Do or Don't - Credit Card

Ok, hi guys, I'm new. I need help.
On experian, I have been pre-approved for 3 different credit cards from capital one. I'm very tempted to apply for ONE to help try and improve my credit score and also in theory give me a back up for if I need to pay a sudden expense. The catch.. I have mental health issues and one can cause impulsive spending. I find it rather hard to control at times...
I live with my mother and have a feeling she wouldn't be too keen on me taking out a credit card.. However I am an adult.. and I'm likely to move out and quite a distance away soon. This apart from anything will cost a lot.
I feel having a backup would be a good thing, the risk is me taking too much advantage of it... Does anyone here have mental health or know people with such problems and have an opinion on the pros and cons of people with mental health issues owning credit cards?
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  • Nile
    Nile Posts: 14,930
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    Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.

    I’ve moved your thread from the ‘I wanna’ board to the ‘Credit Cards’ board, where it is better suited.

    Regards

    Nile
    I’m a Forum Ambassador and I support the Forum Team on the 'I wanna' and 'In my home' and Health & Beauty'' 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.10 Dec 2007 - Led Zeppelin - I was there. :j :cool2: I wear my 50 (gold/red/white) blood donations pin badge with pride. Give blood, save a life.
  • Chino
    Chino Posts: 2,029
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    By your own admission you "find it rather hard to control at times... " so no, don't apply for a credit card.

    Otherwise, in a few months time, you will be back here complaining about how the nasty, ruthless credit card company forced you to get a credit card, made you overspend on it and get into debt.
  • eskbanker
    eskbanker Posts: 30,400
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    Chances are that the credit limit you'd get on a first Capital One card won't be particularly generous anyway, but if you're specifically targetting improving your credit score (which isn't seen by actual lenders anyway) then you're perhaps envisaging getting access to more credit in the future?

    I don't have any meaningful knowledge about the impulsive spending issue but if you feel that it's possible you may find yourself spending more than you can afford to repay then that's obviously not a good place to be and is best avoided. There's been quite a lot of work done in this area - admittedly much of it is from the perspective of how to address debt rather than how to avoid it in the first place - but you may find useful information at the likes of:
    http://uk.creditcards.com/credit-card-news/debt-mental-health.php
    https://www.moneyandmentalhealth.org/
    https://www.mentalhealthandmoneyadvice.org/

    It may be that one way of managing the situation is to be up front with a card provider and formally advise them of your situation, and in particular requesting that they don't offer increased credit limits, but I'm not actually recommending you do this (I'm not qualified to do so), just floating a suggestion....
  • I have a mental health diagnosis, that can result in debt through uncontrolled spending. I started using a zero-based budgeting tool such as Classic YNAB in 2012 and never looked back. I also have an OCD personality disorder, which means that since I have the tool (YNAB), I feel compelled to make my books balance.

    A card from a sub-prime lender, such as CaptalOne, Aqua, Tesco Foundation are ideal for building a stable credit history. A starting credit limit is not large enough to cause any realistic debt problems. This means you can test the water without much risk of getting scolded. Just remember, you can only spend on your card, for things that are in your normal monthly budget (ie groceries and monthly travel costs). If you stick to your budget, you start building evidence demonstrating an ability to successfully manage a credit account (ie a good credit history). :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Thank you for the advice!
  • Do you have stable paid employment that you believe will continue or benefits that are not likely to be taken away from you at some kind of review in the foreseeable future?

    How have you managed your compulsive behaviour whilst living in the safety of the home environment?

    Personally, I think you should get used to living on your own and within your means first and learn to budget with your own cash and manage your own cash-flow before you start down a road that could tempt you into overspending and creating serious debt problems.

    All that said, I am only guessing what might be best for you. Willing2learn seems to have travelled this road already; maybe they are best to steer you.
  • … I think you should get used to living on your own and within your means first and learn to budget with your own cash and manage your own cash-flow before you start down a road that could tempt you into overspending and creating serious debt problems.

    All that said, I am only guessing what might be best for you. Willing2learn seems to have travelled this road already; maybe they are best to steer you.
    I'm not trying to steer the OP in any direction. I was trying to convey the importance of using good basic budgeting to mitigate against the chances of financial disaster.

    YNAB is expensive now, but the OP can still use MSMoney or Excel spreadsheet to manage their budget successfully, to the point where a credit card can be a viable option. It is all about having a budgeting method in place imho :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • I'm not trying to steer the OP in any direction. I was trying to convey the importance of using good basic budgeting to mitigate against the chances of financial disaster.

    YNAB is expensive now, but the OP can still use MSMoney or Excel spreadsheet to manage their budget successfully, to the point where a credit card can be a viable option. It is all about having a budgeting method in place imho :)


    Understood - not trying to push you or OP together or OP down a particular route. Just thinking that the voice of experience is often better than the well-intentioned guesswork that is often provided.
  • jimbo26
    jimbo26 Posts: 954
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    There are numerous posts on this forum about people with similar issues as you, they have all got themselves massively into debt. I would avoid the temptation if I were you.
  • jimbo26 wrote: »
    There are numerous posts on this forum about people with similar issues as you, they have all got themselves massively into debt. I would avoid the temptation if I were you.

    and numerous people like me who have severe mental health problems and use credit just fine with no issues. We just don't post about it, as there's no reason to.
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