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 Will this have an Adverse effect on my Credit Rati

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T O P I C    R E V I E W
spices100 Posted - 02 February 2011 : 14:47:20
i was discharged in July 2010 and have had a credit card for a few months now, using it for small purchases to improve my credit rating. I have always paid back the full amount of statement.


I need a car so that i can look for work, I can get a cash advance of £1000 at 16% APR from my credit card. Just wanted to know if i only make minimum repayments (£25) for a few months till i get a job sorted will this go against my Credit Rating in a negative way ?

4   L A T E S T    R E P L I E S    (Newest First)
Niobe Posted - 02 February 2011 : 17:08:50
I hate to sound negative but you may not find work before racking up loads of interest on your card.

I've run up debts using cash on the cards, and I don't recommend it!

Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.

Jan
xx
RHB Posted - 02 February 2011 : 16:20:17
I personally wouldn't until I had work. When you say looking for work do you mean to go to interviews? Might work out more efficient to take a taxi than start racking up interest.
Niobe Posted - 02 February 2011 : 16:18:40
I would not advise taking money out on a credit card - you will be charged the interest from day one. If you make the minimum payments then the interest is just going to accumulate and next month it won't just be £25.

Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.

Jan
xx
Richard P Posted - 02 February 2011 : 15:00:33
Spices to clear the minimum will not have agreat effect on your rating but please be careful my friend. The slope backwards to credit debt is easy to fall into.

I appreciate the need for a car and transport for a job but can it be avoided.bus,lift share,Tube, £200 banger, cycle.... I know what you are screaming at the computer i live in deepest darkest Wiltshire, we have only just got electricity so buses and trains are rare.

regards Richard

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