I'm a bit stuck!

svydmjw

Im a student on a 6 year course at the University of Nottingham (Vet student). I took 3 years out before coming to uni - during those years I got a credit card. I was then made redundant and used the card to live off till i got myself sorted (maxing it out). It only has a credit limit of £500. Now I am paying quite a bit of interest on it and wanted to get a new card with 0% balance transfer so i could pay it off within the 15 months and not have to pay the interest on the original card. BUT i've applied for 2 cards and been rejected for both. I dont understand why my credit score is so low... I have an annual income of 11500. I have never missed a payment on my card, ive only ever gone over the limit once which was sorted straight away. Ive never missed a direct debit payment from my debit account etc. I do however, have a large overdraft (As most students do) which i am currently in. The problem is, i have sorted out my budget and should be out of the overdraft by this time next year.

Im just annoyed no credit card company will help me sort myself out and get out of debt quicker :-/ looks like i'll be paying the interest on my current card for a while untill it is paid off entirely! FRUSTRATING.:mad:

greektony

are you ciscokid in disguise?

svydmjw

not that I am aware of?! why...?

Tixy

When you say you have an income of £11500 do you mean this is your student income (student loan etc?) or that you actually have a job earning that amount as well?

Who is your student bank account with? Who is your current credit card with and what is the APR?

As a student its pretty unlikely you will get a 0% credit card, you might get a student credit card if your current bank do them but it might not be cheaper than your current card.

You say you will be out of the overdraft by this time next year? presumably your credit card is a much higher apr than your overdraft? if so you need to focus on paying that off first and leaving your overdraft for now.

sulkisu

svydmjw wrote: »

Im a student on a 6 year course at the University of Nottingham (Vet student). I took 3 years out before coming to uni - during those years I got a credit card. I was then made redundant and used the card to live off till i got myself sorted (maxing it out). It only has a credit limit of £500. Now I am paying quite a bit of interest on it and wanted to get a new card with 0% balance transfer so i could pay it off within the 15 months and not have to pay the interest on the original card. BUT i've applied for 2 cards and been rejected for both. I dont understand why my credit score is so low... I have an annual income of 11500. I have never missed a payment on my card, ive only ever gone over the limit once which was sorted straight away. Ive never missed a direct debit payment from my debit account etc. I do however, have a large overdraft (As most students do) which i am currently in. The problem is, i have sorted out my budget and should be out of the overdraft by this time next year.

Im just annoyed no credit card company will help me sort myself out and get out of debt quicker :-/ looks like i'll be paying the interest on my current card for a while untill it is paid off entirely! FRUSTRATING.:mad:

Did you have a question?

svydmjw

Tixy,

I have the student account at natwest so i don't pay interest on my overdraft. The money im getting is student loan + allowence off my parents who are helping me fund the Uni course. My current card is with Egg and im not sure what the APR is at the moment, its high though! When i spoke to natwest last they said my account was very good and i was entitled to more of an overdraft than i currently have. It doesn't seem to make any sense.

As far as asking a question.. the general gist of it was can anyone suggest any way around it and/or suggest why my credit rating was so low and/or why i was rejected for a credit card. Apologies for not making it clear.

Tixy

Well ask natwest to increase your overdraft and then use that to pay off the card. Then you won't have to pay any interest on it.

Your credit rating won't be good because you are a full time student and not earning (you might have an income but most won't take this into account for credit applications). Really you are only likely to get specific credit products for students. For other credit products being in your overdraft all the time is seen as being detrimental to your credit history.

There are other items that could be a factor (such as are you on the electoral roll at the same address as your bank account and egg card are registered to and is that the same address you used to apply for cards etc?) But even if these were all correct you would still be pretty unlikely to get a 0% card - they are much much harder to get these days.

mel12

I managed to get a second student bank account elsewhere with another interest free overdraft when I was a student - may be worth trying?

Morganarla

Have absolutely no help re the finances whatsoever but wanted to wish you luck for your course.

Remember - a good vet is many things, but IMO an excellent vet is one who has compassion for the owner as well as the patient, and lastly (of course where deserving) defends, protects and respects their nurses (and makes them lots and lots of cups of tea!).

Morg (over-worked, under-paid but much adored vet nurse!:D)

svydmjw

Thanks for all the advice, i think im going to see the bank tomorrow and see what they can do for me, once the credit card is paid off its plain sailing to pay off the overdraft. The amount of interest im paying would be a huge boost to how much i can use to actually pay the damn thing off.


Vet nurses are the backdrop hero's, I think the course at nottingham is totally different to the other courses - we are taught to respect the nurses as much as other vets, they require us to shaddow vet nurses in the first couple of years on placements just so we get a taste of their side of the job. Other universities are still pushing the snob factor.

Morganarla

svydmjw wrote: »

Vet nurses are the backdrop hero's, I think the course at nottingham is totally different to the other courses - we are taught to respect the nurses as much as other vets, they require us to shaddow vet nurses in the first couple of years on placements just so we get a taste of their side of the job. Other universities are still pushing the snob factor.

:T:T

Fab to hear!