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Credit Card to pay off Overdraft
OneLife_OneShot
Posts: 775 Forumite
My credit card company has declared its intention to increase my credit limit by £1100 in 4 weeks time. As it happens my bank wants my overdraft of £1000 paid off in 5 weeks time.
Its a bit of a stupid question but paying off the overdraft would save me the interest from my overdraft (£15-18) per month and also save it going into arrangement to pay which could affect any future mortgage opportunities, I have a default falling off this coming June.
The bank also wanted £100 a month limit reduction for 12 months hence the arrangement.
Would I be stupid not to do this? It'll save me a few quid and also preserve my credit rating?
Its a bit of a stupid question but paying off the overdraft would save me the interest from my overdraft (£15-18) per month and also save it going into arrangement to pay which could affect any future mortgage opportunities, I have a default falling off this coming June.
The bank also wanted £100 a month limit reduction for 12 months hence the arrangement.
Would I be stupid not to do this? It'll save me a few quid and also preserve my credit rating?
"All truths are easy to understand once they are discovered, the point is to discover them."
0
Comments
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Not sure what you mean !
Are you asking if it is good on a credit rating to pay money that you owe ? , If so yes of course it is.0 -
Does your bank allow you to do a super balance transfer? Most only allow a transfer from another credit card, not a current account. There are a few exceptions though, do a search for super balance transfer.0
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