pulling a bit of a fast one...

Stuart_Kirk

I'm a first year uni student (again, see below...) and I'm a bit concerned about the 2 credit cards that I have...

This is my second attempt at a degree - I started in Sept 2003 but dropped out in Feb last year, waiting to start a new course Sept 04. So in between Feb-Sept

I started working via an agency. I got hold of an Egg card to tied me over before my first pay cheque, as I stopped the last installment of my loan before it was paid. I used this through the summer on their standard 0% offer, whilst putting the money to cover the debt into a savings account. Then, when Barclaycard ran their 14 month 0% BT offer I transferred the Egg balance so as to earn interest on the savings until August.

I'm now back at uni (gonna stick it out this time) and using the Egg card for day-to-day spending, whacking the cash in a diff savings account then paying the bill each month. This amounts to about £400 a month normally. Meanwhile, I have £950 sitting on my Barclaycard while I pay the minimum each month, until August, when I'll clear it with the savings...

My concern is that my circumstances have changed from when I applied for the 2 cards. I used my working status to apply for the cards, obviously. But now I'm no longer earning, are Egg/ B'card likely to pick up on this? If so, what's the likely response? Will they do anything, charge me, or are my actions fraudulent? Should I have told them about going back to uni?

Would appreciate any thoughts on the matter - I'm making a few quid on the cards at the moment, but am I on thin ice?

Cheers in advance...


SK

Chadsman

If you filled in the application forms saying you were working at the time then you were honest in that answer :A and you have nothing to fear.
I dont know of any CC firms that ask you if you are going to leave employment in x months/years as that would need you to be clairvoyant.

student100

If you're worried, check the Terms and Conditions of your card. If there is a clause in there about letting them know if your employment status changes, then you had better let them know.

However, I doubt there is such a condition. Sure, they can close your account at any time if they wish to, but if you're managing your account well and are a good customer for them then I don't think they'd want to get rid of you anyway.

Sarahsaver

If you were honest you have nothing to worry about. most lenders will now assess you on income regardless of whethet it is earned or not. Also they want you students so they can get your salaries, mortgages, etc etc. They are hoping to have you as a customer for life (fools!) They hadn't bargained for us credit card tarts...
I just got my virgin card limit upped to £6600 without me asking for that, and that is not from having an earned income, although my situation has changed now.
You could always get a temporary job, as you are a student its easier for you to drop in and out of temporary work.

pug_in_a_bed

I wouldn't fret, so long as you're making the payments, thats all they'll be interested in, you've clearly got really good money sense which is brillliant so begin uni wth, wish i'd had it when i started!

i know of a school friend who applied for a card aged 19, said he was on
£20, 000 a year, more like £6000, got a card with an incredible limit, spent the lot on custom engagement rings for the girlfriend (split up now unsurprisingly), his dad ended up selling teh car to pay it off...now he's a model money saver!!