When is it best to apply for a credit card

Andronyme

Hi everyone,

I usually tend to find my answers through each others thread but this time I'd rather ask for help.

I am 24, I've got dual nationality but I have always lived in France until January 2014. I now live in England as a private tenant. I have resign from work after my 6 months maternity leave. Here's my issues :

I've got between 19000 - 20000 pounds into an ISA. My interest rate dropped so I went to look for a current account. Obviously the Santander 123. Then surprise, I have been refused ! So I went to check on my credit report through Experian 30 days trial (as it is more accurate). My score is 799 out of 999. My main problems if I understand right is that I haven't been in England for 6 years or more (so nothing show up at all) and there is obviously not much proof of credit. All I can see is my water bill and my Barclay account management. I am then willing to apply for a credit card but I don't know when. Should I do it now ? Also is there a specific credit card I should look for ?

Thank you

Candyapple

I think the problem you will find above anything else is that you are unemployed/no income coming in, regardless of how much money you have in savings.

Andronyme

I still receive 552 pounds from my maternity allowance and that until December. I do receive child benefit which I am not using it goes straight to my son's savings. And my partner gives me 900 pounds to cover bills and saving. 500 pounds of those 900 goes into our saving as he owe me money (I have paid off his debt). The 400 pounds left are used for the household bills and extra like presents, day out. I have and I keep dropping my bills down as much as possible.

We are both chefs, I was a full time chef in a hotel restaurant. I have asked my boss if he would be flexible on my hours, I was willing to start much earlier (breakfast/lunch) rather than 10 am until midnight. I have discussed with several childminder and obviously the answer is get a nanny. Definitely not worth it. I am currently trained at the children center to help them as a volunteer and possibly in a year time or less to become teacher assistant part/full time and then be able to cover childcare costs.

Even considering the credit card eligibility calculator should I restrain myself to apply for those card whom it seems I've got 70% chance due to the fact I am unemployed ? I've entered as an income 900 x 12 = 10800 pounds.

Candyapple

There is no such thing as a credit score in the UK, it means nothing here just a made up number sold to you for marketing purposes by the credit reference agencies.

You should also check your Equifax and Call Credit files too to give you an all round picture.

Are you on the electoral roll - if yes, does this show on all 3 reports?

Also, if you've only been living here for less than 2 years you may find yourself being excluded from many mainstream lenders who require a minimum of 3 years history in the UK.

I think Barclaycard allow you to apply as long as you've been here for 3 months. Also, you can't just put down £900 per month income because what are you going to put for 'Employers Details and dates you started' section? Don't forget if you lie on the form, it will come back to bite you later and you might also find yourself on the CIFAS / National Hunter databases.

You would probably fare better if you entered unemployed/on benefits and used the maternity allowance as your income.

Andronyme

Ok, I understand. Thank you very much for you help.