Credit card for PhD student

Stoph

Hi all,

I currently have a couple of credit cards which I got a couple of years ago. Their interest free periods are up now, so I am looking for a new one to balance transfer...
The problem is thus - I have a very good credit score, and have had no problems in the past obtaining any card or loan I've applied for. However, that was before I went back to university to study for my PhD...
Officially, I guess I am a "mature student", but this to me doesn't bode well for a credit application. I am on a fixed salary which equates to approximately £21k a year, which is more than my old salary... but is the title of "student" on the application form going to have a bad effect? Would I be better in bending the title to "researcher"?

Advice would be greatly appreciated

chattychappy

Well, you shouldn't provide a misleading answer.

You say you are on a "salary". My guess is you are not being paid to be a student (wouldn't it be a grant then?), but some activity ancillary to it. If that's research, then researcher it it. If it's teaching, then write down teacher. If it's assisting a professor, then research assistant.

Does the form actually say "title"?

Just for your reference, I wrote a post this morning on the law surrounding writing untruthful stuff on the form. http://forums.moneysavingexpert.com/showpost.php?p=37194186&postcount=35

[Deleted User]

I had my first credit card in college, although it isn't my main occupation, I put retail assistant - even though technically I do more hours as a student (college 2nd and 3rd year, now doing my degreee)

Have applied for all while in education, no one has asked anything further.

melancholly

are you on a stipend or a salary? (if you're studying for a phd banks seem to think that you have high earning potential so it doesn't have to be a bad thing!). have you converted your current account to a student one to get an interest free overdraft?

scottishblondie

I've taken out 2 CCs whilst I've been a PhD student, both mainstream cards with good credit limits. I always select student, and put in my monthly stipend as income. They then usually ask for proof of income, as they can't believe a student earns that much!! Life would be so much easier if banks allowed you to specify what kind of student you are

JacksterD

You might want to look at a student bank account/credit card combo. I think the only banks doing both are HBOS, Lloyds TSb and RBS/Natwest. I know the RBS/Natwest bank account and credit card cater to postgrads as well as undergrads so that could be a good place to start.

Stoph

Yes it's a stipend, not a salary perse - apologies for that one!

As for misleading anyone, this was not my intention. As far as I'm aware my job title is more accurately PhD researcher, as I am not a "student" as I have no formal teaching or lectures, and instead direct my own learning and research to provide results to my sponsor, and I work 9 to 5 Monday to Friday.... but this is a whole other debate. Unfortunately when you select employment status on a application form, you are most often given the choice of "full-time employed" or "student". Niether of which are totally correct.

My main issue was whether putting "student" down on the application was going to have a detrimental effect on the application...

And yes, I converted my graduate current account back to a student account when I went back to the PhD. But I already have a credit card with that bank, and this is the one that I would like to transfer to a new 0% balance transfer card, as the interest free period on that one ended a while ago and it's quite steep now.

scottishblondie

As far as I can tell putting down "student" hasn't been a problem for me over the last several years - I've certainly never been refused credit. I think they look more at the "income" section than anything else. Saying that you're a researcher could be one interpretation of what a PhD student does, but it could also be construed as a mis-representation which may damage future applications if inconsistencies are picked up.

PS - don't count on it always being 9-5, Monday-Friday