Chortlepuss Posted March 18, 2016 Share Posted March 18, 2016 Back in the UK after 9 years. My UK credit card lapsed in my absence and it would be pretty handy to have another. I've got very healthy savings and own a home so a lot of collateral but no income - I work as an IT contractor but have yet to secure a contract (only back a couple of weeks). My bank have already said I can't have a credit card, even a very low balance one due to no regular income. According to bank do have an excellent rating score though (the best - not that it helps) I looked at pre-paid credit cards where you deposit a sum but they only give you about £200 as a limit (I'd want about £3k). My hubby will probably secure temp work as well (supply teaching). i always pay credit card balances off each month but it would be handy to have one to organise my purchases, provide protection of purchases and build up a credit history again. Is it worth applying for one of the dubious 'poor credit rating' cards or should I just suck it up, continue paying for stuff in cash/debit card and hope my bank will be sweeter once I've secured a contract? Quote Link to comment Share on other sites More sharing options...
Guest Posted March 18, 2016 Share Posted March 18, 2016 I'd not apply for one of the dubious ones. Credit cards have become much harder to get in recent years and for good reason. If you have the money in your account I don't see what the problem is paying on a debit card personally. They are fine and saves having to worry about paying a bill to clear a balance each month too. If later on your want a card, try again but you may find you don't miss it anyways by then. We mostly used our debit cards for stuff in the UK. We had credit cards but in this day and age, most things can be bought and paid for with ease with a debit card. Quote Link to comment Share on other sites More sharing options...
Patphillips47 Posted March 18, 2016 Share Posted March 18, 2016 Back in the UK after 9 years. My UK credit card lapsed in my absence and it would be pretty handy to have another. I've got very healthy savings and own a home so a lot of collateral but no income - I work as an IT contractor but have yet to secure a contract (only back a couple of weeks). My bank have already said I can't have a credit card, even a very low balance one due to no regular income. According to bank do have an excellent rating score though (the best - not that it helps) I looked at pre-paid credit cards where you deposit a sum but they only give you about £200 as a limit (I'd want about £3k). My hubby will probably secure temp work as well (supply teaching).i always pay credit card balances off each month but it would be handy to have one to organise my purchases, provide protection of purchases and build up a credit history again. Is it worth applying for one of the dubious 'poor credit rating' cards or should I just suck it up, continue paying for stuff in cash/debit card and hope my bank will be sweeter once I've secured a contract? we had the same a while back ,cash in the bank a house we had bought outright but no credit rating so we paid for everything cash by debit card Kept the savings in a separate account Justin Case who is a good friend of mine I was in the bank one day probably 6 months after our return and the teller advised me we could have a card ,she told me I didn't ask To start with it was only £500 so I used it as much as I could and paid it off each month within 12 months they kept upping the limit We have also been told a home phone and being on the electoral roll helps When we came back in 2013 Virgin Media for home phone etc actually took my Aussie address and gave us the TV plus package Quote Link to comment Share on other sites More sharing options...
Rachel Tilley Posted March 19, 2016 Share Posted March 19, 2016 Hi Chortlepuss, Have you only tried to get one with your bank? Mine is through one of the large supermarkets (Tesco) and I've had it for years. Like you, I pay it off each month and I've never paid any interest on it but I use it to buy everything in order to earn points. Every quarter Tesco convert the points in to cash and send me vouchers. So for example, if I get £20 in Tesco vouchers I can either spend them in Tesco towards my shopping or fuel and they equate to £20, or I can convert them online in to vouchers for other places and they are worth four times the face value, so £20 becomes £80. I find that a really handy way to use them. As it's half term this week I've just turned £10 of my Tesco vouchers in to £40 of Pizza Express vouchers so I can have a slap up meal with my son and it won't cost me a thing! I know not many people are fans of credit cards, but I use it to my advantage and over the years I've had about £1000 worth of vouchers that have given me days out at Blackpool Pleasure Beach, Blackpool Tower, Drayton Manor Theme Park, Alton Towers Theme Park, meals at Bella Italia, Ask, Pizza Express, Cafe Rouge. You have so many options to use them on. Quote Link to comment Share on other sites More sharing options...
