Considering getting a credit card

cm1179 · 25 Apr 2011 at 22:31

don't go mad on it and end up paying it off for the next 18 months. credit cards are good things if you are good at budgeting and will take the attitude of only using it for purchases that you can pay off within the given time that your bill arrives.

manic111 · 26 Apr 2011 at 00:23

mrmoose said:
Walk before you can run. There's no point advising the guy to get these rewards cards when on the little information provided means he might not be the most credit worthy applicant Amex see this year. Have you got any history of managing credit? pay monthly phone, store cards, home owner? If not I'd suggest looking through barlcays as they know how you mange your bank account at the moment.
Before applying I'd get your statutory report from the CRA's and everything is correct, make sure you're on the electoral roll and use the link above from Seft(but take with a huge touch of salt). Maybe even pop into Barclays as they may be able to tell you if you are automatically approved for one of their cards.

Fair question.

I'm on the electoral role, employed full time in a managerial position earning over £20k p.a., not a homeowner (I rent), I'm on a pay monthly phone, and obviously pay bills for rent, electricity, gas, water, council tax on a regular basis as well.

EDIT: I'd also say that I'm a fairly sensible person - I've never lived outside my means, my only debt is my student loan which I pay off monthly through my salary. I was never in my overdraft through uni, and haven't been so since either. In short, I can't foresee a situation in which I'd rinse my CC and be unable to pay it back.

Seft · 26 Apr 2011 at 00:32

manic111 said:
In short, I can't foresee a situation in which I'd rinse my CC and be unable to pay it back.

The issue (as far as getting accepted is concerned) is much more whether you can demonstrate this than what the reality might be. Issuers are generally unable to verify your employment status, income, student loan, council tax and bill payment history.

On the plus side, your phone contract, overdraft and possibly some of your bills will demonstrably count in your favour.

I'd suggest going to your bank - they'll be able to see more about you because they know your account history.

manic111 · 26 Apr 2011 at 00:34

Seft said:
The issue (as far as getting accepted is concerned) is much more whether you can demonstrate this than what the reality might be. Issuers are generally unable to verify your employment status, income, student loan, council tax and bill payment history.

On the plus side, your phone contract, overdraft and possibly some of your bills will demonstrably count in your favour.

I'd suggest going to your bank - they'll be able to see more about you because they know your account history.

Cool, I'll do that this week. My questions originally were more to do with what to look out for in a credit card - why to choose one over another (assuming I get accepted) than whether or not I'll be accepted. As you've said, the only people who can tell me whether I'm going to be accepted or not are the people issuing the cards