Credit Card Advice

Discussion in 'Off-Topic Chat' started by tinytimp, Aug 9, 2007.

  1. tinytimp

    tinytimp Member

    Hi there all - hoping there's a few financial whizzes out there in tMP land.

    I'm considering getting a credit card soon, not for any specific purpose, just to build up my credit rating for the future. I'm 22, have been working full time for a year with a salary of around £15k (just found out I have to start paying back my student loan grr). I had a small overdraft whilst a student but it never went over the limit.

    What would be my chances of getting accepted for a card? And what kind of card should I be looking at? I did a comparison on Moneysupermarket based on my credit profile, and am veering towards a Mint Card or Yorkshire BS.
     
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  3. skilly

    skilly New Member

    Hi,

    I actually work for one of those horrible companies who inundate you with mail asking you to apply for a card so hopefully this will be useful.
    As someone new to the "market" I would suggest that you try and get a card with a promo offer, i.e. 0%, and try and get into the habit of paying off more than the minimum each month but you still have the safety net that,if you are short of cash, you can resort to paying the minimum. Mint will peform a credit score and you may well get rejected as you have no credit history and you've only been working for a year.
    I'd suggest Vigin Money or MBNA as they use a mixture of unerwriters and credit scoring, and and make sure you fill all the boxes as accurately as possible. The more info you give them, the better chance they have of getting in touch with you as they may want to ask some questions.
    Good luck
     
  4. johnmartin

    johnmartin Active Member

    My advice. Don't do it. You're only fuelling the credit boom and pushing up interest rates for us hard pressed homeowners. :) :)
     
  5. skilly

    skilly New Member

    John, in principle I agree with you.

    But I have a living to earn as well!!!!!!
     
  6. tinytimp

    tinytimp Member

    I don't intend using it that much, just the odd token purchase that I'd pay off immediately - to give myself a better chance when I eventually end up becoming one of you hard pressed homeowners!
     
  7. brassneck

    brassneck Active Member

    The thing to remember is that credit cards = borrowed funds and you will have to pay back the money sometime within the terms & conditions of the provider. Get caught in the trap of free-spending on the credit limit and the next thing you will be doing is consolidating with a loan if it gets out of control. They are handy things, though, when paying online and are more secure than debit card payments.
     
  8. BigHorn

    BigHorn Active Member

    If you are going to pay it off each month why not consider a charity card they don't cost you anything and a good cause benefits every time you use it.
    I have an RSPB card (issued through the co-op bank) but there are loads of mainstream charities doing them - all usually administered by a major bank.
     
  9. Bungle

    Bungle Member

    If you intend to pay it off each month, get one that earns you money like Egg which gives you cash back or Lloyds TSB which gives you Airmiles. When you choose your card it is worth asking them to set up a direct debit to always pay the minimum amount (or the full amount), that way you never get hit with penalty charges for a missed payment.
     
  10. JayneSop

    JayneSop Member

    Credit card

    Hi sarah

    You'd have no poblem getting a credit card with income and hardly any outgoings.

    Credit cards are all much of a muchness. Lots of offers to get you to use one but they all rip you off in the end. But if you intend paying them off every month, you won't end up paying through the nose.

    Don't think the fact that you've got a credit card or not will make a huge difference to a potential mortgage application. As long as you're not out of order on any bank account or loan, you'll be fine.

    Jayne

     
  11. brassneck

    brassneck Active Member

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  13. Ruthless

    Ruthless Member

    One of those which gives you benefits is the Tesco's credit card - you get vouchers off your shopping every quarter - based as a percent of all purchases on your card not just those at tesco's.

    A word of warning about MBNA - they have been known to bombard you with mail and not give up ringing and hassling you even when you have told them four times that you cut their card up 2 years ago and don't want to hear from them again.
     
  14. davidwalton

    davidwalton Member

    Be careful with the company you decide on. There are a growing number of foreign companies providing Credit Cards, but DO NOT operate within the same English laws always.

    This includes MBNA who operate under USA laws.

    I did have a Card with Bank of Scotland, but MBNA took over their Credit Cards. Very different operation, and not in your favour either.
     

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