Tesco credit card - suitable for a 22yo with very low income?

Dragon_of_Consumer_Power

I have accounts at HSBC, Nationwide and Natwest, but all are very limited in funds (student grants and loans, mainly). I want to get a credit card so I can hire a car in Spain in June, so I saw a good offer from Tesco (and indeed M&S). What are my chances of getting a CC issued? I have about £1,500 in my HSBC current account at the moment, and am in my student overdraft with Natwest.

(If it makes any difference, I'll be graduating in the summer.)

CLAPTON

try one of your banks who may give you a student CC

danothy

Dragon_of_Consumer_Power wrote: »

I have accounts at HSBC, Nationwide and Natwest, but all are very limited in funds (student grants and loans, mainly). I want to get a credit card so I can hire a car in Spain in June, so I saw a good offer from Tesco (and indeed M&S). What are my chances of getting a CC issued? I have about £1,500 in my HSBC current account at the moment, and am in my student overdraft with Natwest.

(If it makes any difference, I'll be graduating in the summer.)

Three things to consider:

1) The Tesco card isn't amazing abroad, although I believe it has improved slightly in recent months with the removal of exchange rate loading.

b) Unfortunately your savings (normally) aren't taken into account when it comes to a lending decision.

iii) Tesco are (according to a number of posters on these boards) a fairly harsh scorer when it comes to lending, and as a student (low income and presumably a minimal credit history?) that doesn't look great i'm afraid.

That said, I am a student and I got accepted by Tesco, albeit with the lowest credit limit they provide and a high interest rate (although I am a postgrad with a stipend, so probably a better apparent income than an undergrad, which I'm assuming you are due to receiving a loan, please correct me if I'm wrong though).

Consensus on these boards seems to be that an individual's bank are most likely to issue them their first card.

Simon11

Are you sure you can hire a car at the age of 22? I would have thought it would have been 25+?

Dragon_of_Consumer_Power

Thanks to all for the information. Yes, I'm an undergrad at the moment; I've been with HSBC since 2006, so they seem to be my best bet if banks are the way to go for the first card.

Would others agree that Tesco are unlikely to offer me a CC?

Dragon_of_Consumer_Power

Simon11 wrote: »

Are you sure you can hire a car at the age of 22? I would have thought it would have been 25+?

Some companies offer to those aged 21 and over.

paulmcerlean

Try the bank with whom you use the most. They are most likely to give you a card.

You have zero chance with Tesco, one of the hardest cards to get, even for those with lots of previous credit card credit history. They look for that.

You could try a subprime card, like Vanquis or Capital One, but the limit you will get £100-300 with your circumstances will make it useless for hire car purposes who will load a lot on to the card for protection esp at your age.

Best bet is your bank.

Dragon_of_Consumer_Power

Brilliant, thanks - I'll see what HSBC say. What would be a suitable credit limit for my first card, vis-a-vis car hire in particular?

And are there any things I need to watch out for?