Credit Card for £5000 purchase or save cash for it? Dont knows for the best?

Mozzyp

I am aware of the risks. Im not getting a mortgage or even a ridiculously high loan here. Its an amount of money i am sure if 'something' were to happen i would receive help. Thats all i'll say about it. Ive got people/peers around me left, right and centre buying £9,000 cars on finance. Taking out mortgages for the first time. Doing all sorts of things like that, which i dont think is a very good idea. Ive never been comfortable borrowing large sums of money, but i feel for the first time in my life THIS reason is justifiable and thats why im looking in to it on here. Im researching and learning. Yet i cant help but feel im being patronised on a regular basis for doing so. So, thank you for the heads up.

izools

Your reasons are perfectly justifiable and mature.

I am not trying to be patronising and if you were referring to me when you suggested that I apologise for anything I said that might be construed in this manner.

All I, and other posters, are trying to help you understand, is that APR is directly linked to risk.

If you have no credit history, you are an unknown, and therefore a high risk.

You will always be a high risk if you never build a credit history with a 'starter' credit card or other such credit product.

Pointing that out to you isn't meant to be patronising, just pointing out a fact. Nothing more, nothing less.

It is of course your prerogative if you want to accept or reject the advice you are given.

My only reason for re-iterating in a more drawn out manner what I had already said is that I got the impression that you were either being stubborn, or didn't quite understand the implications and nature of what I was trying to get across.

Again, apologies if I / we came across as patronising, just offering sound advice proven to be correct through past experiences.

Mozzyp

Im aware i do need to start building my credit rating, and i will take your advice in the near future by getting a credit card and using it to buy fuel and pay it off every month.

But for the moment, im looking into ways of aquiring £5000. I can get a loan but it will cost more than im willing to pay in interest. I realise now that a credit card with a 5,000 limit is 90% unlikely. I didnt know that before, but now i know, so ive learnt something important and my question regarding that has been answered.

I have learnt that the way forward is most likely to get a loan, and i shall shop aorund for the best loan i can get. Thank you all for your helpful insight and infomation, its been much appreciated.

Mozzyp

@izools - No, that comment wasnt suggested towards yourself. Your being very useful and contructive. It was more directed at lisyloo.

izools

One last thing to consider is that once you have had the loan for a year, you will have built a good start to your credit history, and may then be approved for a 0% purchase card or 0% Super Balance Transfer card that you can use to clear the remainder of the loan, thereby only paying the inflated interest rate for one year :beer:

Mozzyp

Izools, i understand what your saying and like i said above, this topic has done what it was meant to do. i have asked a question and been given the answer. I have learned something important and how to progress with my issue. And i thank you all for that.

Im a fulltime moderator of my own websites Forums and i know how posts can be misread, misinterpreted and abused. 'Noobs' are very often attacked because they ask basic questions and dont get to grips of the answers right away.

Mozzyp

One more thing, i think i did write this in an early post but i do have 'Some Sort' of Credit rating. Over the past 8 years ive had 5 loans. 3 of which i had totally forgotten about due to them not being vast sums of money, but experian reminded me today when it listed them all. So im not without some credit rating like some people seem to think? I also have an overdraft but im unsure if that counts?

izools

Oh.

Right. In that case.

Have you put your details in here: ?

https://letmechoose.barclaycard.co.uk/

This will give you a good indication of your likelihood of approval for various Barclaycards based on your circumstances and your credit history without leaving a footprint on your credit file.

Give it a whirl, you might be pleasantly surprised!

Mozzyp

They are saying im 80-90% likely to get the following 2 cards -

Barclaycard Platinum Simplicity Credit Card - 6.8% one low rate
Barclaycard Platinum Purchase Credit Card - 18.9% 12 months interest free

izools

Mozzyp wrote: »

They are saying im 80-90% likely to get the following 2 cards -

Barclaycard Platinum Simplicity Credit Card - 6.8% one low rate
Barclaycard Platinum Purchase Credit Card - 18.9% 12 months interest free

Jesus christ.

There you go then.

Take all my advice and return it to sender as I was barking up totally the wrong bush!

Simplicity at 6.8% for the life of the card, eh?

Guess I need to look at my own credit building. Huh.

Problem solved :beer:

My fault for not reading that you'd had several loans in the past. I'll be more careful in future.

Good luck with the actual application!