Apprentice looking for short-term aid!

Ryaen

Hi there,

I'm a twenty year old apprentice looking for some advice on how to subsidise myself while I'm training.

I'm training as a Web Designer, and have a guaranteed job once qualified on at least £25,000+ p/a.

However, as with all Apprenticeships, I'm currently on around £5,200 p/a.
I have few financial commitments, but what I do have comes to over 60% of my salary!
The quicker among you will work out that leaves me approximately £2000 a year with which to "live" on, or £40 / weekly.

I recently looked into getting a 0% interest on purchases card until the end of my training period. I'd then pay off my card easily within the 3/4 months until the 0% interest ran out with my full wage.
I am, however, unsure of how the credit card companies will see my application:

I'm 20, earn £400/monthly, live with my parents. Yet I have a solid credit profile (never any issues) and with the promise of a substantially better wage in the future, it'd be within the company's interest to give me a card, surely?
I'm dubious, and I didn't want to affect my credit report by going around applying everywhere, so if anyone could give me an idea of my chances of acceptance, that'd be great. Or any pointers to increase my chance of acceptance. Equally, if they're only going to offer me £200 or something, it seems a bit pointless.


I also looked at a PCD loan, which would have been ideal for me. But for some obscure reason, Apprentices aren't applicable??!
You'd think when they hand out £9,000 a year to 80% of the younger population going to uni, the small percentile who are training on the job and guaranteed to put money back into the economy short-term are the ideal candidates for bursaries.

Anyways, I'm just wondering if there are any options for an apprentice. It seems everywhere I look, apprentices are either unheard of or swept under the carpet.
So if anyone has any ideas at all, I'd appreciate them.

Thanks in advance.

A very desperate,
- Ryan.

lisyloo

et I have a solid credit profile

What history do you have?
Have you had a credit card before?

Ryaen

lisyloo wrote: »

What history do you have?
Have you had a credit card before?

I've never had a credit card before (although oddly they were willing to offer me one when I was a student and NOT earning money...) as I knew I would have gotten myself into debt.

I have a £50 phone bill thats been running for two years without even a late payment, another £25 phone bill that's also been running for two years with no late payments, and a car under a finance agreement (£250/monthly) that has never been paid late.
So in essence, I have three monthly payments that I have never defaulted on.

I should have no bad credit references to my name, and I'm also on the electoral roll.

My parents earn a solid wage of around £35,000.

Thanks.

lisyloo

From what I've seen on here, you are unlikely to get a 0% deal if you've never had a credit card before.

My parents earn a solid wage of around £35,000.

I know you'd prefer to be independent but can you get a loan off your parents for 12 months? or ask them to let you defer paying your keep?

Ryaen

lisyloo wrote: »

From what I've seen on here, you are unlikely to get a 0% deal if you've never had a credit card before.



I know you'd prefer to be independent but can you get a loan off your parents for 12 months? or ask them to let you defer paying your keep?

I would prefer not to put any of my financial strain on them as you say, for various monetary reasons it's also unlikely they would/could accept.

I certainly appreciate your comments thus far.

Would you say I've perhaps exhausted all my options?
I've even thought about getting a "poor-credit" card just to improve my credit, but I think in the time period I have left (just over 6 months) before I'm earning properly, it'd be pointless by the time it had any effect, wouldn't it?

McKneff

Hello Ryan,

The only thing I want to say is in this present climate, nobody but nobody has a garaunteed job at the end of an apprenticeship.

So dont rely on it.

Cut down your phone bills, do anything you can without getting into debt.

You hve no idea of how mny times people on here have said 'Ive just been made redundnt and I hve no money to py my debts with'

Bear it in mind please.

If you cant afford it and you dont really need it, dont buy it,

Caz3121

How much is outstanding on your car loan? How much longer to you have left to pay? the difficulty is that your wage is low and the norm appears to be to have available credit up to half your salary. A lot of cards also have a minimum salary requirement. You may be able to get a card with a £300ish limit but it is unlikely to be interest free or be what you need. any chance of some weekend work? What about offering your services with your web designing

Tixy

Ryaen wrote: »

I would prefer not to put any of my financial strain on them as you say, for various monetary reasons it's also unlikely they would/could accept.

I certainly appreciate your comments thus far.

Would you say I've perhaps exhausted all my options?
I've even thought about getting a "poor-credit" card just to improve my credit, but I think in the time period I have left (just over 6 months) before I'm earning properly, it'd be pointless by the time it had any effect, wouldn't it?

I'd still consider trying to get a subprime card to build up your rating - but only if you are sure that you will not run up a debt and will repay in full every month. If you won't do that then it will cost you financially and won't make a big difference to your file. If you can get a subprime card now then it will make it easier to get a decent card in 6-12months time.

Otherwise once you are earning more money and decide you want a CC you are still likely to struggle to get a decent card.

Ryaen

McKneff wrote: »

Hello Ryan,

The only thing I want to say is in this present climate, nobody but nobody has a garaunteed job at the end of an apprenticeship.

So dont rely on it.

Cut down your phone bills, do anything you can without getting into debt.

You hve no idea of how mny times people on here have said 'Ive just been made redundnt and I hve no money to py my debts with'

Bear it in mind please.

If you cant afford it and you dont really need it, dont buy it,

Appreciate the advice McKneff.

The credit would really be more of a cushion than anything else. If I somehow lost control of my finances and was about to default on a payment, I'd then use my credit card or loan to buffer that.
I would certainly not use it to go to the pub, or go on holiday, etc.

I also agree that it's not "guaranteed", but it's close as can be. It's written into my contact that I'm either owed a years redundancy pay or a years paid contractual work.

I would like to stress that a lot of thought and planning has gone into this, it's not a whimsical thing, and it's certainly not without its pitfalls, but I'd much prefer to owe money when I have it rather than my credit be affected or continually break into my overdraft.
I hope that clears a few bits up buddy.

@Caz;
I owe around £5000 outstanding payment on my car.
I am doing my best to offer my services outside of work, but the trouble is without being a viable company, it's difficult to compete. I'm relying on business from close family and friends, and that can only last so long.
Like I say I feel like I've explored all avenues, and it's starting to become frustrating! If I'd done this same thing ten years ago, I'd have been able to borrow money at the click of my fingers!

Appreciate the good advice guys!

Ryaen

Tixy wrote: »

I'd still consider trying to get a subprime card to build up your rating - but only if you are sure that you will not run up a debt and will repay in full every month. If you won't do that then it will cost you financially and won't make a big difference to your file. If you can get a subprime card now then it will make it easier to get a decent card in 6-12months time.

Otherwise once you are earning more money and decide you want a CC you are still likely to struggle to get a decent card.

Thanks for the advice Tixy, it's certainly something I've considered. But in 6 months time I'll be "qualified" and hopefully won't need a card from then on at all! (I've always wanted to avoid credit, but at the moment it seems like good financial planning)

I don't suppose anyone has advice for other avenues? Perhaps a bursary or loan agreement?

Tixy

I don't know of anything specifically for apprentices in the way of credit or grants etc.

You say you hope you won't need a card but a credit card is a very useful thing to have (not for the credit aspect), but for the added purchase protection if buying goods over £100, for buying things abroad, or for things like hiring a car etc which always expect a credit card.

Could you do a different part time job outside of work hours? working in a bar or something - maybe even just temporaily from now until the new year, to help build up a small financial cushion.

Is there no chance you can ask your employers to increase your wage whilst still on the apprenticeship? Have you asked? If they are going to be paying you so much more in 6months time, then can you not argue to them your value to them now is far more than when you started 6months ago (or whenever you started).