So I've gotten myself into a pretty sh*t situation regarding money. I'm full into my lloyds overdraft and cannot extend it any more without paying interest. I don't have any money coming in until halfway through next month when I start my paid year in industry. And I've yet to sort out a house which means agency fees, deposit and rent PLUS I don't have a guarantor so probably going to have to pay several months rent up front! My parents will not help at all and I really don't know what to do! Can I get a student credit card to cover these costs or has anyone got any other suggestions?
I think it may make your situation worse by getting a credit card - it's a short term solution which will create a long term problem.
If I were you I would stay at my parents house while earning (if that is possible for you?) rather than trying to get money to pay rent and a deposit. Use your earnings to primarily pay off your overdraft, rather than using it to pay to live independently.
Also, with your overdraft being maxed out it's doubtful that any decent bank will give you a credit card due to your bad credit score.
Last edited by somethingbeautiful; 14-06-2012 at 15:10.
My parents are not an option for reasons I don't wish to go into. They will not help financially nor will they let me stay at theirs until I can save the money. My current contract expires on 30June and I will be forced to move out. I don't know what else to do
Most student credit cards will give you about £500 - which probably wouldn't cover your costs.
On top of that it may be tricky getting one if you've maxed out an overdraft.
The interest rate on a student credit card would probably be higher than the interest rate on your overdraft.
IMO your best bet would be to go to the bank and explain your situation and see if you can extend your OD. If you can extend it by £1,000 at an interest rate of 15%APR that's better than applying for a credit card for £500 at 29.9%APR or so.
Go to your bank for financial advice, that's what they're there for.
as others have said a student credit card usually maxes out at about £500 unless you have excellent financial history with the bank, so its not really worth the hassle and expenses youd incur through it ... student credit cards dont generally come with grace periods like your over draft so youd end up paying a fair bit on top of it.
if you really need the money THAT badly theres always pay day lenders and other such sites, theres one called 'zopa' which charges very low interest rates compared to the others ... failing that find a quick job
I can't get a job as I start placement beginning of next month so no ones going to employ me for two weeks. Will have to see my bank tomorrow, see if they can suggest anything. And yes i do need the money THAT badly as I have no where to live at the end of the month