I'm turning 18 tommorrow - Tips before applying for credit?

eviekins

rdwarr wrote: »

So have we reached the stage that, instead of being the age at which we can legally drink or vote or get married without parental consent, 18 is now the age when we can start getting ourselves into debt?
At school we did an O Level in something called "Social Economics" - it was essentially about money management. 35 years later the need for this to be taught is greater than ever but it's not happening.

Couldn't agree more. I'm 21, and sadly the vast majority of my friends are all in debt. The fact that the OP is already thinking about their first opportunity to borrow money before they are even 18 seems to be turning into the norm. Just because it's available doesn't mean it's your only option. Especially when you're earning and could get that money together within only a couple of months.

DCFC79

OP do some extra hours this week and next to put towards the laptop,

LovelyLeeds

danothy wrote: »

I think you'll have a better chance of getting credit if you apply for a few credit cards before you buy the laptop.

I think that's bad advice for an 18 year old.
Not many posters on here would advocate you asking your friends and family to lend you money, but is it out of the question to ask for money for Christmas instead of presents?
You will get a greater sense of achievement saving up the £350 it will only take a few months, why start off your adult life owing money - it's not a good start.

eviekins

DCFC79 wrote: »

No i never said you have no chance, i said it might be a long process, if your not on the ER then no you wont get credit since the CA wont be able to find you since you have no credit history.

Get on the ER but as i said im not sure how long you need to wait before you apply for CC with low limits.

Personally i wouldnt do it, id use the savings, if you save 200 a month then it wont be much of a dent in "your plans".

Take a step back and think about what your considering.

Although being on the ER is a must, alot of credit checks won't accept people with no credit history, regardless of whether you are on the ER are not. A credit card or loan through your bank would probably be your best bet of being accepted. Once you've had either a few months and have paid the balance in full each month, then you will be much more likely to be accepted by other credit agencies.
I would still say this should be your last resort

DCFC79

eviekins wrote: »

Although being on the ER is a must, alot of credit checks won't accept people with no credit history, regardless of whether you are on the ER are not. A credit card or loan through your bank would probably be your best bet of being accepted. Once you've had either a few months and have paid the balance in full each month, then you will be much more likely to be accepted by other credit agencies.
I would still say this should be your last resort

I advised the OP to apply for credit before he gets the laptop from comet

in the first reply i said " then apply for credt "

and the second reply i said "before you apply for CC"

System

Do you have any savings? If you havent managed to save anything so far, how would you expect to pay for it on credit. I would advise you save up for it first, then buy it. Better that than buying it on credit and failing to make the repayments.

If you can put away £100 a month, you could buy it in 3-4 months.

DCFC79

payvpac wrote: »

Do you have any savings?

Yes he has at least £200 saved up

If you havent managed to save anything so far, how would you expect to pay for it on credit.

he says he can afford the payments,

I would advise you save up for it first, then buy it. Better that than buying it on credit and failing to make the repayments.

He seems adament to get it on credit

If you can put away £100 a month, you could buy it in 3-4 months.

he wants it asap though

Just a few notes

DCFC79

OP as been suggested talk to your bank

rdwarr

DCFC79 wrote: »

OP as been suggested talk to your bank

Definitely not. As soon as they know you're swimming around near their line they will have you hooked for life.

Do not assume that your bank has YOUR best interests at heart. Talk to older friends and perhaps the CAB. Also spend some time reading some of the historical posts here and on the DFW board which may help you decide if credit is really for you.

DCFC79

rdwarr wrote: »

Definitely not. As soon as they know you're swimming around near their line they will have you hooked for life.

Do not assume that your bank has YOUR best interests at heart. Talk to older friends and perhaps the CAB. Also spend some time reading some of the historical posts here and on the DFW board which may help you decide if credit is really for you.

they're more likely to be of benefit for him since they know he is in credit, manages his money well( can only hope), well depends if they would offer him anything, no harm in trying though