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spices100
New Member
67 Posts |
 Posted - 02 February 2011 : 14:47:20
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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 ?
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 02 February 2011 : 15:00:33
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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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 February 2011 : 16:18:40
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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
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RHB
Senior Member
1159 Posts |
Posted - 02 February 2011 : 16:20:17
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| 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. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 February 2011 : 17:08:50
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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
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Will this have an Adverse effect on my Credit Rati
