Credit Card

10
Found 2nd Feb
Looking to get a credit card to build my credit rating up. The only type of debt I have is student loan, other than that, I haven't had any issues or been close to overdraft etc. I like to purchase with what I can afford even if its a product that is €200+ (Pound sign isn't working!)

I am currently with Barclays for my visa and I work for Sainsbury's, I know they do a bank service and I have heard good things about them?

I know there is a credit card thread but I want answers tailor made for me.

Thanks for reading.
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10 Comments
I built up my score going through Capital One. Initially, I remember they gave me £250 credit but they gradually increased to £1500. Throughout the time I managed to never go beyond my limit and always pay on time. I have now almost all types of major credit cards in the market. Getting different cards also helped my score to be available through different credit agencies (some of them have no links with each other and you will end up with low credits). The last one I applied was ASDA one and got approved for £3000 straight away. My favourite is AMEX for the cashback and offers you get.
I never needed a credit card, always paid on time, saved up, so I got my banks credit card to put food shopping on, nothing expensive and pay it off every month, just shifting the Bill else and comes in handy,.

If you use credit cards knowing you can pay them off in less than month, then that's when it handy, when people can't,there shouldn't be using it
You are wise to make these preperations now - and also wise in how you have managed your financial arrangements so far!

Agree with the comments re. reading MSE. Also agree with the comments re. paying in full every month via a variable direct debit.

If you can try to get a cashback card - I have the same as mixmixi - Amex and Asda as both give what is now a small amount of cashback but every little mounts up!

There will be a time in the future when you need to borrow money - most likely for a flat/house or perhaps a car purchase (try to pay cash if you can save first) and then having a credit card which has a long interest free period for purchases or for a balance transfer can be a cheap way of borrowing money - but be careful as they are designed to get you caught up in the debt cycle. Only get this tyoe of card immediately before you need it as you want the intrest free period to run for as long as possible.

For now a simple basic card will do - probably simplest to try your bank (Barclays).
You might also get to know your Section 75 rights when using a credit card between £100 and £30,000 for a purchase. Be wary of using the CC through an intermediary (ie Paypal)

moneysavingexpert.com/sho…ses
I don' think credit cards are the only way to build up your credit rating, and I know times are always changing. The reason I say this is I did do a free credit check with Experian about a year ago and I have never had a credit card. I do have two mortgages one being buy to let and did have a loan for solar panels plus utilities on DD. Nearly forgot to mention I scored the highest possible score! So it maybe just a case of changing the way you pay for things.
The only credit card I got after graduating was from my bank (Bank of Scotland) it was an "online only deal" card with a limit of £500, the interest was (still is) quite high at around 29% but that is less than the Vanquis and Capital One applications I constantly get through the post. I have also never paid any interest in about 5 years, I use the card every month for the protection and always pay in full automatically, they have increased the limit twice now to £1000.

Any kind of starter card will do so long as you pay up in full every month, but always better to go with a name you trust if you can.
Get a store credit card and buy a pair of socks with it. When the first bill comes pay it off and cut the card up.
You have a Barclays Visa currently, using this regularly will have a positive affect on your rating.

Buy regular shopping or fuel once a month, and clear it straight away.

Your credit rating will increase, but don't expect it to overnight, 12 months + to see a significant change.
I got approved for £2.5k straight away with my bank.
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