Balance transfer from overdraft

Marcio45

Just to make sure you get this right... you can not use balance transfer credit cards to pay off an overdraft, unless there is a option of a money transfer.
That is a big overdraft by the way, but for credit scoring it might look bad to lenders. But as others have said, it will depend on your financial situation and income.

Dobbibill

As above, you need a MT card for this.

Don't take it personally if you don't get accepted for that type of CC, you are effectively asking a lender to double your available credit/debt from 20k to 40k.

They don't ask/care what you do with the existing debt, so wouldn't take that into consideration when you apply.

Ben8282

This is a very large overdraft.
For you to have run up an interest bearing overdraft of 20k without previously having made any attempt at 0% borrowing does not create a positive impression of your financial situation.
Although I have very little faith in credit scores, they should at least be representative of the conduct and state of the accounts being reported, even though they are meaningless with regard to applications as they are based on limited and incomplete information. I find it odd that a 999 score would be given to an individual with a constant 20k overdraft.
Use the eligibility checker for money transfer cards and apply according to the results. I would say a 20k limit was highly unlikely but who knows. Your bank gave you a 20k+ overdraft limit so you may get lucky again. Lets us know how you get on.

jamesperrett

MBNA and Tesco are two cards that do money transfers and seem to give decent credit limits (although nothing like high enough to clear your overdraft initially). If you are paying a high interest rate then you may find that it is worth looking at life of balance deals as well as 0% transfers. It would also be worth looking at personal loans.