credit card with deferred income

fredjk

Hi,


First time using this forum.


I have a job offer starting in September in which I get a sign on bonus when I join.


I would like to go travelling for a few months before I start but lack enough money at the moment.


What are my chances of getting a 0% interest credit card?


My plan is to borrow a couple of thousand pounds on this credit card and then pay it all off when I start my job in September.


Thanks.

Stevie_Palimo

How long is a piece of string and nobody can you tell you yes or no to gaining a credit card and the advice would be do not spend what you do not have.

fredjk

The issues with getting a credit card is that now I am not earning income but from September I will have a very good salary... and I'm not sure if banks will take that into account when deciding to approve for a credit card.


May go into a branch and speak to someone to explain.

Stevie_Palimo

Your saying in September so it is a very long wait until the job starts so getting any form of credit without any income will be difficult for you I believe, As you do not have the money to travel why would you want to look at gaining credit in order to do so here ?

fredjk

Yeah the fact I start in September is what I'm worried about.


I want to travel because this is the only time in the foreseeable future I will have time to do so and want to make the most of it and gaining credit will allow me to go for longer.

Candyapple

fredjk wrote: »

The issues with getting a credit card is that now I am not earning income but from September I will have a very good salary... and I'm not sure if banks will take that into account when deciding to approve for a credit card.


May go into a branch and speak to someone to explain.

If you put down 0 income, you will have the same likelihood of receiving a card.

Think about it logically, why would a card company issue you with a high limit if you have no way of repaying them? Regardless of you starting this job in September, if you went travelling say in May, that's still 4 months of minimum payments you would need to make.

Also, if you lied on your application, all your details will be stored on the National Hunter database and may come back to bite you in the backside later down the line.

fredjk

ok thanks Candyapple.


I do have some savings though.


So what if I was to use some of my savings to meet the initial payments (up until I get the my bonus in September)?

than_prutt

Borrowing money to go travelling with no income for the next 9 months is a very bad idea. Things and situations can change very quickly, never mind 9 months, especially when you are travelling.


If the job you are getting is good then I'm sure there will be future opportunities for holidays and travelling. AND with more money to spend!!


Stevie Palimo is correct, don't spend what you don't have.

Mulder00

Well you have no job or income now. I'm not aware of any application forms which want to know what you will be earning in 9 months time.

fredjk

But even though I do not currently have income I do have savings.


So I was thinking I could use my savings to meet the initial payments and by September by bonus will have come in and I can use that to pay it completely off?

Candyapple

fredjk wrote: »

But even though I do not currently have income I do have savings.

So I was thinking I could use my savings to meet the initial payments and by September by bonus will have come in and I can use that to pay it completely off?

Regardless of your savings, what would you put down in the employment and salary section of the application form? You can't put down your future employers details and a start date of September 2016 lol.