Super Balance Transfer, first time credit!

stoke1863

Hi, Basically i am 21 and have never needed or used credit.

I have checked my credit report and i have no missed bank payments or anything like that. I only have 3 records on me. Two bank accounts and one store credit from 2007.

Basically from April-September i work full time earning around £1000 a month. After September i then go back to uni and will go part time in my work so around £500 a month.

I need to get £3000 into my bank account to fund a new car purchase (cheaper to buy private than at silly trade prices).

I have not taken any additional Student loans (startig 3rd year september) my only debt is the course fees for each year. I do not need the extra loans most students get becuase i live at home with parents.

I have applied for the Virgin and Egg money MBNA cards and have been rejected.

Basically is it even possible to get accpected for any of the cheap balance transfer cards with little credit history and low income due to part time work? If so what would you do?

ElkyElky

stoke1863 wrote: »

Basically is it even possible to get accpected for any of the cheap balance transfer cards with little credit history and low income due to part time work? If so what would you do?

No, very difficult. Try your own bank first.

Do you need or want a car? Do the wise and sensible thing and save. :money:

[Deleted User]

It's possible that it's because you have little or no credit history. It could be that you are a student.

Also, are you on the electoral roll?

Take out a card that'll build up your credit history...try your own bank as your first port of call, then others that are likley to lend are Capitol One and Vanquis (the rates will be horrible, so pay off in full every month), and this will build up some history.

Don't get more than 3 credit searches on your account in 6 months - this will put lenders off.

Also look here: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

stoke1863

ElkyElky wrote: »

No, very difficult. Try your own bank first.

Do you need or want a car? Do the wise and sensible thing and save. :money:

No i have a car. One of my main intrests and hobbies are cars im a bit of a petrol head. I have h\d this car for 3 years and want something better. Im still using my first car. I understand some poeple just wont get "it" but we all use money for different things


So do i need or want? I guess its want but why not? Ive already saved 2k and i have nothing else i wish to spend money on

stoke1863

Domino9 wrote: »

It's possible that it's because you have little or no credit history. It could be that you are a student.

Also, are you on the electoral roll?

Take out a card that'll build up your credit history...try your own bank as your first port of call, then others that are likley to lend are Capitol One and Vanquis (the rates will be horrible, so pay off in full every month), and this will build up some history.

Don't get more than 3 credit searches on your account in 6 months - this will put lenders off.

sorry to double post. Thanks for good advice. I have read evreything possible on this site:p

My credit report says i have has 12 searches this year!" Not sure how as i have only applied for these two cards.Plus a share trading account (Rejected) A mobile phone contract (Accpected) and a credit agreement with Stoke City FC for my season ticket (4 months payment intrest free)

So i need to get some history sorted. I will get a card and pay off in full evrey month. I have Lloyds TSB and santdaner accounts so i will try and get a card sorted from them. What would people reccomend?

Coming back to the £3000 needed am i best to get a loan now then? As i guess i wont be able to get a 0% card so at least get my car from a (st)dealer. I want to get the card sorted before i go back to lower pay (September)


And yes saving up is the best and thats what i have always done. But with only earning around 7k a year due to uni its not achiveable to save over 3k quickly. I am going to be in uni for two more years aswell.

[Deleted User]

stoke1863 wrote: »

My credit report says i have has 12 searches this year!" Not sure how as i have only applied for these two cards.Plus a share trading account (Rejected) A mobile phone contract (Accpected) and a credit agreement with Stoke City FC for my season ticket (4 months payment intrest free)

A search will be done everytime you apply for credit - not just credit cards. So that'll include mobile phone contracts etc..

Also, on the report you see it will show any "unrecoreded searches" and searches you yourself made on the account - neither of these will be visible to any potential lender. So you need to go by how many searches have been carried out that a potential lender could see.

It seems that you are most likely going to save up for a while longer. Wait 6 months and apply for a less appealing card (as I mentioned above) and build some credit history. When you've managed to do that, and have upped your income some you'll be better placed to apply for better (cheaper) cards.

Regardless of what credit you want, given the amount of searches currently on your credit report - wait at least 6 months before applying for any more credit - regardless if this is a loan, credit card, car finance etc...

stoke1863

Domino9 wrote: »

stoke1863 wrote: »

My credit report says i have has 12 searches this year!" Not sure how as i have only applied for these two cards.Plus a share trading account (Rejected) A mobile phone contract (Accpected) and a credit agreement with Stoke City FC for my season ticket (4 months payment intrest free)

A search will be done everytime you apply for credit - not just credit cards. So that'll include mobile phone contracts etc..

Also, on the report you see it will show any "unrecoreded searches" and searches you yourself made on the account - neither of these will be visible to any potential lender. So you need to go by how many searches have been carried out that a potential lender could see.

It seems that you are most likely going to save up for a while longer. Wait 6 months and apply for a less appealing card (as I mentioned above) and build some credit history. When you've managed to do that, and have upped your income some you'll be better placed to apply for better (cheaper) cards.

Regardless of what credit you want, given the amount of searches currently on your credit report - wait at least 6 months before applying for any more credit - regardless if this is a loan, credit card, car finance etc...

Good advice. Looks like im just going to have to buy a cheaper car with the CASH i already have saved. Not a problem. I still need to build some history.


With regards to cards. Lloyds TSB always tell me im guranteed to be accpected for there gold card. Is this better than the capital one cards?

[Deleted User]

With regards to cards. Lloyds TSB always tell me im guranteed to be accpected for there gold card. Is this better than the capital one cards?

Compare the rates and terms and conditions, but I would generally think that you own bank would be more likely accept you than somewhere else, and their comment on "guaranteed" to be accepted is based on not having seen your credit report - so is what they really mean is "likley" not "guaranteed".