Never had a credit card quick question

joseph9a

Basically I was wondering if I got a zero % credit transfer card could I transfer funds into a bank account? I have a bank account which is £2,000 in its overdraft and I'm paying about £30 a month in fees, I also am charged £5 a day by Halifax on another account for being over my agreed overdraft, so if I could transfer into a ban account this would be great an help me manage my debts interest free. :money:

meer53

Depends on your income and any other debt that you have. But from what you've said, if you're over your overdraft on one account and up to your limit on another, you will probably struggle to get a card.

p00hsticks

Some brands allow you to transfer a balance ot a bank account rather than another credit card (sorry, I can't remember which off-hand - you'd have to check the individual t&cs). However, if you have never had a credit card before and are in debt I think it unlikely that you would get a 0% card, I'm afraid.

YorkshireBoy

This isn't what you want to hear I'm sure, but...

You're £2,000 overdrawn on your day-to-day current account and sitting in unauthorised overdraft territory on another, both of which will put prospective lenders off.

Add in the fact that you've never had a credit card, so can't provide (via a search of your credit file) any history of positive credit card account management, and you've no chance!

However, if you fancied a punt then try the Virgin card...20 months 0% on cash into your current account for a 4% fee.

joseph9a

Do the credit card companies have access to that information or do you have to declare it? So is it possible to transfer from the credit card to a normal bank account?

YorkshireBoy

joseph9a wrote: »

Do the credit card companies have access to that information or do you have to declare it?

Yes, and deception to gain a pecuniary advantage (in other words, fraud) is never a good idea!

So is it possible to transfer from the credit card to a normal bank account?

See post #4.

joseph9a

I have borrowed an do on a regular basis borrow like 300 pounds from wonga I'd say I've done that 5 or 6 times and always paid it back on time, would this work in my favour?

joseph9a

Thanks for the rapid replays by the way

YorkshireBoy

Whilst lenders' names are not shown on the credit report that other lenders see, I'm not sure whether payday loans are itemised/categorised as such? If they are, then that further compounds your problem.

I think, based on the information you've provided so far, that you ought to take your problem(s) to the debt free wannabe board for further help and advice.

Good luck!

joseph9a

Thank you :money:

DVardysShadow

joseph9a wrote: »

I have borrowed an do on a regular basis borrow like 300 pounds from wonga I'd say I've done that 5 or 6 times and always paid it back on time, would this work in my favour?

No. Wonga are probably the Last Chance Saloon. Any decent lender seeing them on your credit record is bound to look at you with suspicion