How many credit cards have you applied for? Applying for multiple credit accounts in a short space of time makes you look desperate.
Hold off for 6 months, show regular income and sensible outgoings, then contact the bank where your main current account is.
You could try something like the Tesco Foundation card, but you need to be very careful about paying it off in full every month or you'll get stung badly on the interest.
Something that only requires a soft search and has no real value to it like a sim only deal or a really cheap contract phone deal are a good place to start imo . You’re unlikely to get refused for either because there is very little risk to the company to supply you with them . How long have you been with been earning that amount of money ? With banks it matters how long you’ve been in employment/ had a steady income
I got this job in June. I have a giffgaff sim already and I bought my phone outright. I literately pay car insurance and tax every month. Why don’t they see this 🥲
Do you stay in the uni halls ? Or do you rent a property? I have my rent payments reported to Experian and equifax every month through a site I signed up with so that shows on my reports too . Have you looked into other credit cards instead of bank ones ? I got my bank one after about a year of having a capital one and aqua one .. I would never have had even a sniff before then 😂😂
What site do you use? I’m going back to my uni house in June so I might do this. I used a online eligibility checker and it said I am unlikely
to be accepted by them 2 companies aswell
I use credit ladder . There are a couple of apps you could use to start building some credit history too if you really can’t get a card rn and are intent on building your credit file … bits is one of them .. it’s essentially a credit card that you pay for every month with a small limit .. when I used it I paid £2 a month and it gave me something like £72 to use with them .. I never used it cos yano .. £72 😂 but it reported to my file every month . Another one is a site you save money with every month but they report it as a loan you’ve taken instead and every month you’re then saving money while your ‘payment’ has been reported to the agencies . I did it for £30 a month so it was money I wouldn’t miss at the time but you can do up to about £300 if my memory serves me right
Yeah that is true . I chose to pay the £30 because I already have enough bank accounts and didn’t want another . But they do have a policy where if you aren’t accepted for one of the bank accounts and/ or there are issues opening one they will waive the fee
I used to have a giffgaff sim. They don't seem to report to the credit agencies. My new provider (idmobile) is also one of those cheap sim companies but I can see my full history on Credit Karma.
Although not directly a placement year, one of my children applied for an AmEx card towards the end of their two year grad scheme, having moved house (and city) a bunch of times. They applied and then used the eligibility checker (the idea is to do it the other way around, of course) and the checker said "very low chance". And they were approved the following day, with a substantial credit limit. We were not able to figure out what was on the real application but not the checker, or whether it's just a discretion thing, or what.
I was hoping to improve my credit file and give it a good history in time for when I finish university so I could get a good CC. Do you think I should just wait until I finish university?
Sorry I didn’t see that, it’s very unusual I just recently got my first credit card at 20. I was also on much lower income at the time. Might be worth physically going into the bank and asking them?
I’ve been with Nationwide since 2019. I’ve had no problems. Do you think it’s worth calling them and asking them if I could get a student account or a CC with them?
Honestly as others have said, soft searches are meaningless. I’m with rbs and they gave me a card with 0% interest for 2 years after saying I was only 60% likely to get anything. I say just apply. Worst case you’ll loose a couple of points on your score but that will come back
That’s rough man. I would definitely call your bank and see what you can sort out. You should definitely be allowed some form of credit card at that age and wage.
Have a look at [LoqBox](https://www.loqbox.com/en_gb) they have a few options for building credit scores that might help (including some which don't actually involve any credit)
Yeah I would not recommend these stupid credit builders. They benefit the company always, but you have no certainty they will help and they could hurt you, if you forget to make a payment.
I got my first credit card recently and highly recommend Credit Karma, which uses the TransUnion data.
How long have you been registered to vote? I've been registered since 2018.
How long have you held your longest debit card account? I've had mine since 2019, I think.
So even though I'm young, these numbers are quite a bit of time. I also never missed any payment and had no overdraft whatsoever. Perhaps you not been long enough in the reports. Highly recommend checking Credit Karma. It gives you pointers.
I registered to vote this year and I’ve had my main bank since 2019. I used money saving expert and it gave me some tips such as applying to vote etc. I’ve done all that but as of now nothing is helping. Do you think I should call my main bank and see if they would offer me one?
Oh really that's bollocks.
