Can I use balance transfer to clear overdraft?

lolly_88

I have an overdraft of 2000 which was part of a Lloyds Graduate account but is now moving to a regular account. There will be around 20% interest plus usage charges. Is there anything I can transfer this to that would make repayments cheaper? I can afford to pay off a monthly amount but don't think I will make much of a dent in the debt by paying the overdraft off as it is.

I haven't had a credit card before so will need to know which ones I am likely to get approved for if possible. This is the only debt I have or have ever had

Thanks!!

bigadaj

Sounds like you have a thin file ie lack of credit history, so cars you'd be accepted for would be low end with high rates. Probably worth an application or two to mainstream cards assuming you haven't got defaults or other problems on your file.

Only thing I can think of is applying for alternative current accounts who might offer you an interest free overdraft, though these are unlikely to be more tha. Few hundred but might help.

Otherwise just look on the Dfw board, cut spending, sell things, get a second job, etc

izools

First card I would apply for is an MBNA card.

Most cards don't allow you to transfer a balance to a current account, however MBNA backed cards do. Slim chance of approval but worth a shot.

If you can't get an MBNA card you'll just need to plug away at reducing your OD with Lloyds as quickly as possible.