Thinking of applying for a Credit Card?

DCP11C

I want to know if it's a good idea of applying for a credit card.

I am a student and I just want to use the credit card to build up a credit history. Am I right in saying that it is *free* to use as long as I pay off the credit at the end of the month?

What are the chances of being denied? I recently registered to vote ("electoral role"?) because I heard this was a good idea as it shows I'm 'settled'.

Any help would be great

Kavanne

Who do you have a student bank account with? They may also offer a student credit card as well so have a look.

Many credit do have a certain amount of interest free days before you have to pay. If you pay before that date then no interest is applied Have a look on the website of the card you would to apply for to check their specific interest free period.

DCP11C

Thanks for the reply.

I do not have a marketed "student account". I did apply with them but due to "adverse risk" I was declined.

Okay thanks for that.

Generally speaking then, the highest number of interest free days are the cards to look out for?

Robert_Sterling_3

Have you any idea what caused the adverse risk?

DCP11C

No - only that when I applied I was not on the electoral role...I don't know if this could have been it?

If it's not that I don't know because I have no debts registered to myself that I know of.

After 28 days (when they update with credit refercing companies - I think) I am going to get a credit check to be sure.

Robert_Sterling_3

I think you will not get one if you are not on the electoral roll.

NickX

Robert_Sterling wrote: »

I think you will not get one if you are not on the electoral roll.

Yep, being on the Electoral Role is pretty crucial to getting a decent line of credit. Always get this sorted before applying.

Phlip_corter

yeah , it's really great idea and nice opportunity for a student to keep credit card.

anotherpaul_2

DCP11C wrote: »

Thanks for the reply.

I do not have a marketed "student account". I did apply with them but due to "adverse risk" I was declined.

Okay thanks for that.

Did you try for a student account at more then one bank? If lots of them turned you down for a student current a/c, it's probably more than just the electoral register so you should probably check your credit file. If you only applied for a student account at one bank, perhaps it's worth trying another few?

DCP11C wrote: »

Generally speaking then, the highest number of interest free days are the cards to look out for?

From memory, 56 days. 50 is quite common too, I think. Avoid the one that don't mention it at all!

DCP11C

I applied to be on the register so I will try to open another account soon. Any one know when is the best time? Like a month after?

I have not tried other banks yet because I was worried that it would look bad like if I'm 'desperate'.