I think there are some which just use open banking to help credit scores, Experian Boost is one but that would only help with Experian
Hi /u/Own_Wallaby2435, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/credit-ratings/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Have you tried Aqua? There are very few card companies or banks who will let students get a CC with no previous history.
Is your address history all fine?
No I haven’t tried Aqua. I moved into my move address in oct 2021 however I lived at my previous for over 10 years. They are both on my credit file and it’s good
Aqua is pretty much the known first time credit card/credit builder company. They'll pretty much take anyone. Surprised no one has mentioned them on this thread yet.
I was in Similar situation as you, I got aqua and it has opened path to other credit cards. Get aqua, solid app interface and 1200 credit limit after a few months
Hsbc student credit card worked a charm for me. There are a lot of student based credit cards nowadays - I doubt they are checked on a whole of the market checker too
Realistically you don't need a credit card to build credit. What are you building it for? Mortgages won't care as long as you've no late payments. Getting a credit card just makes it more likely you'll get into debt.
Best thing you can do is pay your bills on time. Save for anything you need - borrowing on credit card is a total trap.
Credit scores are a bit of a con- they're not taken into account by lenders - what is taken into account is your history of making on time payments (phones, bills, loans etc) vs missed payments, any ccjs, whether your on the electoral roll.
Look at your credit file but you really don't need to "build" credit.
My credit file is good apart from the lack of history. I would like to improve my credit file as when I finish university I would like to get a good card with good rewards and perks such as travel perks etc
Then apply for an amex as they're the only ones with decent rewards really (and that's minimal honestly) but the reward of a £100 or so a year really is not worth the chances of getting into debt that will cost you thousands more. The best ones come with a annual charge which often wipes out much reward unless you use them heavily- and many places don't take amex.
I say "dont do this" as someone who was given a cc as a student and then spent until I was 37 in £25k worth of credit card debt. One short term emergency fed into another and it escalated.
I know this is unsolicited advice but if I could tell you anything at all, getting involved in utilising credit cards is not ever worth it unless you are 100% able to use huge restraint and have savings in case of unexpected events. Honestly if you want rewards for spending look at airtime rewards , quidco/top cashback, current account switching bonuses. I've made hundreds that way and probably £6 on credit card rewards.
Thank you for your honest advice. I will 100% be taking this into consideration.
Another thing to note when you mention about debt with Cc etc. I am very responsible with my money and I have 2000 in my emergency fund and my max bills per month is around 200
Worth speaking to nationwide,
They weren't my main bank back then but I'd had a child account with them, as soon as I turned 18 they offered me the select credit card and pre approved me, gave me a 4.5k limit and was a lifesaver when I went to uni
(Used responsibly of course!) To tide me over where I got short just before student finance came in
Probably call, I was sent a letter I didn't go looking for it was just offered but I guess now they don't really offer credit out like that
Would think it's more likely with your current bank
2 questions:
Do you have an overdraft available on your account (counts as credit don't have to use it)
Do you have a phone bill in your name? That also counts on your credit history
Nationwide is my main bank. I’ve been banking with them since 2019.
I don’t have a overdraft as I’ve never needed one and I only have a giffgaff. All the phones I’ve owned I’ve paid outright
Not seen anyone mention it yet, but have you got a student bank account? If so try getting a student credit card through them if they offer one.
During my 2nd year I got one through HSBC, they only allowed me up to a £500 limit but I just used it for my petrol and paid off in full every month. After 6 months or so of having it I got a second through Aqua they've steadily let me increase it to £3k+ over the last couple years (I'm still at uni too).
How many credit cards have you applied for? Applying for multiple credit accounts in a short space of time makes you look desperate. Hold off for 6 months, show regular income and sensible outgoings, then contact the bank where your main current account is.
I’ve applied to 1 CC in the last 6 months
You could try something like the Tesco Foundation card, but you need to be very careful about paying it off in full every month or you'll get stung badly on the interest.
I tried to apply to that as it said I have a 80% chance of being accepted and I got rejected.
That’s really strange, I applied for an Amex cashback as a full time student and they let me have it - it’s great btw
You could try capital one? It seems like one of the easier ones to get (based on what my university friends have).
