Card for a 19yo

rwhunited

Good evening,

I am currently 19 years old and I am looking for a CC to pay off a holiday and/or car insurance. I have been looking at the Tesco purchases card as this gives 16 months at 0%, but would this be an option worth looking at as I don't want to take out a loan.

I more than double the required income needed to be eligible for the card, but I have no previous credit history as I do have to start with something. So what would you estimate the chances of me being accepted are?

The thing is around the same time I have around £3000 needing to be paid for car insurance, holiday and theme park tickets, I cant afford to save this amount by May but I will be able to pay it off in the months following.

Are there any other cards to look at which would be better for this?

Thanks in advance for any assistance.

Ryan

UsetheFORCE

rwhunited wrote: »

Good evening,

I am currently 19 years old and I am looking for a CC to pay off a holiday and/or car insurance. I have been looking at the Tesco purchases card as this gives 16 months at 0%, but would this be an option worth looking at as I don't want to take out a loan.

I more than double the required income needed to be eligible for the card, but I have no previous credit history as I do have to start with something. So what would you estimate the chances of me being accepted are?

The thing is around the same time I have around £3000 needing to be paid for car insurance, holiday and theme park tickets, I cant afford to save this amount by May but I will be able to pay it off in the months following.

Are there any other cards to look at which would be better for this?

Thanks in advance for any assistance.

Ryan

Doubt you'll get the card and any card you get, I reckon it would have a very low limit, hundreds of pounds.

Are you on the electoral roll, how old is your oldest account, do you have a mobile phone contract.


Try Capital One, Vanquis, Aqua....credit building credit cards.

Also try your bank, they may be willing to give you a card???

Icey370

I got my first CC around 19, but it wasn't anywhere near £3k, I was given an initial limit of £1.5k with M&S. think your be lucky to get £3k initial IMO

rwhunited

I am on the electoral roll, does oldest account count an ISA I originally had with the Halifax and moved over to Santander, as this is about 8 years old if so. Unfortunately my Dad holds the contract to my phone and I pay him, as I wasn't 18 at the time of taking the contract out.

Would having some savings help the possibility of being accepted?

Thanks

rwhunited

I wouldn't be looking for the full 3k limit, as I can save some up until May, £1100 would be enough as I can use this for my car insurance.

Icey370

Unfortunately savings don't show on your credit report.

opinions4u

The thing is around the same time I have around £3000 needing to be paid for car insurance, holiday and theme park tickets, I cant afford to save this amount by May but I will be able to pay it off in the months following.

You're overspending then.

A credit card will add to your costs, not reduce them.

nathand_2

Try a Capital One Classic first. There are others like Aqua and Vanquis which are (supposedly) easier to get but (probably) won't offer such a good starting limit.

My first card was a Cap One last year and they gave me £500. Just over 12 months on and the limit is slightly under 4k.

With no history I think you'll be incredibly luck to even get the 1100 you think you'll need but by May the limit could have gone up. Plus when you've had one card for a few months it'll be easier to get another.

BugsyBrowne

nathand wrote: »

Try a Capital One Classic first. There are others like Aqua and Vanquis which are (supposedly) easier to get but (probably) won't offer such a good starting limit.

My first card was a Cap One last year and they gave me £500. Just over 12 months on and the limit is slightly under 4k.

With no history I think you'll be incredibly luck to even get the 1100 you think you'll need but by May the limit could have gone up. Plus when you've had one card for a few months it'll be easier to get another.

I don't get it TBH capital one only give out £500 limits on their dodgy high interest cards and normally very strict on their limit increases hence the reason they dish these type of cards out in the first place.

How have you managed a 3.5k increase in 1 year?

rwhunited

opinions4u wrote: »

You're overspending then.

A credit card will add to your costs, not reduce them.

Read the whole original post, it will be a card with 16 months at 0%, and the post you quoted said "I will be able to pay it off in the following months" so therefore, I will still be paying the same amount, just spread over a longer period of time, less than 16 months.

opinions4u

rwhunited wrote: »

Read the whole original post, it will be a card with 16 months at 0%, and the post you quoted said "I will be able to pay it off in the following months" so therefore, I will still be paying the same amount, just spread over a longer period of time, less than 16 months.

I've read the post. All of it.

You may well struggle to get a 0% card anyway, but that's not the point I'm trying to get across.

The reality is that far too many people try to spread their finances by borrowing, don't adjust their spending patterns and simply manage to increase the debt that was meant to solve things.

You know you've got a £3k insurance bill coming up, but haven't saved for it. Now you want a holiday too.

I've seen too many people hit this slippery slope at a young age. Patience and saving is better than debt. Even if your intentions with that debt are positive.