Do I need a credit card? Will I not drown to the sea of debts when I get one? These phrases have been popping out my mind since the day I became aware that I have to eventually need to manage my finances and have a buffer.
I find it not easy to budget the earnings I have especially when I live in London where the cost of living is high. Any starters living in London can attest to that and made me realize that having a buffer / Credit card is a must especially in times of need.
Credit card for a band 4 nurse in London?
Nope. I tried but I don’t qualify.
I guess most of us starters in the UK, who’ve just arrive from the overseas tried to apply for a credit card right away upon receiving our first salary.
Like, wow thinking that this is the salary of a band 4 pre-registered nurse in London compared to the little we have back home. I guess it would just be a fantasy that a foreign local bank would approve a credit with that salary.
I applied for nearly all legitimate bank that I know of, Barclaycard, HSBC, American Express, and etc. but to no avail. All these banks have an actual office in London. Well… I just think so. Lol. But all these banks are referred to as “The banks” by the Facebook groups that I follow. These banks give you better offers when it comes to benefits.
The search for the “how to get a credit card” became a goal which I finally understand the importance of the word “Credit Score”. This score will make or break your application for a credit card.
You Need a Decent Credit Score for a Card
Yep. When I tried the search for what my credit score was, lo and behold, it says poor. Lol.
It was like the system has become more personal that it wants to show in front of your face your status in life. That 678-credit score went the same for 2 months without even adding a single point.
Others believed that the more you check your credit score from a checker apps decreases your points eventually. But I don’t think this is the case. I frequently check mine using the Experian app, the free version, and my score stayed the same.
I do shop online more frequently in Temu and credit most of my orders via their partner Klarna. But I do pay most often earlier than the due date. I’m sending money back home in the Philippines. Paying my credit to lending companies back home on time or earlier as well.
Apart from that, I do save as well which I call penny savings. I’m saving using my HSBC bank account, I invested in Moneybox, and some local banks back home.
I do this grind frequently and on my 5th month in the UK, I’ve seen improvement in my credit score using the Experian app.
Experian App reads “Poor Credit Score”
As mentioned in the previous section, I have poor score. But despite the unsuccessful applications with the banks, I did not stop trying to get a hold of a credit card. No matter how high the interest may be.
Yes. Regardless of the score, try to apply for a credit card. No matter how small the credit limit is, just grab it and manage it well.
Being not a fan of credit cards back in the Philippines, I know nothing about how to manage one. I was just blessed to have a landlord who came from Asia, now a British citizen, and he knows the struggle of new starters.
His advice is once approved with a credit card regardless the interest rate, grab it.
Majority of people who are good at managing their finances would agree that it’s a matter of discipline. How you discipline yourself with what to buy with your card; budget your income; pay your bills; and attitude towards money.
I got a credit card recently and its interest rate is 39.9%. I guess my learning experience will now begin as I get the feel of the first swipe. Let me end this writeup with a common advice I’ve heard across different advisors…