Guest Priscilla101 Posted March 19, 2016 Share Posted March 19, 2016 Check out "money saving expert" for advice on credit and cards etc Quote Link to comment Share on other sites More sharing options...
Guest Posted March 19, 2016 Share Posted March 19, 2016 Will you contract through a limited company? I applied for a business Amex when I got back and was approved no problem. It's not a credit card but from what you've said that doesn't matter. I do almost exclusively use it for business expenses but it doesn't matter if you use it for personal expenditure too so long as you pay it off. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 19, 2016 Share Posted March 19, 2016 I'd not apply for one of the dubious ones. Credit cards have become much harder to get in recent years and for good reason. If you have the money in your account I don't see what the problem is paying on a debit card personally. They are fine and saves having to worry about paying a bill to clear a balance each month too. If later on your want a card, try again but you may find you don't miss it anyways by then. We mostly used our debit cards for stuff in the UK. We had credit cards but in this day and age, most things can be bought and paid for with ease with a debit card. Not everything can though, checking into a hotel requires a credit card as does car hire - either that or you have to be willing to pay a deposit up front. Also debit cards do not give you the same consumer protection as credit cards - I always book holidays with credit cards for that reason, and any major purchases as you can claim the money back from the credit card company if things go wrong - not the case with a debit card. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted March 19, 2016 Share Posted March 19, 2016 Get the low balance credit card offered now and use it to its max. Pay it off every time. They will soon up your credit limit. Quote Link to comment Share on other sites More sharing options...
Sustain Posted March 19, 2016 Share Posted March 19, 2016 Back in the UK after 9 years. How have you found the area since you left? We left in 2005 so wondering how the pricing in places like brighton, lewes Haywards Heath Horsham are for large family house (5/6 bed). Not sure if you flew in via Gatwick or Heathrow, expect changes on M25? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 19, 2016 Share Posted March 19, 2016 Back in the UK after 9 years. My UK credit card lapsed in my absence and it would be pretty handy to have another. I've got very healthy savings and own a home so a lot of collateral but no income Same position as us, and we could not get a credit card at first, anywhere! After about six months, we did get a basic credit card with a tiny limit from Barclays. I've done some research and apparently your credit rating doesn't take your assets into account whatsoever. Getting on the electoral role will get you started, but otherwise the only way to build a rating is to gt into debt - that means getting a loan or using a credit card, and paying it off on time. So the quickest way to get one is, indeed, to apply for one of those "poor credit rating" cards, use it to pay for small purchases every month and pay it off. Quote Link to comment Share on other sites More sharing options...
Parley Posted March 20, 2016 Share Posted March 20, 2016 I would probably just use a debit card too. If you have money you don't need a credit card. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 20, 2016 Share Posted March 20, 2016 I would probably just use a debit card too. If you have money you don't need a credit card. About 10 years ago we bought furniture to the value of over £1000 withour credit card. With furniture you pay up front and then wait several weeks for delivery. Between purchase and delivery the business (Courts) went into Receivership. We would have lost over 90% of our money if we had paid by debit card. The same scenario happened to my parents around 1990 when they purchased curtains. Credit cards do have their uses even if you have the money. Quote Link to comment Share on other sites More sharing options...
NicF Posted March 20, 2016 Share Posted March 20, 2016 I would probably just use a debit card too. If you have money you don't need a credit card. I have a credit card that I pay off in full every month. I earn flybuys points on all my purchases on the card which I then convert to dollars that I use on my groceries. I probably save around $50 - $100 a year doing this. The money that I use to pay off my credit card sits in my savings account offsetting against interest on my mortgage until I use it to actually pay the credit card. I save somewhere in the region of $150-$200 a year on interest doing this, which is $150-$200 a year extra paid off on my mortgage which equals even bigger savings over the life of the mortgage. If if you have money you can make it work much harder for you by having a credit card. It does take discipline to only buy what you can afford and would have bought with cash anyway, but it can actually save you a fair bit in the long term. Quote Link to comment Share on other sites More sharing options...
