Hi there MSE!
Sorry if I’ve posted this in the wrong place; I’m a full-time lurker but now, one day before my 18th birthday, I’ve decided to post for once!
So as the title says, I am turning 18 years old tomorrow. I will be an adult and will be entering the world of SENSIBLE credit. That being said, tomorrow morning, I will apply for a Vanquis Credit Card to take the first step in building my credit history so I can look more attractive to lenders and ideally purchase a house at the age of 24-28.
I am working and a full time student and the reason that I am applying for a credit card this early is because I would like to ESTABLISH & BUILD a credit history at the earliest post. I don’t want to be at the age of 25 where I want to purchase a house but get declined due to me having a thin credit file, no no. I also do not want to be on the Debt Free Wannabe section because I had no knowledge of how credit cards work and went on a spending spree just like a typical 18-21 year old either; my AIM is to make purchases on the credit card that I already have money for sitting in my main bank account, and 1 day before the due date, I will clear the whole balance off in full. If anything goes wrong, such as if I do not get paid from my job or I have insufficient funds to clear off the credit card within that particular month, I have savings to back me up. Believe me, I am well-disciplined but anyone can make mistakes!
I have been reading about interest rates, how they work and general credit card, house buying/mortgages and banking stuff from the age of 16. I am one of the few people in the 2000s generation to think sensibly at this age about Money & Finances due to having amazing grandparents that taught me the value of Money and just because I want to do things now that will help me in the future.
I know that this thread may not have a single purpose, but I would like to ask you that, what are the acceptance rate of Vanquis? Will I be accepted? I know that they have an eligibility checker where they tell you how likely you are to be accepted.. I have a stable job and am registered on the ELECTORAL ROLL under my current address since August 2017. I am also thinking of applying for a SIM Only Three Student Deal of £17pm which features 30GB of Data, Unlimited Minutes and Unlimited Texts as well so that can be added to my file.
So like I said, I will be spending and clearing my to-be-VANQUIS card in full when my statement arrives at the end of the month. I also am aware that a fluctuation of a CREDIT SCORE does not matter in the real world; but an established CREDIT HISTORY does. I know I am crazy and am obsessed about these things at this age.. but it will be worth it.
And also, is it worth looking at my credit report tomorrow? Like Experian, etc…
Thanks for reading and see you soon!
Last edited by whitz666; Today at 1:43 PM.