Student considering a credit card due to financial hardship (please read properly)

[Deleted User]

I'm not saying the card is ano. It is a very good way of building credit history if you can clear it in full month. If you start carrying a balance on a sub prime card, you will end up in financial difficulties and a poorer history if you are close to your limit and missing payments.

A contract phone can also show credit management. Do you have one?

Get on the ER if you aren't.

Check all three of your credit files and ensure the data is correct.

PeacefulWaters

chazley wrote: »

I do have good credit management. I was doing absolutely fine before my bank removed my overdraft because they explicitly said my credit score was too low.

They don't see your credit score. They use their own internal scoring systems.

Have you even read my post?

Yes. Did you read the bit where I said I found it meandering.

How can I manage money well right now when I have no money to manage?

You stop spending and find ways to earn, even if only short term.

I do not want to live frugally throughout all my studies and want a proper student experience

The proper student experience is living frugally.

Enterprise_1701C

Actually, I find this post very considered for a student.

The best way to improve your "credit score" is to have credit and repay it. If you can get the card I would be surprised if you got a very high limit anyway, keep the spend on it as low as you can each month and make sure you clear it.

If you do not clear your card each month, even if it is by a matter of pence, you pay interest on the WHOLE of what is on that card at the statement date, not just what you did not pay off, this is why cards can be so expensive as a means of credit.

Good luck with getting this sorted, and good luck with your degree, it sounds like one that is actually worth going to uni for.

robber2

You seem fixated on going into debt with a credit card. You have lots of cash coming your way in the next couple of months. Is there no way you can cut things to the minimum, get help from family or scrounge off friends for just a few weeks?

Also as others have suggested as a student frugal living should be your default position.

Good luck with your studies.

Rob

DCFC79

Are you currently working now ?

If you are can you up your hours ?

You asked for overtime once you finish at uni for christmas ?

Sncjw

Can I ask do you need to buy the books. Before buying books use the ones in the uni library. Only buy them if your using it regularly. We were told this at be start of our course .

Candyapple

The simplest solution is to apply for a student bank account elsewhere and make use of the interest free overdraft.

https://www.moneysavingexpert.com/students/Student-bank-account

Natwest are crap, you'd be better off closing your account with them.

If you get another student account, make sure that you understand an overdraft is not free money and will need to be cleared before you graduate. Ideally if you are saying that you've got money due in December and January, then use it until then and make sure that whatever money you use from your overdraft that you use it wisely.

chazley

robber2 wrote: »

You seem fixated on going into debt with a credit card. You have lots of cash coming your way in the next couple of months. Is there no way you can cut things to the minimum, get help from family or scrounge off friends for just a few weeks?

Also as others have suggested as a student frugal living should be your default position.

Good luck with your studies.

Rob

Unfortunately not. My mother struggles financially as is. I am living frugally but I'm concerned.

DCFC79 wrote: »

Are you currently working now ?

If you are can you up your hours ?

You asked for overtime once you finish at uni for christmas ?

I can get a job, but as I've said my course is ridiculously intense, I wont lie, I'm quite over my head at the moment as the work is very detailed and out of my league.. for the time being at least. I am working full time for Christmas yes.

Sncjw wrote: »

Can I ask do you need to buy the books. Before buying books use the ones in the uni library. Only buy them if your using it regularly. We were told this at be start of our course .

We do need to buy books. The ones in the university library aren't that accessible and our e-library only releases books to us based on summative assessments upcoming. This is fine, but it means the modules I struggle with I have to either buy the book or do countless googling.

chazley

Thanks for all the replies guys. I won't be getting a card and will just rely on what I have right now and proper management of funds until the rest of my money comes in. I am not as worried about my score now that you have all explained to me how they judge applications. Thanks everyone, massive help.

Charles

dresdendave

chazley wrote: »

Thanks for all the replies guys. I won't be getting a card and will just rely on what I have right now and proper management of funds until the rest of my money comes in. I am not as worried about my score now that you have all explained to me how they judge applications. Thanks everyone, massive help.

Charles

Well done to the OP for taking on board the advice given, unlike so many who throw a hissy fit when they don't get the replies they were hoping for.