I do not get this balance transfers - Can I do it as as student?

Kitty_Ears

I am a student, just about to finish uni in the next few weeks. I have a Santander credit card, the most basic one you can get. I have £495 spent on there out of the £500, and I can't afford to make the minimum repayment this month of £50. However, from January I will be employed and this bad boy will be paid off.

Is it worth it going for a balance transfer? the interest seems to be creeping up and up on this card, but I have no clue understanding it all. Can I do this as a student?

I am so stressed out. I'm trying to get all my money in order for the one month where I will have no income, but it's proving difficult.

tink_1983

dont see any reason you cant do this, aslong as you can get a lender to give you a new 0% card for balance transfers, however next month you will still need to make payment on the card for december, you jsut wont encur any new charges?

Kitty_Ears

tink_1983 wrote: »

dont see any reason you cant do this, aslong as you can get a lender to give you a new 0% card for balance transfers, however next month you will still need to make payment on the card for december, you jsut wont encur any new charges?

I'm not sure now why they are asking for previous addresses; will this show up on my ex-boyfriend and my Mum's credit reports?

bargainbetty

Your credit report is your credit report - you will not be linked to them.

Why do you think you will have no income until January? It is Christmas season, bars, restaurants, shops and lots of other businesses are taking on seasonal temps. Sign up with agencies for reception work (covering for people taking extended Xmas hols etc) and don't be picky. You can have income, you just have to work.

Frankly, the chance of getting a 0% balance transfer offer with no employment is a bit low... Why would they give credit to a person with no income?

Kitty_Ears

bargainbetty wrote: »

Your credit report is your credit report - you will not be linked to them.

Why do you think you will have no income until January? It is Christmas season, bars, restaurants, shops and lots of other businesses are taking on seasonal temps. Sign up with agencies for reception work (covering for people taking extended Xmas hols etc) and don't be picky. You can have income, you just have to work.

Frankly, the chance of getting a 0% balance transfer offer with no employment is a bit low... Why would they give credit to a person with no income?

I'm a nursing student, I won't have my pin to work as a Nurse until January. I'm a bank Nursing Assistant so I will go back to work as that from Dec 2nd, but I'm preparing for the worst e.g. there is no shifts available what so ever or bare min.

I'm covering for work, I've had an income of £8,000 this year but I am just preparing if I have nothing coming in. Believe me, I'm not picky!

tink_1983

They need your previous addresses so that they can confirm who you are!
You may have 'financial associations' on your credit report, but this should have no impact on your application, and they cant view your mums/ex's report via yours.

As I say even if you get a 0% on balance transfers, there will still be a minimum payment next month, you just wont incur more interest for the 0% time. so if the issue is payment then this might not help you that much?

Can you not borrow £50-100 to cover it for the next few months till it can be paid off?

Kitty_Ears

tink_1983 wrote: »

They need your previous addresses so that they can confirm who you are!
You may have 'financial associations' on your credit report, but this should have no impact on your application, and they cant view your mums/ex's report via yours.

As I say even if you get a 0% on balance transfers, there will still be a minimum payment next month, you just wont incur more interest for the 0% time. so if the issue is payment then this might not help you that much?

Can you not borrow £50-100 to cover it for the next few months till it can be paid off?

This is what I am thinking you know, I've had a panic and some tears. I'm so worried about my bursary finishing so I'm trying to prepare for the worse but I am winding myself up because of it!

tink_1983

The issue with a new card is you will also have 2-3% BT fee, so if your current card not charging any interest at the moment then may not be worth doing it.

try to get next two months minimum payments covered, pay card off in Jan and then start from scratch once your working again...
all the best :-)

unimaginative_user_name

Do you have a firm job offer or copy of a contract in writing that you would take to Santander as proof of future earnings? If you do you could ask for a small increase in your credit limit just to tide you over as they next lot of interest they apply will put you over your limit and you'll get charged. There are no guarantees of course but I agree with the poster who said the likelihood of getting a 0% deal from anywhere else is small.

As you are coming to the end of your degree do you have any books you could sell to those in the year below or on Amazon/ebay just to raise the funds you need to cover your minimum payment? It might be worth trying your local post office sorting office to see if they are taking on casual workers over the Christmas period or as bargainbetty said any local bars, restaurants or shops.

Kitty_Ears

tink_1983 wrote: »

The issue with a new card is you will also have 2-3% BT fee, so if your current card not charging any interest at the moment then may not be worth doing it.

try to get next two months minimum payments covered, pay card off in Jan and then start from scratch once your working again...
all the best :-)

Thank you! at least I got it sorted!

Kitty_Ears

unimaginative_user_name wrote: »

Do you have a firm job offer or copy of a contract in writing that you would take to Santander as proof of future earnings? If you do you could ask for a small increase in your credit limit just to tide you over as they next lot of interest they apply will put you over your limit and you'll get charged. There are no guarantees of course but I agree with the poster who said the likelihood of getting a 0% deal from anywhere else is small.

As you are coming to the end of your degree do you have any books you could sell to those in the year below or on Amazon/ebay just to raise the funds you need to cover your minimum payment? It might be worth trying your local post office sorting office to see if they are taking on casual workers over the Christmas period or as bargainbetty said any local bars, restaurants or shops.

Ah! My nursing library can do some wonder to the world!