Found 24th Oct 2010
Need to get my hands on an extra £1000 within the next few months. Tried increasing my existing overdraft online but it got refused.

Should I try my shot at activating an overdraft for a separate bank or give it a go getting a credit card?

All advice welcomed

20 Comments

0% long term credit card, ok you pay the 3% or so handling fee i guess would be best.
Whilst you may have to pay more for a cash advance, what be best to do is that you have a "few months" would be to get the card, spend the grand on that and what you normally pay cash with, put to one side for the grand.

i would go interest free credit card and then set up a standing order to pay it off thats what i need and it was easier

Save the money first and avoid any form of debt. If you've been refused an extra £1k overdraft it means your own bank don't think you can pay it back.

If you get knocked back by one company for any kind of credit have a look in to why you got refused. As every time you request an overdraft or credit card etc you have a search done on your details and it is recorded on your credit file which may not work in your favour when it comes to future applications.

Now is a time when banks are being really choosy, well at least they should be.

2nd TUSSFC comment, by the sounds of things you may already have some debt adding to it may not help.

Edited by: "simplyjimbo" 24th Oct 2010

Banned

boydent999

0% long term credit card, ok you pay the 3% or so handling fee i guess … 0% long term credit card, ok you pay the 3% or so handling fee i guess would be best.Whilst you may have to pay more for a cash advance, what be best to do is that you have a "few months" would be to get the card, spend the grand on that and what you normally pay cash with, put to one side for the grand.


0% is only on balance transfers, not spending

Banned

TUSSFC

Save the money first and avoid any form of debt. If you've been refused … Save the money first and avoid any form of debt. If you've been refused an extra £1k overdraft it means your own bank don't think you can pay it back.


best advice!

Banned

master_chief

Decent interest rates here


I hope you are trying to be funny!

Terms and Conditions apply. Finance charge will be between £10 and £14.75 per £50 borrowed. Typical 2278% APR

csiman

0% is only on balance transfers, not spending

Really? Egg card is 0% on spending for at least 2 months i think it is.

egg.com
Edited by: "boydent999" 24th Oct 2010

TUSSFC

Save the money first and avoid any form of debt. If you've been refused … Save the money first and avoid any form of debt. If you've been refused an extra £1k overdraft it means your own bank don't think you can pay it back.



+1 .. Agreed.

if its absolutely necssery than i suggest you look for a interest free credit card, when the interest free period expires look for another 1 until there's no more, and when there isn't any more get a low interest loan. Btw when the interest free period expires make sure you cancel your card(and dont think about if you will need it later), if you had problems paying your bill late in the past i would strongly advise you not to borrow any money
Edited by: "MR1123" 24th Oct 2010

The whole money system seems to be structured around debt. There is much more debt than money in the system.
If everyone attempted to repay all debt there wouldnt be enough money to cover it. So as the current system requires debt to perpetuate then the OP is doing nothing wrong and is in fact just sustaining the current system.
Only thing to bear in mind from a personal point of view is the potential impact of defaulting on the loan. If you can live with that risk then I cant see a problem.


Most importantly why does the OP need the 1k. If it's for something that can wait saving is the best option. If not c/c if you are are eligible. Just have to work the interest into your budget and make sure you don't make minimum payments.

Save up and get your stuff then you will not be in debt.

Banned

boydent999

Really? Egg card is 0% on spending for at least 2 months i think it … Really? Egg card is 0% on spending for at least 2 months i think it is.egg.com


fair enough - just didnt want OP thinking 18 months balance transfer 0% cards included new purchases too

You can't spend what you haven't got. £1000 is a lot of money but you're adding fuel to the fire if you have already exceeded your overdraft limit. Overdraft is also money you haven't got. I'm assuming you're paying minimum amount monthly on your credit card & that too has a few bucks outstanding. Next you'll need money for Christmas presents with money you haven't got. Get a grip of it now or things will spiral out of control.....

If the OP is being rejected an increased overdraft then I doubt they'll have much luck getting an interest-free credit card.

Also worth mentioning that being in your overdraft for extended periods of time can have a negative effect on your credit rating. OP, I hope you are not planning to spend beyond your means.
Edited by: "flyingflea" 24th Oct 2010

gbspurs

Most importantly why does the OP need the 1k. If it's for something that … Most importantly why does the OP need the 1k. If it's for something that can wait saving is the best option. If not c/c if you are are eligible. Just have to work the interest into your budget and make sure you don't make minimum payments.



It's none of your business why the op needs the money. Why can't people just answer the questions on here?

With regards to the OP - I would suggest contacting your bank, if the money is for short term they may sort your overdraft out on a short term basis. If not, I would not advise going to another bank, it is unlikely that anyone would get an instant overdraft these days.

A small personal loan is what I would recommend, but check out the terms and conditions so if you need to, you can pay it off early without any penalties.

I have not got any personal experience of them but here is another option
Zopa loans
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