Chortlepuss Posted March 20, 2016 Author Share Posted March 20, 2016 How have you found the area since you left? We left in 2005 so wondering how the pricing in places like brighton, lewes Haywards Heath Horsham are for large family house (5/6 bed). Not sure if you flew in via Gatwick or Heathrow, expect changes on M25? Brighton and Lewes prices have now been affected by London commuting to the extent that a large house of that type would be in the £1 million mark. It's terribly sad - what used to be diverse working class areas are now starting to look and feel like gentrified parts of London. They are still beautiful places to live but there is no hope for youngsters to live independently. Our house is in a village out of Lewes so hasn't gone up by a huge amount but it's still difficult for young families to establish themselves. Back on track - my bank have refused me a credit card till I'm working so I'll just have to be patient. Thx for all replies. I would like a credit card as it's easier for me to track my expenses, I'd like the benefits (Tesco one sounds great) and I like the consumer protection offered. Meanwhile to be fair, using cash for everything is making me very aware of what I'm spending so no bad thing I guess ... On another note, I've re-discovered LIDL - lobster a fiver, ostrich and wild boar steaks!! It's changed a tad in my absence!! Quote Link to comment Share on other sites More sharing options...
Sustain Posted March 20, 2016 Share Posted March 20, 2016 Brighton and Lewes prices have now been affected by London commuting to the extent that a large house of that type would be in the £1 million mark. It's terribly sad - what used to be diverse working class areas are now starting to look and feel like gentrified parts of London. They are still beautiful places to live but there is no hope for youngsters to live independently. Our house is in a village out of Lewes so hasn't gone up by a huge amount but it's still difficult for young families to establish themselves.Back on track - my bank have refused me a credit card till I'm working so I'll just have to be patient. Thx for all replies. I would like a credit card as it's easier for me to track my expenses, I'd like the benefits (Tesco one sounds great) and I like the consumer protection offered. Meanwhile to be fair, using cash for everything is making me very aware of what I'm spending so no bad thing I guess ... On another note, I've re-discovered LIDL - lobster a fiver, ostrich and wild boar steaks!! It's changed a tad in my absence!! My plan is to buy before we return and let our friends live in it for one or two years (allowing them to save for their deposit - they have as you probably found with many of the younger generation no chance unless increase in income or drop in outgoings. Lewes is a gem of a place, especially around November 5th Quote Link to comment Share on other sites More sharing options...
Parley Posted March 20, 2016 Share Posted March 20, 2016 I have a credit card that I pay off in full every month. I earn flybuys points on all my purchases on the card which I then convert to dollars that I use on my groceries. I probably save around $50 - $100 a year doing this. The money that I use to pay off my credit card sits in my savings account offsetting against interest on my mortgage until I use it to actually pay the credit card. I save somewhere in the region of $150-$200 a year on interest doing this, which is $150-$200 a year extra paid off on my mortgage which equals even bigger savings over the life of the mortgage. If if you have money you can make it work much harder for you by having a credit card. It does take discipline to only buy what you can afford and would have bought with cash anyway, but it can actually save you a fair bit in the long term. Flybuys is hopeless in my opinion. I do use a credit card but really the loyalty schemes are pretty hopeless these days and as you say most people will overspend if they use a credit card. I'm sure we have all spent more on a credit card than we would if we were pulling cash out of our wallet or purse. And if you have to pay a yearly fee for your credit card it is very marginal. Quote Link to comment Share on other sites More sharing options...
