i dont understand!

dcy_2

Hi all, i want to move out my parents house, and need £1000 for a deposit. Is there a way of getting this amount on a card with 0% finance? like a balance transfer or similer? I have never owned a card, and dont really understand how they work. so any advise will be much appreciated.

CLAPTON

have you worked out a budget and confirmed you have enough money to afford to live away from home?

why haven't you saved up some money if you are living at home?

how will you pay back the 1000 if you do borow it?

without a credit card already you have very little prospect of getting a 0% card

do you earn money.. how much?

dcy_2

i dont have much choice not to move out. My parents have anounced they are leaving in 1 month so i have had no time to prepare and save.

i earn around £300 a week, and my girlfriend around £800 a month. Rental cost of property we are looking at are £120-£150 a week.
I would be able to pay the card off in around 6months, but if could have longer that thats alway a good thing.

nic01_2

Clapton is right about getting a 0% might not be easy but if this is the only option you could look for one which will give you a longer term on 0% for purchases. A balance transfer is putting a bal from one card to a new 0% card so you couldnt do this straight away, BT 0% is usually longer that 0% on the purchase part of the card.

Hope this helps a little

Nic

YorkshireBoy

nic01 wrote: »

Clapton is right about getting a 0% might not be easy but if this is the only option you could look for one which will give you a longer term on 0% for purchases.

OP needs £1,000 cash (within a month), so a purchases card is unlikely to be useful.

A balance transfer is putting a bal from one card to a new 0% card so you couldnt do this straight away

Some cards (MBNA, Egg, etc) offer BT's from overdrafts, which would appear to suit the OP down to the ground...if his lack of history doesn't hinder him.

Another option could be an overdraft facility from his/her/their banks. Shouldn't cost a lot of money, especially over such a short (6 month) period.

CannyJock

dcy wrote: »

Hi all, i want to move out my parents house, and need £1000 for a deposit. Is there a way of getting this amount on a card with 0% finance? like a balance transfer or similer? I have never owned a card, and dont really understand how they work. so any advise will be much appreciated.

You could try and apply for a Virgin Money card, they're offering 15 months at 0% and you can transfer the money directly into your current account. There's a 2.98% fee and you can only transfer 95% of your maximum credit limit. You need to be 18 or over for this, have a UK bank account and live in the UK.

You might have problems getting a credit card if you've never had one before and not on the electoral register, but on the flip side maybe better to apply before you've moved to a new address and become a rental tenant that probably won't do you many favours from a credit point of view.

If you've done the budget numbers, you could always ask your parents for an interest-free loan and set up a standing order to repay them at say £ 100 per month?