New job - when to apply for a credit card?

andyph_2

Hello,

First post on the forum! Plenty of useful info on the site so far so thought I'd join. I did a quick search for a few keywords that related to my post but couldn't find any information.

I have recently started a new job, after finishing university. When is the best time to apply for a credit card? i.e. if I apply before I have received a full months wages will this affect my application?

I have limited credit history, i.e. student credit card, paying phone bills for around 4 years too.

Many Thanks,

Andy

stephane_2

Maybe best to start with your own bank....most high street lenders prefer applicants to have been in steady employment, 1 month is just not enough....but you never know.
As well because of your very limited credit history you might get accepted with a card like vanquis or barclaycard initial or capital one but interest on those cards are likely to be around 30% to 40%

Trajal

I'd agree to go to your bank to be honest.

I wouldn't panic about employment history though, it's very much a secondary concern it seems, but if your bank won't help you try the cards in this following order:

1. Barclaycard Initial
2. Aqua
3. Capital One
4. Vanquis (Classic, Granite or Aquis cards are all credit builders).

Please make sure that should you get one of these sub prime cards, you do not carry a balance over each month as this will be counter productive (not to mention get you into a lot of financial woes)!

Good luck Welcome to the world of employment!

andyph_2

Thank you for your replies! Sorry for my delay in response. Will do as mentioned and keep you updated!

frankyone

I have got a similar problem. I read the article about the balance transfer and I thought that might be useful for me in this moment to post-pat a couple of things. I have already got a credit card from Barclays and an account with Barclays. I have recently changed job and I have been working for less than 3 months with the actual company. I would like to apply for the 15 months 0% Balance Transfer of M&S or Tesco, but I am worried that they will not accept the request since the employment in the new company is too short.
What do you advice me to do ?
Regards, Francesco.

stephane_2

It is difficult to say if you'll get accepted....each lenders have their owns criteria, so you might get accepted by one and the other on will not.
As for M&S card, provided by HSBC, can be difficult to get, will all depends on your credit history, you'll need an very good to excellent history. Tesco might be easier to get.
Also what I would recommend you try is Creation Credit Card https://www.creation.co.uk , you'll only get 12 months at 0% but they have a reputation to be more lenient and easy to get and they will only check your Equifax file.

7sefton

I'm in a similar position, and just got rejected by Virgin. The advisor specifically told me the decision had nothing to do with my credit history (I have an overdraft and other credit card which she acknowledged was managed 'without any concerns at all'), but the simple fact that I'd only just started work was the deal breaker because I have new outgoings like rent etc to plan. She said reapply in 6 months... bit gutted really as I wanted to buy my travelcard on a 0% credit card, but never mind.