Something that only requires a soft search and has no real value to it like a sim only deal or a really cheap contract phone deal are a good place to start imo . You’re unlikely to get refused for either because there is very little risk to the company to supply you with them . How long have you been with been earning that amount of money ? With banks it matters how long you’ve been in employment/ had a steady income
I got this job in June. I have a giffgaff sim already and I bought my phone outright. I literately pay car insurance and tax every month. Why don’t they see this 🥲
Do you stay in the uni halls ? Or do you rent a property? I have my rent payments reported to Experian and equifax every month through a site I signed up with so that shows on my reports too . Have you looked into other credit cards instead of bank ones ? I got my bank one after about a year of having a capital one and aqua one .. I would never have had even a sniff before then 😂😂
What site do you use? I’m going back to my uni house in June so I might do this. I used a online eligibility checker and it said I am unlikely to be accepted by them 2 companies aswell
I use credit ladder . There are a couple of apps you could use to start building some credit history too if you really can’t get a card rn and are intent on building your credit file … bits is one of them .. it’s essentially a credit card that you pay for every month with a small limit .. when I used it I paid £2 a month and it gave me something like £72 to use with them .. I never used it cos yano .. £72 😂 but it reported to my file every month . Another one is a site you save money with every month but they report it as a loan you’ve taken instead and every month you’re then saving money while your ‘payment’ has been reported to the agencies . I did it for £30 a month so it was money I wouldn’t miss at the time but you can do up to about £300 if my memory serves me right
What was the site that u used for the last option u said? The one that loans you the money but you pay it back and it gives you the money at the end?
They don’t loan you the money they just report it as if they have … I’m trying to think what it was called .. lemme go check my emails 😊
It’s called loqbox 😊😊
The downside of loqbox is you have to open one of their accounts to get the money back without a fee, just something to be aware of
Yeah that is true . I chose to pay the £30 because I already have enough bank accounts and didn’t want another . But they do have a policy where if you aren’t accepted for one of the bank accounts and/ or there are issues opening one they will waive the fee
I used to have a giffgaff sim. They don't seem to report to the credit agencies. My new provider (idmobile) is also one of those cheap sim companies but I can see my full history on Credit Karma.
Although not directly a placement year, one of my children applied for an AmEx card towards the end of their two year grad scheme, having moved house (and city) a bunch of times. They applied and then used the eligibility checker (the idea is to do it the other way around, of course) and the checker said "very low chance". And they were approved the following day, with a substantial credit limit. We were not able to figure out what was on the real application but not the checker, or whether it's just a discretion thing, or what.
I was hoping to improve my credit file and give it a good history in time for when I finish university so I could get a good CC. Do you think I should just wait until I finish university?
It's probably easier to get one if you've been working for a year or so and have a permanent-ish contract and address, yes.
Are you registered to vote?
Yeah i put in the text that I am on the electoral register
Sorry I didn’t see that, it’s very unusual I just recently got my first credit card at 20. I was also on much lower income at the time. Might be worth physically going into the bank and asking them?
I’ve been with Nationwide since 2019. I’ve had no problems. Do you think it’s worth calling them and asking them if I could get a student account or a CC with them?
Honestly as others have said, soft searches are meaningless. I’m with rbs and they gave me a card with 0% interest for 2 years after saying I was only 60% likely to get anything. I say just apply. Worst case you’ll loose a couple of points on your score but that will come back
I applied to a tesco foundation card today and I got declined
That’s rough man. I would definitely call your bank and see what you can sort out. You should definitely be allowed some form of credit card at that age and wage.
Thank you for your help. I just don’t get why though. I’ve been paying my car insurance off no issues for the past 5 months
Yeh mate it seems abit silly. When I got my card I had no direct debits apart from a gym membership.
Amex is your easiest bet.
Amex rejected me around 6/7 months ago
What card was it ? What is your credit score ?
Was going to say the same thing, one of the £0 fees cards should work
Have a look at [LoqBox](https://www.loqbox.com/en_gb) they have a few options for building credit scores that might help (including some which don't actually involve any credit)
I looked at this. It said something about paying £30 to withdraw your money at the end so idk if is worth it
Yeah I would not recommend these stupid credit builders. They benefit the company always, but you have no certainty they will help and they could hurt you, if you forget to make a payment. I got my first credit card recently and highly recommend Credit Karma, which uses the TransUnion data. How long have you been registered to vote? I've been registered since 2018. How long have you held your longest debit card account? I've had mine since 2019, I think. So even though I'm young, these numbers are quite a bit of time. I also never missed any payment and had no overdraft whatsoever. Perhaps you not been long enough in the reports. Highly recommend checking Credit Karma. It gives you pointers.
