Should I use my overdraft to pay off a credit card?

AnnaP90

I've recently switched my main current account from Nationwide to Halifax, but due to a big car related bill in April I have a c£300 balance on my associated credit card. I planned to close this credit card along with the account as I have a new one at 0% but is it a good idea to do this using the overdraft on my secondary Nationwide account?

The interest rate on the CC is 19.9% and OD is 18.9% (I'm not currently using the overdraft) but will this affect my credit rating?

My total debts are: £8,638.94
Student OD -£698.68 not sure of interest rate
Nationwide Loan 1 -£1,900.42 17.4%
Nationwide Loan 2 -£2,225.51 23.9%
Nationwide CC -£265.92 19.9%
Halifax CC -£1,433.98 0% until Aug 2017
Tesco CC -£2,114.43 0% until Dec 2016 (cost of honeymoon in July 2015 - we will use any wedding gifts to bring down the balance then pay the remainder off before the 0% ends)

In the next few months I plan to move as much of the loans as possible onto a 0%/low rate money transfer card so I want to keep my credit rating as high as possible.

Thanks for any suggestions!

Anna x

-taff

Why don't you just move it ot the 0% card?

AnnaP90

Can I still do this if I've already transferred a balance yo the card? I was under the (probably wrong) impression that you had to do the balance transfer when you opened the card.

-taff

|You should still be able to transfer it. I keep getting letters to transfer balances to mine. Phone and ask if there's no info on their site.

Tixy

Usually an opening balance transfer promotion is valid for 60 days or 90 days from account opening.

AnnaP90

I've just had a look and I'm still in the 90 day period, so I will arrange a transfer this before the end of June when it expires.

Thank you for all your help