First credit card, tips and advice please?

nettynoodle

Hello,

So the pin number for my very first credit card arrived this morning. Its with Capital One and a tiny £200 credit limit.

I was in a relationship and I didnt manage our finances. When we separated I had so much debt. Three years on I'm starting to see the wood through the trees, however I am now a single parent, HE student, money is tight, we are now living in rented accomodation with zero social life.

I applied for this credit card, to help repair my credit history and also for emergencies. However if I only use it for emergencies it won't help the credit history situation, is that correct? I'm worried about incurring interest I can't afford. So can some clarify to me simply how I achieve this. Many thanks in advance.

ChopperST

You've posted in the Stoozing forum you are probably best posting in the credit card forum or asking an admin to move it for you.

Really simple what you need to do. Pay for a weekly shop or a tank of fuel on the card every month and set up a direct debit to pay the full amount off every month without fail. This will show on your credit files to prospective lenders and demonstrate you are responsible with credit.

PS - Don't use a credit card for emergency spending. Save 3-6 months salary / outgoings in a instant access account. Using credit to get you out of a sticky situation is a one way ticket to trouble.

Good luck.