, if you have had no credit history to start with you shouldn't have been rejected for those cards. However, if you are not on the electoral register (registered to vote) you are pretty much guaranteed not to be accepted. If you are not, I suspect that is why you were rejected, all you have to do is go to your council offices and ask to register or fill in the short form here: https://www.aboutmyvote.co.uk/register_to_vote/electoral_registration_applica.aspx wait some time for it to process after handing it in (you could call the local electoral office at the council to make sure it has processed) and apply again to see if that was it.

I waltzed into my bank and they gave me a student credit card (Lloyds) with a £1000 limit. Six months after that I was accepted for the Capital One Extra (0.5% cashback) and Aqua Reward (3% up to £100 cashback).

Just over a year after applying for the Lloyds I got accepted for an Amex Platinum Cashback card and a month after I got a guaranteed offer via my online banking at Halifax for a Clarity Credit Card.

You'll have to start off with the crappier high rate cards (Vanquis, Capital One, Barclaycard Initial) but after a year or two with reasonable income should get accepted for the better cards that offer rewards and whatnot.

High rates won't matter as long as you pay off in full every month.


Posted from TSR Mobile

dont bother with credit cards. just not worth it

Posted from TSR Mobile

I've had £100 cashback each year for the last four years which has been quite nice.

They've also helped with cashflow at times.

for some it's not the best idea. and cashback doesn't apply for all credit cards

No, it doesn't for mine it does though.

And you just made a blanket statement, just suggesting the blanket statement is wrong.

You are canceling the old cards as you upgrade to the better ones right? When you apply for real debt (ie mortgage) you might get ruined if you keep them.

Congratulations on missing the point of a credit profile, you keep your oldest cards on file to show you have a long history of paying off debts, if you keep cancelling cards it looks worse than if you keep old cards although that said when the credit to salary ratio hits 50/50, you should start to consider closing a card or two to free up credit.