Getting Credit Card
- Thread starter NotAGolf
- Start date
In the OP i can only see him having debt, the money hes got in the savings accounts is money borrowed.
Get a credit card when you get a job, what if you go and get yourself into some medical difficulties and cant work, you will end up paying for everything with your savings, and then you'll run out of them, and you will be left with your overdrafts which you cant clear, is it worth the risk of downward spiral when you dont really need any of it?
At the moment you are in debt with no income, i really dont think getting a credit card is a wise move for you.
In what aspect is it ridiculous?
If you don't pay anything you will get in trouble with the credit card company. Why direct debit the entire amount? What if you want to charge something massive to your card?
Of course 99% of the time you will pay off the entire amount in full.
I don't know about you, but if i buy anything massive i make sure i have the money BEFORE i buy it. Then i pay it off in full. No fuss, no muss.In what aspect is it ridiculous?
If you don't pay anything you will get in trouble with the credit card company. Why direct debit the entire amount? What if you want to charge something massive to your card?
Of couse 99% of the time you will pay off the entire amount in full.
If you pay your debt off every month then you don't build any credit rating, the banks wont like you and you will be no better off in a couple of years. On the flipside, if you dont pay your interest every month then they also hate you.
Pay off enough to keep you £50-100 in debt every month and watch your credit rating soar.
Pay off enough to keep you £50-100 in debt every month and watch your credit rating soar.
Aye, from a 0% overdraft, that's pretty savvy considering most students just spend it.
That's quite a leap, I don't get the impression he intends to spend money on it that he doesn't already have.
Associate
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Why would you be charged interest if you pay it off in full? Hang on are you actually paying interest that you dont need to?!
Soldato
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I would ask your branch, if Natwest work like lloyds they'll have already decided if you can have one and how much they'll lend. You won't have to apply as such.
If you get no luck with your bank then I'd hold off till you're in a stable job.
When I was 18 I was on yts taking home £60 a week, Lloyds wrote to me saying I've been pre approved for a £1300 card, that was however a very different time.
If you get no luck with your bank then I'd hold off till you're in a stable job.
When I was 18 I was on yts taking home £60 a week, Lloyds wrote to me saying I've been pre approved for a £1300 card, that was however a very different time.
Have a look at Egg. You get charged £1 a month, but you get 1% cashback so if you buy everything on it you'll do relatively well. They also offer a load of extra perks - like extra warranty on the things you buy, loss/theft protection for a couple of months after you buy something and they'll price-match for you if you buy something and you subsequently find it cheaper. Their online system also lets you check all your different accounts (as in accounts with other banks such as HSBC, Natwest etc) all from within their system - so you can instantly see where you are with everything. I think they're really quite good so far.
Banks HATE people who pay on time every time, they'll do everything they can without making it obvious to get you a bit in debt, but equally they hate people who are massively in debt... but not as much as you might think, in better times they could trade on that debt as if it was real money.
I'm not in debt. I have a few thousand in savings, I put the overdraft on top of that in the savings account.
Anyone else know anything about egg? I like the sound of handling everything online and the 1% cashback would be good.
Soldato
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If you're on the electoral register, you should easily pass your first credit rating 'test' by the cc company, for a low limit.
Soldato
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No they don't.
I've just had my four-figure limit turned into a five-figure limit and I've paid in full on time every month for the life of all my cards. So I think I'm liked enough
I think its safe to assume that "a few thousand" in savings is less than £12,000, therefore you are in debt, since you have a £12,000 student loan debt.