0% credit cards when you don't have lots of credit

Twisted_Cherry

I think you stand a chance to get a card with a low APR if not 0%. I have two friends (30's and 40's) both who still live at home with there parents and always have. They both work full time and have varying different forms of credit with organisations. Both have cards at 0% APR.

I would check your credit files first to check they are up to date, before applying. Perhaps go through your bank especially if you have been with them for sometime.

nikki2009_2

Twisted_Cherry wrote: »

I think you stand a chance to get a card with a low APR if not 0%. I have two friends (30's and 40's) both who still live at home with there parents and always have. They both work full time and have varying different forms of credit with organisations. Both have cards at 0% APR.

I would check your credit files first to check they are up to date, before applying. Perhaps go through your bank especially if you have been with them for sometime.

This is exactly the type of comments I was looking for, so thank you very much! People need to take out loans, finance ect, a normal person on an average salary cannot afford to just spend £7000 or £8000 on a car in cash!

Liliyanna

Try using a soft search, it will tell you the % chance of being accepted for these cards, soft search info will be somewhere in the credit card section of the main site.

Failing that bite the bullet and apply

Good luck

Lily x x

Cycrow

nikki2009 wrote: »

% of debt to earnings is around the 38% mark.

The more important figures would be the % against your wages and total credit (not just debt, but also what you have available)

and the % utilisation of that credit.

assuming you don't max out your credit, its likely you may already have too much credit for your salary so you could struggle getting any more.

your lack of credit cards could also go against, especially for the more premium cards

CLAPTON

nikki2009 wrote: »

Not that it's any of your business but I do have savings, ISA's ect these are for my future e.g. mortgage deposits ect. To say I have poor financial judgement is very judgemental on your part, I only gave the information in my first post as I thought it could help people give me advise rather than judge me, but frankly I wish I'd not bothered!

if you are saying that you have savings, presumably earning a couple of percent at max, but are paying debt presumably at ... well you tell us at what % then that again shows poor financial judgement.

this is advice not judgment

-pay off debt with savings unless your APR on debt is less than your AER on savings

-save for things like cars, holidays, moving out of home, etc

-ignore that fact that other people routinely borrow (often at high APRs) for cars and routinely pay silly rate of interest on credit cards for years and years

-make good use of credit cards- use then regularly for ordinary expenditure but ALWAYS pay in full (unless 0% on purchase and then always pay in full when promotion ends)

-once you establish a good CC history then get a card with benefits ; maybe cashback or one with discounts etc

-also note, that here on the boards is like life in general; what you want to hear isn't always in your best interest

Jono987

Just ignore clapton, were not all like that

I would try applying for one with your bank, going in and explaining to them why you need it.

CLAPTON

Jono987 wrote: »

Just ignore clapton, were not all like that

I would try applying for one with your bank, going in and explaining to them why you need it.

which particular part of my post do you disagree with and would ignore

if you are saying that you have savings, presumably earning a couple of percent at max, but are paying debt presumably at ... well you tell us at what % then that again shows poor financial judgement.

this is advice not judgment

-pay off debt with savings unless your APR on debt is less than your AER on savings

-save for things like cars, holidays, moving out of home, etc

-ignore that fact that other people routinely borrow (often at high APRs) for cars and routinely pay silly rate of interest on credit cards for years and years

-make good use of credit cards- use then regularly for ordinary expenditure but ALWAYS pay in full (unless 0% on purchase and then always pay in full when promotion ends)

-once you establish a good CC history then get a card with benefits ; maybe cashback or one with discounts etc

-also note, that here on the boards is like life in general; what you want to hear isn't always in your best interest

Jono987

CLAPTON wrote: »

which particular part of my post do you disagree with and would ignore

I would have started ignoring you after your attempt to be patronising and rude :beer:

CLAPTON

Jono987 wrote: »

I would have started ignoring you after your attempt to be patronising and rude :beer:

won't give people bad advice just because you don't like me

ricky_v

I agree, best pay off the store card and within the loan's terms, the car finance. If you have debts where the APR is more then your saving's net AER then they should be paid off with the savings ASAP, leave a small amount of savings to pay your bills incase you loose your job (how big the savings is up to you and your circumstances). Aim to not pay any interest at all (with the exception of a mortgage)

As Lilyanna said use the eligibility tool for your 0% card, no harm in using it, then make your desicion based thereafter.

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards#preapply

Good Luck!:)