First Time Credit Card in The UK

To be accepted for most forms of credit in the UK, you will need to have a credit history. Thankfully, there are simple steps you can take to create your credit footprint.

1. Open and manage a bank account

Opening a UK bank account will help build your credit history. Demonstrate that you can have a sensible, on-going relationship with a bank by making sure you have enough money in your current account to cover your payments each month.

Your account doesn’t necessarily need to have an overdraft function; as long as you’re managing your payments well it should have a positive effect.

2. Set up some Direct Debits

In the world of credit, a missed or delayed payment will stand against you. Prevent this from happening by setting up some regular Direct Debit payments from your bank account. Whether it’s your electricity, gas or mobile phone bill, you’ll not only get a better credit rating, but you may even get a discount from your provider too.

3. Pay attention to detail

Paying attention to smaller details can also have a positive impact. Ensure you’re on the electoral roll and, if possible, get yourself a landline telephone number. It may seem minor, but this will help to show that you have a stable living situation.

4. What to watch out for

Once you have been building up a credit history for a few months, you can try applying for credit. If you’re not cautious, this can be dangerous territory. Every time you apply for a credit card or loan unsuccessfully, your credit score could be impacted.

5. Find the card to suit you

For first-time applicants, there are more and more credit cards being designed for those with limited credit histories. Consider applying for a credit-building credit card. This type of card may have a high APR and low credit limit, but if you use it correctly – by paying off your balance in full each month – it can help improve your score.

marbles could help you build your credit rating (when managed responsibly by making payments on time and staying within your credit limit) and comes with plenty of features including balance updates and 24-hour online account management.

Check your eligibility for free with marbles FastCheck and by taking it one step at a time, your credit card could be a stepping stone to better rates and offers in the future.

Representative Example:

Interest rate for purchases34.9% P.A.(variable)
With a representative34.9% APR(variable)
Assumed credit limit£ 1,200