Finding my first Credit Card for a balance transfer

Sharon87

I currently have an overdraft of £940 with Halifax - but I hear they are going to be changing the account over so it will charge me £1/day for every day I'm in my overdraft which is ridiculous. So I'm looking for a card that I can do a balance transfer on from an overdraft. If I can't find one that allows me to transfer from an overdraft I'll have to do what my brother did and 'borrow' my mum's card act as an inbetween.

Has anyone got any advice on cards that I could get? I'm not sure about my credit rating, except I got accepted for a phone contract 2 months back and halifax are still offering me £2000 worth of overdraft. I'm not sure if I'm on the electoral roll yet, as it hasn't updated since I sent the form off.

Any advice?

Rafter

Sharon,

How much do you spend per month on your debit card?

Might be easier to get a long 0% purchases card, put your monthly spending on that and then your overdraft will come down.

Also suggest you do yourself a budget so you know how much you have to spend and can avoid dipping into your overdraft each month.

Having a second account or something like the 02 money card might help you as it will text you every time you spend to tell you your balance?

Good luck

R.

http://www.makesenseofcards.com/soacalc.html

Sharon87

Well at the minute I spend what I earn lol. My wages aren't stable I do different hours every week. I've brung my overdraft down by £60 in the past 2 months, so I'm trying to pay it off, but I won't pay it all off by December (when it changes).

I don't spend that much to get a 0% on purchases card, which will also bring down my overdraft. Here is a rough SOA.

Monthly Income Details[/b]
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 800
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500 - all bills
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 22
TV Licence.............................. 0
Satellite/Cable TV...................... 9 - sky sports for 6/7 more weeks.
Internet Services....................... 0
Groceries etc. ......................... 70
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 70 - work mostly
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 35
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 726

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc od interest free..........1000......0.........0
hsbc od non interest ..........500.......4.........19.9
halifax od.....................930.......13........0
Total unsecured debts..........2430......17........-

Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 726
Available for debt repayments........... 74

Monthly UNsecured debt repayments....... 17
Amount left after debt repayments....... 57
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,430
Net Assets.............................. -2,430


Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,430
Net Assets.............................. -2,430

Like I said this is a rough estimate as sometimes I get more/less income.

Sharon87

Also I don't actually have the pin number to my overdraft account I transfer what I need when I need it to my Easycash account, so I can keep it more under control - well ok I just can't be bothered travelling to or phoning halifax to get a new pin lol.