Credit Card to pay overdraft

Blakey1982

Hmm the choices. I mean there’s no confirmation I’ll get accepted by a credit card and that would show as a negative wouldn’t it.

Thanks izools,

There are always differences of opinion but I am really confused. I do trust myself not to spend on a credit card and would probably snap it up anyway but the though of shifting credit is frustrating to me.

My wife is with HSBC and she says they’re brilliant so I was thinking about them. I have an Alliance and Leicester ISA (only £50 in it mind) but they have a credit card offer at the moment too.

Rb – what do you think??

izools

If MBNA / Virgin is the only credit application you make in a six month period it shouldn't affect your score at all. Three or more searches in a six month period can harm your score.

If they don't offer the big enough limit / don't offer the card, you've lost nothing, as long as you don't get click happy and run up a lot of searches in a short time frame

If you tick these boxes you should be set for an approval:

> On electoral role
> In empoyment and at current address for two to three years or more
> No history of arrears or defaults showing on your report, or at least none in the last 36 months
> Newest account 12 months old or more

My colleague at my old employer had moved to the country only four years prior and had a Barclays account and Barclaycard for a few years. Applied to MBNA and was approved for £3,200 with 13 months interest free xfer into his current account

EDIT: When you apply to MBNA over the phone you get to speak to an underwriter giving you the opportunity to have an informal chat with the decision maker whilst they look at the credit score they've given you and your credit report.

The friend I mention told me that when he applied, the exact words the underwriter used were "Is £3,000 enough?". The colleague in question was only on a £14.8K salary BTW.

Moggles_2

Blakey1982 wrote: »

Hmm the choices. There are always differences of opinion, but I am really confused. I do trust myself not to spend on a credit card and would probably snap it up anyway, but the thought of shifting credit is frustrating to me.

The above replies boil down to just two options though, don't they? 1) keep chipping away at your Halifax overdraft for the next 10-12 months or 2) apply for a credit card and pay it off during the introductory 0% period.

If Rb10's suggestion is only for existing Halifax credit card customers, not new applicants, you're not eligible.

My wife is with HSBC and she says they are brilliant, so I was thinking about them. I have an Alliance and Leicester ISA (only £50 in it mind) but they have a credit card offer at the moment too.

The HSBC current account may be worth considering for banking, but neither Alliance & Leicester or HSBC offer credit cards that allow you to pay off an overdraft as outlined above.

Hope this helps.
M