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I've got a credit card with a limit of £50 🥺

maxvince
Posts: 4 Newbie

in Credit cards
from Barclaycard Forward,
0
Comments
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Put it in a purse or wallet.
Alternatively, some people slip it inside their phone case.6 -
Make sure you don’t spend more than £50?8
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Use it by either spending on it or use as an ice scrapper in an emergency.
"Life is short even in its longest days".3 -
If you start using it and then paying off in full, after a few months they will allow you to incresase the credit limit.5
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Will keeping this card have a bad impact on my credit? 🤔
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maxvince said:Will keeping this card have a bad impact on my credit? 🤔
What is your goal of having "good credit"? If you don't need to buy a house or anything else on credit - it doesn't really matter.1 -
That does seem a very low limit by any standard - are you sure that's correct?maxvince said:Will keeping this card have a bad impact on my credit? 🤔If you do this regularly you'll likely find they'll offer you an increased limit after a while.In terms of "good" or "bad" credit - ignore the score you'll see when you check your credit report, as it's nothing more than a meaningless marketing gimmick. A good history of responsible credit usage is what's important.1
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Barclaycard forward is a card for people with bad credit or for someone with no credit record to help them improve their credit rating. Are you very young and have you managed credit cards before?
My advice would be use it once or twice a month and don't take it right up to £50 then pay off in full each and every month by direct debit if possible. If you show you can manage it then they will eventually increase the limit.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.1 -
are you sure that's the credit limit and not the annual fee ?!1
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As above, it's a credit-building card. BC advertise it as having "A personalised credit limit between £50 and £1,200"
So the limit will probably rise after you've shown for several months that you can use it responsibly (keep under the £50 limit, pay in full each month). And after another several months, you may find that you are more attractive to credit providers willing to offer larger limits, should you need1
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