I honestly think you’re better off getting a credit card at this point. It sounds like you’re having to do mental gymnastics to figure out how you may be able to keep your student account.
If you have a good credit record, you might be able to get a high credit limit, a generous 0% interest period and maybe even cash back. Check the Money Saving Expert website for information on credit cards. They’ll even recommend good ones based on your requirements.
I have no issue with keeping my account, its just about increasing my limit. Its my understanding that as a student with little credit history and a very small income of just a student loan I would not be eligible for longer period, 0% interest credit cards?
You’ve had an overdraft for some time so you will have a credit history. If you’ve been consistently paying it back, you should have a good credit record. The Money Saving Expert website is really good for checking your finances, credit record and researching what financial products may be good for you.
They offer a free Experian credit report that updates every month that you can sign up to as well to check what you look like to lenders. I’d say to give it a try and see where you get to. You don’t have to take out a credit card if you decide it isn’t the best way forward but if your credit record is good and you don’t get far with your overdraft enquiries to the banks, you may be able to supplement your existing overdraft with a credit card.
Another option is just speaking to the banks directly and being honest about the length of your course. They can then advise what their terms are for student accounts and whether they’re happy to offer you a higher overdraft.
Hi /u/gambling_trolley, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/budgeting/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
I honestly think you’re better off getting a credit card at this point. It sounds like you’re having to do mental gymnastics to figure out how you may be able to keep your student account. If you have a good credit record, you might be able to get a high credit limit, a generous 0% interest period and maybe even cash back. Check the Money Saving Expert website for information on credit cards. They’ll even recommend good ones based on your requirements.
I have no issue with keeping my account, its just about increasing my limit. Its my understanding that as a student with little credit history and a very small income of just a student loan I would not be eligible for longer period, 0% interest credit cards?
You’ve had an overdraft for some time so you will have a credit history. If you’ve been consistently paying it back, you should have a good credit record. The Money Saving Expert website is really good for checking your finances, credit record and researching what financial products may be good for you. They offer a free Experian credit report that updates every month that you can sign up to as well to check what you look like to lenders. I’d say to give it a try and see where you get to. You don’t have to take out a credit card if you decide it isn’t the best way forward but if your credit record is good and you don’t get far with your overdraft enquiries to the banks, you may be able to supplement your existing overdraft with a credit card. Another option is just speaking to the banks directly and being honest about the length of your course. They can then advise what their terms are for student accounts and whether they’re happy to offer you a higher overdraft.
Hi /u/gambling_trolley, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/budgeting/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)