Natwest gave me a credit card...

davethorp

never-in-doubt wrote: »

Post the link to your generator, see how it compares! lol
:beer::beer:

Just for you

LINKY

Jadeytee

Please please dont start using the credit card unless your absolutely sure you can clear it each month. I thought exactly the same when I first got a credit card at 19, I'm only 20 now and I am £3,000 in debt to the damn things! Its so easy to spend on them because it feels like someone else's money! I've seen the light now and have surrendered my cards to my sister to be hidden in the deepest depths of her house and totally out of my reach.

You might have the best intentions but it can so easily go wrong.

Neato

Jadeytee wrote: »

Please please dont start using the credit card unless your absolutely sure you can clear it each month. I thought exactly the same when I first got a credit card at 19, I'm only 20 now and I am £3,000 in debt to the damn things! Its so easy to spend on them because it feels like someone else's money! I've seen the light now and have surrendered my cards to my sister to be hidden in the deepest depths of her house and totally out of my reach.

You might have the best intentions but it can so easily go wrong.

I'll just pay off the car parking fine on it and snap it then I guess. While I would like to have a half decent credit rating when I leave university I don't really want to risk getting into anymore debt. I also have a BT landline and broadband in my name (I know this shouldn't really go in here) but does anyone know if making the payments every month via DD for these will improve my rating?

Kavanne

nope, home phone or broadband won't help

CannyJock

Neato wrote: »

I'll just pay off the car parking fine on it and snap it then I guess. While I would like to have a half decent credit rating when I leave university I don't really want to risk getting into anymore debt. I also have a BT landline and broadband in my name (I know this shouldn't really go in here) but does anyone know if making the payments every month via DD for these will improve my rating?

Only a risk if you go into it blindly IMHO. If you've had a look around here you'll see various horror stories from people who over-spent. Learn from their mistakes rather than having to learn the hard way.

Used properly, as you originally intended, will build a credit history and give you additional protection on purchases. Just don't go mad with it - it's common sense really.

Rufus_348

Hi Neato -

I just wanted to say that I don't think it's really worth getting a credit card just to 'improve' your credit rating. As a student you already have a loan and since you have a student account you also have a large overdraft. That's enough info for lenders to be getting on with!

The only reasons that I can really see for getting Natwest's student credit card are 1) if you think you might run out of money less than 56 days before the next instalment of your loan comes in, in which case you can use your cc for some interest-free credit
or
2) You have to make a large purchase (100 quid plus) and want section 75 protection.

Hope this helps, I was in the same situation and didn't need to use my card.

speedbird1973

Student loans aren't reported to CRA's I don't think?

A credit card isn't a bad idea. You're clearly aware of the benefits and pit falls.. and like it or not at somepoint you may need a credit card to bail you out.. Be aware of the issues and pay it off each month to improve your credit rating. Your overdraft will i guess be reported to the CRAs as well.

Don't get tempted! if you do at least you're only tempted to the tune of 500 quid.

LuSiVe

I would also keep it if you plan to make any purchases over the Internet. Credit card money isn't coming straight out of your bank account if a fraudster gets it - unlike a debit card.

Neato

Hi,

Just as a follow up to this if anyone is considering doing it. I worked fine, I made sure I made payments each month, until my workplace messed up last month and I found I started to use it for living costs. I've cleared it again with this months payments but it suddenly dawned on me that had they not paid me again I had no way of paying it off, for the first time I'd been using it to buy things I couldn't afford otherwise. So I've snapped it. It is very possible to keep it and clear it each month as long as you are sensible with what you're doing.

I'm due to finish uni soon and so will have to leave the jobs I've had while here while finding a job elsewhere, obviously money will be tight and I don't want the temptation of the card.

Atom

You should have binned it 2 years ago if you can't trust yourself !!