New to Credit Cards, don't know where to start

Johnnii

stephane wrote: »

Both your income is very low and also because you've never had a credit card...sub prime lenders are the ones I mentioned earlier like Vanquis, Capital One, Aqua and Barclaycard Initial....

I probably wont get near enough credit limit that i need (5500) for 1 or more cards then would I as as you said the limit would only be £500 or so:(

MFWannabe

Johnnii wrote: »

Same question as above really, why would i not be able to get this, because of the large amount i need or because it's me applying?

Because you are asking to borrow half your salary. I don't know of any bank or credit card company that is willing to do this now. They will also look at you already having access to £3,500 credit with next that as far as they are concerned you could go out and spend tomorrow then how would you pay them back? You would then have a total of £9,000 credit when you earn less than £10,000 a year!
Sorry i know it's not what you wanted to hear. You really need to close the next accoun and build some credit rating with a credit rate builder card if you can get one. But do make sure you use it properly by paying it off in full every month. It will take you a while to build up this credit rating though. Then after that you may be able to get one of the more normal cards.

stephane_2

Johnnii wrote: »

I probably wont get near enough credit limit that i need (5500) for 1 or more cards then would I as as you said the limit would only be £500 or so:(

Even people with a very established credit rating and a very decent income struggle to get that kind of limit so there is no way that a lender will consider giving you over 50% of your annual income on 1 or several credit cards and having on top of that over £3000 with next which is totally avoidable, you may not want to close the account but you should ask next to lower the limit to a few hundred pounds....

Johnnii

FREEZ wrote: »

Because you are asking to borrow half your salary. I don't know of any bank or credit card company that is willing to do this now. They will also look at you already having access to £3,500 credit with next that as far as they are concerned you could go out and spend tomorrow then how would you pay them back? You would then have a total of £9,000 credit when you earn less than £10,000 a year!
Sorry i know it's not what you wanted to hear. You really need to close the next accoun and build some credit rating with a credit rate builder card if you can get one. But do make sure you use it properly by paying it off in full every month. It will take you a while to build up this credit rating though. Then after that you may be able to get one of the more normal cards.

I cut down the Next account already as soon as i found out how much it was:eek:.
The problem is the situation i'm in the reason i want the credit cards is to pay for the tuition fees. If i cant get the required credit limit which i doubt it now then i guess there's no point in getting any and see if i can get a loan.
Its not what i wanted to hear but i guess it's the reality from what you all have said.

izools

Johnnii wrote: »

I cut down the Next account already as soon as i found out how much it was:eek:.
The problem is the situation i'm in the reason i want the credit cards is to pay for the tuition fees. If i cant get the required credit limit which i doubt it now then i guess there's no point in getting any and see if i can get a loan.
Its not what i wanted to hear but i guess it's the reality from what you all have said.

Unfortunately so. It's still worth taking out a sub prime credit card like Captal One Classic or Aqua so that you can start building some credit history and be in a better position should you need other financing; e.g. car loan, mortgage, or the like, which you stand little chance of ever being approved of unless you start climbing the credit ladder with a sub prime card now

Good luck! :beer:

Monkeynut

There must be several people in your position, or people who have been in your position. After all, everyone who studies for their Masters has to fund it somehow, and unless they are fortunate enough to have parents/family who can afford to foot the bill for them, or they've had a bit of time out working and saving, this inevitably means funding it through credit of some sort.
Is there any advice that the institution where you will be studying can give you? They will have seen people in this situation before.

Good luck!