Graduating student, overdraft fees

Wittgenstein

Hi all

I am graduating from university in a couple of weeks. I'm in my overdraft around £500 on my student account, which is shortly going to become a normal current account and start charging me daily overdraft fees.

I'm starting a full time graduate job in August but have a period of no income between then and now.

My questions are:

1) Will the overdraft fees affect my credit score?
2) I've heard that transferring the overdraft to a 0% credit card could be an option, but can I be approved for one while I still have no income until end of August?

Any help would be brilliant as I am a bit stuck!

DCFC79

Wittgenstein wrote: »

Hi all

I am graduating from university in a couple of weeks. I'm in my overdraft around £500 on my student account, which is shortly going to become a normal current account and start charging me daily overdraft fees.

I'm starting a full time graduate job in August but have a period of no income between then and now.

My questions are:

1) Will the overdraft fees affect my credit score?
2) I've heard that transferring the overdraft to a 0% credit card could be an option, but can I be approved for one while I still have no income until end of August?

Any help would be brilliant as I am a bit stuck!

Maybe the score will be more affected by the sudden change in the weather but no need to worry the score is only seen by you only.

knack92

Which bank is it? Do they not transition to "normal" account via a graduate account? You could open one of them if they don't.

ani*fan

Santander offer a graduate account for 3 years after graduation with no overdraft fees.

Dobbibill

Wittgenstein wrote: »

Hi all

My questions are:

1) Will the overdraft fees affect my credit score? Which score? The one from Experian, Equifax or Call Credit - there are 3 CRAs, all providing different scores - don't worry about the score, it's the data that is used by a lender, not a score. The Credit Report does not show how much your fees are, if any.

2) I've heard that transferring the overdraft to a 0% credit card could be an option, but can I be approved for one while I still have no income until end of August?
As PPs have said, you have several other options with graduate accounts before you need to start using MT offers on Credit Cards.
Any application will ask you for your income, you would need to answer honestly in the moment, which at the moment is £0, that makes you ineligible on affordability.

Any help would be brilliant as I am a bit stuck!

Have a look at MSEs list of best graduate accounts - you would be able to have a graduate account as well as your 'normal' current account.

http://www.moneysavingexpert.com/students/graduate-bank-accounts