Should I get a credit card?

I recently turned 18 and have had a bank account for around 3 years and just opened a savings account and was wondering whether or not I should apply for a credit card?
My family were never able to get a mortgage since my parents never owned a credit card and so didn't have a credit score, and were also poor. I'm worried I could end up in a similar situation and wondered whether getting a credit card now and buying and paying back items I know I can definitely afford to pay back would help me get a good credit score for the future?
I'm not too sure how all this stuff works and what kind of card to apply for. I'm with santander, and I have a job whilst being at college full time. Any financial advice would be appreciated!

Reply 1

claireestelle

Original post by StarWinchester

if you have a part time job then you can try to get a credit builder card and pay it off in full each month, standard credit cards will likely reject you for being a student.

Reply 2

StarWinchester

Original post by claireestelle

if you have a part time job then you can try to get a credit builder card and pay it off in full each month, standard credit cards will likely reject you for being a student.

Thank you for replying! Do you know which is the best bank/company to go with?

Reply 3

claireestelle

Original post by StarWinchester

Thank you for replying! Do you know which is the best bank/company to go with?

try using something with an eligibility checker first, but my first credit card was with aqua which isn't generally a good company unless your bank does a student credit card most mainstream banks would want to give you one yet.

Reply 4

ReadingMum

There are a number of credit builder providers - take a look at the articles on Money Saving Expert and read up on how credit cards work before applying for one.
If accepted then use it to buy items that you would definitely buy anyway, and have the money for, then set up a direct debit to pay in full. This will help you to build a credit history of good behaviour.

Reply 5

mselizabeth005

If you can use the card wisely, yes, it’s great to start building credit early. See if you have a relative or friend who can add you as an authorized user. If not, or in addition, secured cards are a good option, as are student credit cards. There are top 5 credit cards you can use if you are still studying https://www.finance.co.uk/money/pre-paid-credit-cards/ just be responsible with it.

Reply 6

DiamondDia

If you’re still in need of advice, I’d say getting a credit card is a very good idea to build credit as a young adult. I would personally recommend getting a Capital One Classic credit card as they have a fairly higher acceptance rate for 18+ year olds and people with little to no credit, it’s a great starter credit card.

Reply 7

DiamondDia

Just make sure to be very wise with your spending, spend only under 30% of your credit limit. Don’t worry about APR as it won’t apply to you if you pay off your credit on time and not late! So make sure to pay in time.

Reply 8

TammyJak

I would recommend vanquis had great experiences with them, failing that use stick with a credit builder style card. :smile:

Reply 9

Napp

Cant hurt, so long as you don't abuse it and can afford it, ideally being able to pay it in full each month lest you start getting whacked with interest (18yr olds not usually being able to get cards with overly good apr)
At any rate theyre handy for building a credit report and, if you get a rewards one, using it in place of a debit card, so to speak, is a handy way to get rewards for your everyday purchases.

Reply 10

WithYouAliens

In many countries around the world, including Germany, credit cards are still a rare sight. They manage fine without one and there are other ways to build a credit score, or alternatively you could just take a loan out and keep the money in a separate account then pay them back with the interest on top (if credit really means that much to you).