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

from Barclaycard Forward,

what should i do  🥺


  • Use it by either spending on it or use as an ice scrapper in an emergency.
    "Life is short even in its longest days".
  • Will keeping this card have a bad impact on my credit? 🤔
  • DE_612183
    DE_612183 Posts: 1,633
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    maxvince said:
    Will keeping this card have a bad impact on my credit? 🤔
    Only if you go into debt and don't repay - having credit available is wierdly a positive thing in the eyes of lenders.

    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.
  • CliveOfIndia
    CliveOfIndia Posts: 1,197
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    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? 🤔
    Credit limit aside, using the card properly will reflect positively on your credit history.  Make a small purchase on it every month (obviously don't exceed the credit limit), wait for the statement to arrive then pay the balance in full before the due date.  Ideally set up a Direct Debit for the full statement balance.
    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.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,325
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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. 

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  • km1500
    km1500 Posts: 2,120
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    are you sure that's the credit limit and not the annual fee ?!
  • Martico
    Martico Posts: 911
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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 need 
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