Sometimes it can be difficult getting credit without an existing credit history. Follow these steps to help the process:
- Apply for a credit card from a well-known issuer. They will often give you one with an initially low amount of credit
- Ask them if they report to any credit agencies - if they do it will help you build your history
- Use the card responsibly and make any payments immediately
You can also use a guarantor - a friend or family member with a good credit history that can back you up. This can help if you are unable to qualify for credit yourself, but be wary that they will be required to make payments on your behalf if you are unable to pay. If you keep up payments on the card you and your guarantor will benefit, but this does work for missed payments as well.
Your credit history is a great asset, not only for credit cards but also for job applications, insurance, mortgages, mobile phones and car finance.
