What's the best option in this case?

TacticalPragmatic

Hi guys, I've only started properly going through this website today and I've seen a good few ideas and its got me wondering why I've been paying ridiculous fees to banks all this time... If your knowledgeable at all of this please advise me on what's best in this situation:

I'm 23.
I have -£500 overdraft (£650 limit) debit card with Halifax.
I pay £1/day for using the overdraft.
I've had a job for 2.5 months which brings in about £800/month.
I've never had a credit card before.

Can use a balance transfer to shift the -£500?
Will I likely be rejected as I haven't built up a credit history?
If I put the -£500 on a credit card, will I pay through my teeth?

You might be wondering why I want to do this... I need my Halifax bank account to show £500+ for one month.

Please help me, I will appreciate it so much.

[Deleted User]

Unlikely you'll get an MBNA card with limited history. Aim to pay a little off your overdraft each month.

bigadaj

Or try and pay it off quickly, the charge on your overdraft might be over 100% apr if compounded, try and pay it off and keep out of it, this is far more expensive than most credit cards.

forgotmyname

Maybe best to knuckle down and spend as little as possible until its gone.

If you have £800 going in then your not paying a £1 a day for the whole month are you?

You could clear this in a few months. And save the messing of trying to get new credit. Which wont be easy or cheap if your a poor risk.