im 18, unemployed student.
I want a credit card in order 2 build rating 4 mortgage.
What card can I get with no credit rating which wont cost me anything if I pay of the full balance?
What costs r there apart from interest and annual fees that i might get charged if i use it over the counter + pay of balance with direct debit?
Is there a less risky way of building rating? (less hidden fees, somthing i can understand)
2006-12-05 08:59:36 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
If you have a full bank account you will have a credit rating.
You do not need a credit card to get a credit rating, but once you have a bank account, with debit card, your bank should give you a credit card.
If you spend on it and clear the balance every month you will not incurr any charges.
If your bank wont give you a card, try Associates and Monument, they both do 'starter' cards with £250 limit. If you pay them off each month you wont get charged. If you dont pay them off the charges are very high, so be careful.
2006-12-05 21:39:08 · answer #1 · answered by duncanjfield 2 · 0⤊ 0⤋
Virtually any credit card company will offer you some kind of card. What depends here is how much the credit limit is and how high of an interest rate you get.
I've been quite satisfied with my Bank of America and my US bank cards. I would highly suggest avoiding any of the major spam companies like Chase, Captial One, and so on. Keep an eye out for monthly fees, annual fees, and the difference between an introductory rate and the actual rate after that period, and also minimum transaction fees.
As long as the only fee they charge is monthly interest and you always pay it off it shouldn't cost you anything.
Also, cell phone contracts do not affect your credit. The only time they do is if you refuse to pay and your contract goes to a collection agency.
2006-12-05 09:10:19 · answer #2 · answered by opticalnoise 4 · 0⤊ 0⤋
I think you can build up a credit history by taking out a mobile phone contract. So long as you can afford the monthly bills you'll be fine!
2006-12-05 09:04:17 · answer #3 · answered by doodlenatty 4 · 0⤊ 1⤋
Ah, the first step toward a lifetime of debt. I haven't had a credit card since '98.
2006-12-05 09:08:17 · answer #4 · answered by Anonymous · 1⤊ 1⤋
YOU DO NOT NEED TO BUILD YOUR CREDIT RATING!!!!!
Go to the library and check out a book call "Rich Dad Poor Dad"
2006-12-05 09:09:12 · answer #5 · answered by Michael 2 · 0⤊ 0⤋
Capital One are very lenient when issuing credit cards, but don't get sucked in to using them on a reular basis.
2006-12-05 09:10:00 · answer #6 · answered by Anonymous · 0⤊ 1⤋
NO NO ! thats all i can say to credit cards
2006-12-05 22:36:17 · answer #7 · answered by Rachel S 2 · 0⤊ 1⤋