Credit

greencreeper · 04-09-2005, 15:55

I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it

04-09-2005, 15:59

Are you on the electrol role?

Angua · 04-09-2005, 16:07

Quote:

Originally Posted by greencreeper

I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it

Stupid situation really but in some ways you have to develop a good credit rating (ie take out a loan and pay it back promptly). Also worth checking with credit reference agencies (Experian and IIRC Equifax) costs ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£2 per company but you will find out if they have any inaccurate information on you which could be preventing you getting credit. Also applying for too many different quotes can blow your rating as well.

Bex · 04-09-2005, 16:07

Quote:

Originally Posted by greencreeper

I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it

have you tried for an egg card?

Angua · 04-09-2005, 16:09

Quote:

Originally Posted by Bex

have you tried for an egg card?

Good suggestion Bex

Egg are less stringent than most for credit references.

danielf · 04-09-2005, 16:20

Quote:

I watch these TV programmes about people who have several thousand pounds worth of debt

There are of course distinct advantages to not having a credit card...

Point being: use it wisely if/when you get one. Try to pay it off every month. Try to not use it to spend money you don't have.

Dave Stones · 04-09-2005, 16:40

i have a ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£500 limit with my student credit card from hsbc. not allowed any more, and i doubt i could get any anywhere else either, what with living at 4 addresses in the last 3 years...

capital one will give you a credit card though, or vanquis

(65% apr was offered to me with a vanquis card...)

Bex · 04-09-2005, 17:08

Quote:

Originally Posted by Angua

Good suggestion Bex

Egg are less stringent than most for credit references.

exactly... the basic limit is normally about ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£750.... i got one when i came back from uni and had an awful credit rating, by paying it back etc, it improved my credit rating.

some companies such as capital one offer cards in which you have to pay a contribution towards it, not sure how it works exactly, but again it can help to increase your credit rating

Dave Stones · 04-09-2005, 17:19

i believe with capital one you have to put a deposit down, and you only get a very very low limit to start, smething like ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£200...

etccarmageddon · 04-09-2005, 17:29

I think it's a blessing perhaps if you can not get a credit card! count your lucky stars you havent got one!

Dave Stones · 04-09-2005, 17:41

i'm happy my credit limit is so low. however, i have a ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£1500 interest free overdraft. Overall i owe the bank abuot ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£1200 from a total of ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£2000. and ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£900 of that is interest free. it's a scary prospect really, i really have to hold tight to my maestro card in the shops sometimes. I'm under control though

Millay · 04-09-2005, 17:47

Credit is the bane of my life (well used to be).

I no longer have vredit cards, and find the only time i miss them is when i have not got any money, so should not be spending anyhow..

**Paul M** · 04-09-2005, 18:03

If you want to shop on the internet then credit cards used to be essential, now you can use debit cards as well.

At one point in the past I had ten credit cards

now I have just three - but I could still clock up over ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£35k on them if I wanted

- the monthly payments on that would be something

nffc · 04-09-2005, 18:39

Quote:

Originally Posted by Paul M

If you want to shop on the internet then credit cards used to be essential, now you can use debit cards as well.

All the same, I so wouldn't do that because of the security risk.

Millay · 04-09-2005, 18:46

Quote:

Originally Posted by nffc

All the same, I so wouldn't do that because of the security risk.

but you are happy to hand over your debit card in a restaurant...