Sugggested next steps

PeterGL123

Hi there everyone. Firstly I'd like to say that I'm very new to credit cards and loans, so please go easy on me if I sound like an idiot :P

I'm currently 19 years old and a student at university living with my mum. A few weeks ago I applied for my first credit card ever, a barclaycard initial, and was accepted and sent my credit card. I applied for this card since I thought I would be unable to get any other cards since I'm brand new in the credit market. I was surprised when I received my card and was told that I had a £1200 credit limit. Considering I only earn about £4000 a year working part time, I was incredibly surprised at this.

Because of this I enabled a free experian credit experts trial and found out my score was 946. Now I'm wondering if I was massively underestimating the cards I was eligible for. Can anyone help me by letting me know if I would be likely to get a cashback or low APR card if I was to apply for one or should I just stick with my current one and ask barclaycard if they can upgrade my card? Thanks in advance

Tixy

Hi

The credit score is a bit of a nonsense - and in your circumstances (as with many others) not reflective of what credit you will likely to be able to obtain.

I.e. people with no credit history are frequently given a 999 score by experian - but will find it very hard to get any mainstream credit at all.

The card you have got is likely to be a better deal than anything else you can get at the moment. If you use it sensibly to build up a credit history then in the future you should be able to get better credit cards with lower APRs.

Cashback cards mostly have a minimum income limit..

PeterGL123

In that case I guess I'll just continue using it sensibly until I finish university and see what I can get once I have a proper job and a more established credit history. Thanks for the reply!

CLAPTON

PeterGL123 wrote: »

Hi there everyone. Firstly I'd like to say that I'm very new to credit cards and loans, so please go easy on me if I sound like an idiot :P

I'm currently 19 years old and a student at university living with my mum. A few weeks ago I applied for my first credit card ever, a barclaycard initial, and was accepted and sent my credit card. I applied for this card since I thought I would be unable to get any other cards since I'm brand new in the credit market. I was surprised when I received my card and was told that I had a £1200 credit limit. Considering I only earn about £4000 a year working part time, I was incredibly surprised at this.

Because of this I enabled a free experian credit experts trial and found out my score was 946. Now I'm wondering if I was massively underestimating the cards I was eligible for. Can anyone help me by letting me know if I would be likely to get a cashback or low APR card if I was to apply for one or should I just stick with my current one and ask barclaycard if they can upgrade my card? Thanks in advance

it is indeed an absurd credit limit

just don't be tempted by that money however

set up a DD for the full amount so that you never get into debt on the card
it will build a good credit record which will help you after graduation to get a mortgage