Card for a 19yo

debrag

I got a BOS at 18 ish with around £1k to 1.5k I had no credit history but was on the electrol role. I ended up with 2 more cards with similar limits not long after.

BugsyBrowne

debrag wrote: »

I got a BOS at 18 ish with around £1k to 1.5k I had no credit history but was on the electrol role. I ended up with 2 more cards with similar limits not long after.

There's a big change in credit scoring now I also got a high limit with MBNA at 19 in the middle of the 1990's and most of that was spent withdrawing cash in Amsterdam.

russxiii

i got a credit card at 18. infact i got two. one with HSBC (my bank) and the 0% Tesco credit card. Both came with a 2k limit.

Only thing i can put it down to is i spent immediately on the HSBC credit card and payed it off every time for a good 8-9 months before applying for the Tesco card. I also took a phone contract out as soon as i hit 18 as my parents would never put anything in their name for me just incase they ended up having to pay it if i lost my job.

My cards now come in extremely handy and i have 2 with 4k limits on at 0% and 2 I've been meaning to get rid of.

BE VERY CAREFUL. I wrote my car off when i was 19 and i had to fork out 1500 quid to get it fixed.....being young i spent all my money on bills and beer and had no savings (didnt spend much on credit cards and if i did i paid it off). I then got sacked out of the blue with that debt on my card (oh btw i paid insurance on my card too, £1300, whole reason of getting the 0% card) so i had stacked up 3k's debt and had no job (got the job back as the manager unfairly dismissed me). But in the 3 months i was out of a job i couldn't make payments and would have lost all promotional offers, fortunately my dad was taking a % of my wage from me each month to put away for when i left home, we used this to pay off my card. If i hadn't had this back-drop i would have been up $%$% creek without a paddle.

Guess what im trying to say is, dont rely on cards (read that you have savings.....). Try to account for disaster without delving into your savings if you can.

Grab a card with your bank to start with and spend and pay off immediately. Come the time your ready to make purchases on your other cards you might just be able to get 0% on purchases.

Oh btw i was on the electoral roll too!

JimmyTheWig

SuperHan wrote: »

They are the rules for ALL cash ISAs... You can only pay in a maximum of £5,640 REGARDLESS of how much money you take out.

Agreed.
And I think Janie might agree with this, too.
I think opssibly her point is that the bank's rules (or the bank's rules for a particular ISA) may be _harsher_ than this.

For example, we're saying that if you've paid in £3000 this year you can withdraw £1000 and then pay it back in at a later date.
But if your ISA is fixed rate for two years with no withdrawals then you can't do this.

rwhunited

Let me clear something up, my parents had money saved for university for me, and instead of going to uni I started an apprenticeship for Network Rail. I was given the money to put in an ISA at 16 when I was allowed, I then deposited the maximum amount each year until now. Therefore that is where my £16k came from.

rwhunited

bodmil wrote: »

Naww, shucks, welcome to the real world where few people can afford to spend £1900 on a holiday without it impacting their usual spending habits.

To be honest "mate" the OP was regarding asking about a card, not your worthless opinion on what I should and shouldn't spend my money on.

smithers1981

i think this whole story smells a bit fishy, need to borrow £3k can't afford to save but have £16k sitting in an ISA think if the OP was made of wood his nose would be starting to grow!

grumbler

smithers1981 wrote: »

i think this whole story smells a bit fishy, need to borrow £3k can't afford to save but have £16k sitting in an ISA think if the OP was made of wood his nose would be starting to grow!

What a nonsense!
It's fully understandable if someone wants a free (or even a low cost) short-term loan not to waste their yearly cash ISA allowance that is nonrecoverable if lost.

However, a person with debts and no savings may find it difficult to understand.

UsetheFORCE

grumbler wrote: »

What a nonsense!
It's fully understandable if someone wants a free (or even a low cost) short-term loan not to waste their yearly cash ISA allowance that is nonrecoverable if lost.

However, a person with debts and no savings may find it difficult to understand.

Will the OP tell us what interest rate they are getting on the ISA???

grumbler

It's a good question, but absolutely OOT.
And even if the rate is low now, this is not a reason for losing the allowance.