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[kharma45]

I have just the one (Vanquis) with a credit limit of £2000. I've currently used £250 of that, and I don't intend to use any more. It's more of an emergency funding source rather than a means of paying for goods.

It's worth using for Section 75 protection alone.

Correct me if I'm wrong, but is this a thing in the UK as well? I've often heard my sister say she's going to get a credit card and use it to boost her credit score. Not sure if it's bullshit.

Anyway, I'm 24 and I only have a debit card.

There are three credit rating agencies in the UK. You don't have one overall credit score.

Having a card and using it properly will make you more attractive to lenders and you'll get better rates than someone who's never held a credit card.

Yes its a uk thing as well.

When my wife and i got a loan many years ago we had to use her name because my credit score wasnt good. Why wasnt it good? Because i had never used a credit card. I had never been in debt or miss paid anything. Now i have had a credit card for my years, pay it off efry month conpletely my score is great.

Its dumb but its needed.

Being on the electoral register helps too.

 

[redlegs87]

Can someone answer this question. What's the lowest credit score you can have to be eligible for a credit card?

It really depends. If you've never had a CC or anything to build credit or just plain bad credit you could try and get a secured credit card with which say you wanted a $250 limit you'd have to put a $250 security deposit for said card.

 

[mrklaw]

I'd say 4.

One for regular use and a backup for larger purposes, and a third that generally sits in a draw at home for emergencies only, or that can be used to shuffle balances around as offers come in. That's 3 and plenty IMO

 

[SprachBrooks]

Yes its a uk thing as well.

When my wife and i got a loan many years ago we had to use her name because my credit score wasnt good. Why wasnt it good? Because i had never used a credit card. I had never been in debt or miss paid anything. Now i have had a credit card for my years, pay it off efry month conpletely my score is great.

Its dumb but its needed.

Government policy around this needs to change. It's illogical and encourages a debt-ridden society because many get credit cards, feeling they have to use them, in order to improve a credit rating.

Guess I'll have to get one now, for fuck's sake. lol

 

[kharma45]

Government policy around this needs to change. It's illogical and encourages a debt-ridden society because many get credit cards, feeling they have to use them, in order to improve a credit rating.

Guess I'll have to get one now, for fuck's sake. lol

And if you're a responsible person using it correctly you'll benefit, as you're proving you can borrow money and pay it back. It's completely illogical to lend someone money with no history of someone being able to pay back what they owe.

It's frankly stupidity and a lack of willpower that gets people into credit card debt. Treat it like a debit card and spend what you actually can afford to, and reap the benefits by proving to lenders you're a responsible person to lend money to, Section 75 protection on purchases and any other benefits like cashback or points you'll get.

I can attest to S75 as Vodafone tried to fuck me over by refusing to honour a warranty on a phone I bought from them that died within 10 months from an inherent fault with the device.

 

[Bad_Boy]

I went without one for 28 years. I started traveling and it didnt seem smart to leave home without one.

I'd say 1 is enough.

 

[NoblesseOblige]

76 is probably too many.

 

[Jokab]

And if you're a responsible person using it correctly you'll benefit, as you're proving you can borrow money and pay it back. It's completely illogical to lend someone money with no history of someone being able to pay back what they owe.

It's frankly stupidity and a lack of willpower that gets people into credit card debt. Treat it like a debit card and spend what you actually can afford to, and reap the benefits by proving to lenders you're a responsible person to lend money to, Section 75 protection on purchases and any other benefits like cashback or points you'll get.

I can attest to S75 as Vodafone tried to fuck me over by refusing to honour a warranty on a phone I bought from them that died within 10 months from an inherent fault with the device.

Frankly I think it's a stupid system that forces people to use a system that may put them into serious debt. In Sweden no bank will look at how you use your credit cards or any credit history. They primarily look at if you pay your bills on time and your income. I've never owned a credit card and probably will in the near future.

 

[Zoe]

Frankly I think it's a stupid system that forces people to use a system that may put them into serious debt. In Sweden no bank will look at how you use your credit cards or any credit history. They primarily look at if you pay your bills on time and your income. I've never owned a credit card and probably will in the near future.

What if you pay your bills with your credit card but you never pay your credit card?

 

[Subpar Scrub]

Ideally you wouldn't have any. I don't as I've never had a use for one.

 

[SMattera]

Ideally you wouldn't have any. I don't as I've never had a use for one.

If you're American, there are so many advantages to using credit cards, that it's simply foolish not to (assuming, of course, that you have the financial discipline to spend within your means).

Most credit cards offer many perks such as:
-Cash back rewards
-Extended warranties
-Charge backs when merchants screw you over
-Access to capital in emergencies
-Fraud protection (vs using debit online)
-Better credit score (can reduce the cost of your mortgage and car payment, etc)

Responsibly used credit cards can literally save you tens of thousands of dollars over your lifetime.

 

[Subpar Scrub]

If you're American, there are so many advantages to using credit cards, that it's simply foolish not to (assuming, of course, that you have the financial discipline to spend within your means).

Most credit cards offer many perks such as:
-Cash back rewards
-Extended warranties
-Charge backs when merchants screw you over
-Access to capital in emergencies
-Fraud protection (vs using debit online)
-Better credit score (can reduce the cost of your mortgage and car payment, etc)

Responsibly used credit cards can literally save you tens of thousands of dollars over your lifetime.

Yeah, a few banks here do cash back on specific purchases (like 2% back on purchases using paywave for the first 6 months under $50, etc).

Luckily Australian consumer law covers when merchants screw you pretty well, and I don't really need it for emergencies or to better my credit score (have had a few small loans that were paid back quickly, recurring phone bill and gym payments further my score etc)

If credit card suppliers in the US offer really good bonuses though then I understand. I'd be able to utilise those well, but I know some friends of mine that would be absolutely awful with a credit card lmao.

 

[NoblesseOblige]

I'll never understand the hate some around here have for credit cards. The convenience alone makes it worth it. But atop of that I get $2-300 in free items a year. I guess if you don't have discipline I could see it being an issue, but I've never missed a payment or paid any interest in the 12+ years I've been paying plastic.

 

[nephilimdj]

Here in Australia, they barely do any checks, 1 platinum card is easy to get. Get the flight lounges, price change insurance (buy something online and goes cheaper the next day). travel insurance and such for 200 odd a year