Just wondering if anyone has any tips for building a credit history? Or any credit accounts that are easily accepted?
I've tried applying for credit cards and store cards but have always been rejected and im guessing its because of my lack of credit history??
Thanks in advance.
If you have no previous credit history and have a full time income then you shouldn't be getting rejected. Are you working full time?
Age is a factor.
But so is your address...
Everytime you apply for a store card and get rejected, it goes on your credit history! So don't apply for anymore until you've worked up a good credit history..
Have you got a phone bill or something? That counts. As does an overdraft.
Have you ever had anything like mobile phone contracts? These help to build a credit rating.
It's near impossible for an 18 year old to get credit, I've tried. The credit rating system works by allocating a certain number of points to you depending on several factors e.g. being a homeowner/on the electoral register/previous payments etc. It's a catch 22 situation as you can't get credit if you don't have it but you can't get it in the first place.
You are not at all guaranteed to get a student credit card. They can be rejected for all sorts of things. Some people can't even get student bank accounts. Capital One have a credit card that you should be accepted for. It's 34.9% APR but you can get an instant decision on their website. For the first four months, you'll be on an introductory rate (probably £100-200) and if you maintain a good account they'll increase it after that. It's a good way of building up your credit rating so that in a year or so you might be able to get something better. Also, by the way, if you've been rejected for a card, don't apply to the same company again for at least 6 months - you'll be automatically rejected.