Credit Card Question

[Bogus Dave]

But will I be able to get credit in teh future, if i need to make a crazy purchase, like a mega holiday or a mortgage?

[Bogus Dave]

I mustn't have explained myself well. If i did get one now, i'd use it for small amounts, and pay it off asap. The only reason would be to allow myself to get larger credit easier in the future if i needed it.

[tans]

I think you should get a couple, get massive limits on them and spend it all on hookers and drugs.

YOLO.

[walcot red]

Dunno about graduate, but they did have a student credit card.  I got one and regret it to this day!

Dont do it!  Great idea in principle shit in reality.  I started off with a tiny limit which month by month got bigger!  The relief when I paid it off after uni was the best thing ever!

I have frozen mine, stuck them in a bowl filled with water and put it in the freezer. Definatly stops me from impulse buying crap I don't need.

[walcot red]

But will I be able to get credit in teh future, if i need to make a crazy purchase, like a mega holiday or a mortgage?

You should be able to, if you've got Direct Debits, A phone contract, sky or virgin etc shouldn't have much problem getting credit in future.

[4D]

Isn't this in the wrong section?

[walcot red]

Isn't this in the wrong section?

 

[Simon Pieman]

Sign up to a free trial of Experian and download your credit report. You'll be surprised of the history in there. Mobile contracts will be listed for example. It will also give you a credit score.

It's all about ability to borrow and repay. More lines of credit may in fact impact your score for the worse.

[AldbourneRed]

I mustn't have explained myself well. If i did get one now, i'd use it for small amounts, and pay it off asap. The only reason would be to allow myself to get larger credit easier in the future if i needed it.

If you have the willpower to not spend loads on it, and to pay it off every month, then it's not a bad idea. I put almost everything that isn't a direct debit on my credit card, but make sure I can always pay it off every month and so don't ever pay a penny in interest.

As far as making larger credit easier to get in the future goes - it kind of depends on what sort of credit you mean.
If you're talking about getting another credit card then it's not such a good idea, the other credit card company will see you've already got the first card and might decide your circumstances can't support 2 cards, and so could turn you down for the 2nd.
But, if you're talking about a mortgage or a loan then having a history of always paying off a credit card can help the application - it proves you're a reliable borrower who's less likely to miss payments.

As Walcot Red already said, if you have a mobile phone, sky, virgin etc contract then that will already be on your credit file and will show you as (hopefully) reliably making those payments, so a credit card won't add much in that case.

[Bogus Dave]

Okey dokey. Cheers folks

I've got a phone contract, and the virgin account was in my name last year. So i'll probably hold off on the credit card front.

[Notts red]

I think you should get a couple, get massive limits on them and spend it all on hookers and drugs.

YOLO.

OMFG, YOLO has made it onto the TEF. 

[Samdy Gray]

I have one. Like AldbourneRed, I use it for purchases during the month then pay it off in full before interest accrues. The advantage is my money stays in the bank longer and earns interest and I also earn cashback on purchases.

I'm assuming those saying "avoid/don't do it" have got themselves into trouble, for which they only have themselves to blame.

If you're sensible and self-disciplined enough, there's no reason not to have a credit card.

[fittons_coaching_badge]

I have one. Like AldbourneRed, I use it for purchases during the month then pay it off in full before interest accrues. The advantage is my money stays in the bank longer and earns interest and I also earn cashback on purchases.

I'm assuming those saying "avoid/don't do it" have got themselves into trouble, for which they only have themselves to blame.

If you're sensible and self-disciplined enough, there's no reason not to have a credit card.

You know me too well!

[yeo]

I've got 30k worth of credit card debt and no way of paying it off and nothing what so ever to show for it,spending the 1st 20 was fun though the rest was spent trying to stay above water.In a DMP now,means I don't have much cash for 7 years but hey ho.Probably best if I don't live much after 70 or ever get ill though.

[Gethimout]

I do the same as AldbourneRed. Be sensible with it and rather than impulse buying, leave it for a week and see if you still want the product. 90% of the time you won't. If you do, start shopping around for lower prices. That's what i always do.