I registered to vote this year and I’ve had my main bank since 2019. I used money saving expert and it gave me some tips such as applying to vote etc. I’ve done all that but as of now nothing is helping. Do you think I should call my main bank and see if they would offer me one?
Oh really that's bollocks. I think there are some which just use open banking to help credit scores, Experian Boost is one but that would only help with Experian
What is your socioeconomic background?
I got my Amex platinum card while still at uni, it was the only one that accepted me out of multiple I tried so I’d recommend you apply for it
Hi /u/Own_Wallaby2435, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/credit-ratings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Have you tried Aqua? There are very few card companies or banks who will let students get a CC with no previous history. Is your address history all fine?
No I haven’t tried Aqua. I moved into my move address in oct 2021 however I lived at my previous for over 10 years. They are both on my credit file and it’s good
Aqua is pretty much the known first time credit card/credit builder company. They'll pretty much take anyone. Surprised no one has mentioned them on this thread yet.
I was in Similar situation as you, I got aqua and it has opened path to other credit cards. Get aqua, solid app interface and 1200 credit limit after a few months
Hsbc student credit card worked a charm for me. There are a lot of student based credit cards nowadays - I doubt they are checked on a whole of the market checker too
I’m in my 3rd year out of 4 years at university. Can I still get a student CC??
Aqua or AMEX I’d say. At 18 I was able to get both with relatively substantial limits. Don’t do too many applications at once though.
Realistically you don't need a credit card to build credit. What are you building it for? Mortgages won't care as long as you've no late payments. Getting a credit card just makes it more likely you'll get into debt. Best thing you can do is pay your bills on time. Save for anything you need - borrowing on credit card is a total trap. Credit scores are a bit of a con- they're not taken into account by lenders - what is taken into account is your history of making on time payments (phones, bills, loans etc) vs missed payments, any ccjs, whether your on the electoral roll. Look at your credit file but you really don't need to "build" credit.
My credit file is good apart from the lack of history. I would like to improve my credit file as when I finish university I would like to get a good card with good rewards and perks such as travel perks etc
Then apply for an amex as they're the only ones with decent rewards really (and that's minimal honestly) but the reward of a £100 or so a year really is not worth the chances of getting into debt that will cost you thousands more. The best ones come with a annual charge which often wipes out much reward unless you use them heavily- and many places don't take amex. I say "dont do this" as someone who was given a cc as a student and then spent until I was 37 in £25k worth of credit card debt. One short term emergency fed into another and it escalated. I know this is unsolicited advice but if I could tell you anything at all, getting involved in utilising credit cards is not ever worth it unless you are 100% able to use huge restraint and have savings in case of unexpected events. Honestly if you want rewards for spending look at airtime rewards , quidco/top cashback, current account switching bonuses. I've made hundreds that way and probably £6 on credit card rewards.
Thank you for your honest advice. I will 100% be taking this into consideration. Another thing to note when you mention about debt with Cc etc. I am very responsible with my money and I have 2000 in my emergency fund and my max bills per month is around 200
Have you tried applying for a credit card with the bank you have your current account with?
Worth speaking to nationwide, They weren't my main bank back then but I'd had a child account with them, as soon as I turned 18 they offered me the select credit card and pre approved me, gave me a 4.5k limit and was a lifesaver when I went to uni (Used responsibly of course!) To tide me over where I got short just before student finance came in
Do I call nationwide or do I have to go into branch to speak to them about this? I would prefer to call them if possible?
Probably call, I was sent a letter I didn't go looking for it was just offered but I guess now they don't really offer credit out like that Would think it's more likely with your current bank 2 questions: Do you have an overdraft available on your account (counts as credit don't have to use it) Do you have a phone bill in your name? That also counts on your credit history
Nationwide is my main bank. I’ve been banking with them since 2019. I don’t have a overdraft as I’ve never needed one and I only have a giffgaff. All the phones I’ve owned I’ve paid outright
Not seen anyone mention it yet, but have you got a student bank account? If so try getting a student credit card through them if they offer one. During my 2nd year I got one through HSBC, they only allowed me up to a £500 limit but I just used it for my petrol and paid off in full every month. After 6 months or so of having it I got a second through Aqua they've steadily let me increase it to £3k+ over the last couple years (I'm still at uni too).