Hi all, Im new Needing some advice on Overdraft - Balance transfers ETC!

Marruss

Hi all,

I've just started working for myself, as a Mobile mechanic but it has been slow starting, and start up cost have really affected my income not to mention fuel costs for the van.

Recently I have fallen straight in on the Overdraft nearly using it all (1500) and also have a loan that I have paid a bit off, but still some to go!

My forecasts for the first year showed breaking even, and a slight profit.

Now what I need to know is, Obviously the Bank charge me a great deal to have an overdraft and APR.. Can I use a 0% credit card to make the debt stop getting bigger?

Im Probably not going to beable to get many well known cards as credits scores and the fact im self employed go against me! I've already sold my car to fund start up costs ( Van, Some NEEDED tools etc etc) So im sinking and fast!

Many thanks in anticipation of replies!

Ps.. I hope this is in the right section!!

Mark

GeorgeUK

Yup, you're in the right section.

You will need to be careful when requesting credit - you can have about 3 credit checks in a 6 month period before your credit score is affected. I would suggest looking at your credit file (free at experian if you cancel within 30 days) to make sure you are listed as being on the electoral roll at your address - this can have a huge inpact on your credit score. Also make sure that any associated addreses are correct - this should give you the best chance of getting credit. Little things can make or break the banks decisions.

There are only a few credit cards that allow you to transfer from the CC to a current account. Those that allow money transfers are sometimes known as 'super balance transfer' cards.

The best one of these right now if Virgin (0% for 16 months and minimim monthly payment is the greater of 1% or £25). Just make sure you don't use this card for purchases and be careful to check how many credit checks you've had recently.