brand new to credit!! need help!!

jaime78_2

im 33, mum of 2, works part time, wanting to obtain a credit card as i know i can afford the monthly payments. id rather not but in times of need (broken old car:() i feel now an never had credit of any sort that there must a credit card out there for me:T.. i only wish to have around £3000/£5000 ish an spread over approx a 18months/24 months maybe always paying at least minimum repayments

this is a mine field to me, ive been hunting around for advice an im honestly terrified as were told that if we get the wrong card we'll be in debt for life..

help!!!!!!!!!:o

many thanks

redpete

First of all you need to decide what it really is that you need.. From your post it seems that it might be a more reliable car which then leads to needing the money to buy that car which in turn means you need a loan of some kind.

I'll leave out any discussion about whether you need or want a new car and how much is reasonable to spend on that car apart from suggesting you consider if your current car would last a year or two and allow you to save towards the replacement.

A CC might not be the best way to get the loan, have you considered an actual loan? You might be able to get a CC with an interest free period - but will this be for purchases - if not the fee for a balance transfer could cost something like 6% over a year; there is a risk you might not qualify for an interest free deal or that you might only get a small credit limit. You would also have to consider what might happen at the end of the interest free period - you might not be able to get another cheap offer to replace it and be left with a high interest rate on the CC balance.

It's worth seeing what sort of loan you might be able to get to repay over 2 years, again you will need to actually apply fopr a loan because you would not be able to trust the 'typical' interest rates quoted nor the specilative loan amounts advertised.

CLAPTON

so you can afford to repay as 5k over 24 months
at 25% APR that means about £260 per month

so presumably you have £260 spare cash each month now; how much have you saved over the last year with this spare money?

what's your income?