dmjg Posted March 20, 2016 Share Posted March 20, 2016 (edited) I have a credit card that I pay off in full every month. I earn flybuys points on all my purchases on the card which I then convert to dollars that I use on my groceries. I probably save around $50 - $100 a year doing this. The money that I use to pay off my credit card sits in my savings account offsetting against interest on my mortgage until I use it to actually pay the credit card. I save somewhere in the region of $150-$200 a year on interest doing this, which is $150-$200 a year extra paid off on my mortgage which equals even bigger savings over the life of the mortgage. If if you have money you can make it work much harder for you by having a credit card. It does take discipline to only buy what you can afford and would have bought with cash anyway, but it can actually save you a fair bit in the long term. This is what we do, absolutely everything we can goes on the credit card, but the savings are larger than what you have, About $130 per month off mortgage, Plus $1000 off fights from flightcentre with the points over 3 years. Card Costs $400 per year annual fee. ETA - plus free travel insurance for the whole family, good coverage too. Edited March 20, 2016 by dmjg Quote Link to comment Share on other sites More sharing options...
Rachel Tilley Posted March 22, 2016 Share Posted March 22, 2016 I have a credit card that I pay off in full every month. I earn flybuys points on all my purchases on the card which I then convert to dollars that I use on my groceries. I probably save around $50 - $100 a year doing this. The money that I use to pay off my credit card sits in my savings account offsetting against interest on my mortgage until I use it to actually pay the credit card. I save somewhere in the region of $150-$200 a year on interest doing this, which is $150-$200 a year extra paid off on my mortgage which equals even bigger savings over the life of the mortgage. If if you have money you can make it work much harder for you by having a credit card. It does take discipline to only buy what you can afford and would have bought with cash anyway, but it can actually save you a fair bit in the long term. That's exactly how I use a CC to my benefit too! Most UK credit cards don't have any annual fees at all so it really doesn't cost me anything to have one. On the odd occasion it does cost an extra 2% to buy on a credit card then I'll use the debit card, but apart from holidays there is very little I buy that I would have to pay the extra percentage on for the privilege of using a credit card. I turned a credit card down when I lived in Oz because I didn't want to pay an annual fee for one so I continued to use my UK one. As the exchange rate was in my favour at that time it actually turned out cheaper for me to pay the dollar rate and have it converted to the GBP rate for final payment. Quote Link to comment Share on other sites More sharing options...
The Raillys Posted March 22, 2016 Share Posted March 22, 2016 (edited) In the UK I would totally recommend BA AMEX. if you are good at paying back your balance every month. we pay about £200 in annual fees, we are about to fly to Sydney paying taxes only. (thats two people for about £500 return) We have also been upgraded to Business because of our status in the past. If you can get it and are good at paying it back and travel a lot it can be worth it. Edited March 22, 2016 by The Raillys Quote Link to comment Share on other sites More sharing options...
Patphillips47 Posted March 22, 2016 Share Posted March 22, 2016 Our Aussie friend has a Quanta card pays for Absolutley everything on it including direct debits etc and pays it off every month He travels extensively for buisness as well and has so many points they fall off the scale lol Quote Link to comment Share on other sites More sharing options...
Parley Posted March 22, 2016 Share Posted March 22, 2016 Never heard of a Quanta card. Quote Link to comment Share on other sites More sharing options...
Sustain Posted March 22, 2016 Share Posted March 22, 2016 Never heard of a Quanta card. http://www.quanta-inc.com/ Quote Link to comment Share on other sites More sharing options...
The Raillys Posted March 23, 2016 Share Posted March 23, 2016 http://www.quanta-inc.com/ doesn't look like a credit card to me? Do you mean Qantas? Quote Link to comment Share on other sites More sharing options...
Huntersmummy Posted March 31, 2016 Share Posted March 31, 2016 Hi My credit rating was ruined by bad money decisions, loads at a stupid young age and a dodgy ex husband. I went with CCC (a debt agency and have been paying off £5 per 2 debts for years......citizens advice says as long as you pay the debtors SOMETHING, they can't annoy you) I applied for Aqua with a £250 limit and it got increased after making 4 payments. Then I applied for a ..... Capitol One, thats it for a "just incase" card. Its worth getting a Aqua card to build your credit rating up. It'll take time but good things come to those who wait! Quote Link to comment Share on other sites More sharing options...
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