Who has got credit card while on incapacity benefits/unemployed?

tomjonesrules

Chris, I know it may seem odd that people on a Credit Card forum are discouraging you from having one, but that is because they are rarely the best solution. It would be more beneficial to look at maximising your income (by ensuring you are receiving the correct benefits) and minimising your outgoings (by cutting back on non essentials) before borrowing money.

Tixy

chris0147 wrote: »

which one of them (either credit card or loan) has low apr and i can get them while i am unemployed?

Neither

Being on benefits means that to the banks there is a high risk that you won't pay the money back - so they will either not lend - or only at a high APR.

Mrs_Ryan

Not necessarily. Some benefits are seen as more 'secure' than others. My mum got a low rate APR loan and several credit cards at a good rate while she was on long-term incapacity benefit.

tomjonesrules

Mrs_Ryan wrote: »

Not necessarily. Some benefits are seen as more 'secure' than others. My mum got a low rate APR loan and several credit cards at a good rate while she was on long-term incapacity benefit.

The key word there is was - IB and ESA are no longer seen as secure forms of income.

izools

When my mother applied for a Nationwide re-mortgage in the year, their maximum lend was based on her state benefits but they would not extend any extra on their maximum lend for her wage.

Her payslips read "Casual Work" as she is a temp (and hasn't had a week without work in 6+ years, but that obviously counts for nothing) - so they wouldn't take it into account.

But offered a £47,000 mortgage based on her benefits

MrWillyWonka

chris0147 wrote: »

I has got to pay the car insurance, broadband, internet server, house rent, money back to my saving and two credit cards which it will cost me around £170 monthly. I know that I can be able to afford it, but I don't have enough money for myself as I have to renew my membership on the internet and I have to pay for other bills as well such as petrol.

Why have a credit card when everything else can be paid monthly?

Car insurance - this can be paid as monthly installments and most likely at a lower interest rate than a credit card .

Broadband - you pay monthly already?

Internet server - why do you need this, a router will do the job.

Rent - you pay monthly already, if you can't afford it then you can't afford a credit card as the balance will just keep going up until you reach your limit and require another credit card.

Savings - no point if you have debt, debt cost more than the interest you get in savings.

Can you give us a breakdown of why you would need £1500. I know these all sound harsh but we all want to help you here and getting a credit card in your position is not the right way to go. Put it this way, you already have two credit cards and be honest, eventually you will need to get another one?