Credit card or loan

Former Member

I need to borrow some money for a while, but I'm not sure what would be the best way to do it. I've just graduated from uni and will be starting a paid PhD in October. However I won't be paid for a while and the house deposit etc will be more than I can afford.

I'm currently near the bottom of my student overdraft, which is already extended as far as possible. I have a £500 credit card with the same bank, which will go some of the way, but I still need a bit extra.

Would I be better off applying for a 0% credit card or a loan? Besides my current credit card, I haven't applied for a card or loan before. Which option would be the least damaging financially, and if I was refused, would the effect from either on my credit rating be worse? I've been over my overdraft limit before, but generally have kept up to date with bills etc. Last time I spoke to my bank they said my credit rating is okay.

If anyone can lend some advice that'd be great!

Former Member

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Former Member

Thanks for your reply. Just to clarify:

The money will primarily be for rent and deposit for my new house until I start to get paid. Would it be possible to use a credit card for this purpose - would balance transfers/withdrawals be required?

AFAIK I'm not entitled to any benefits, although I will check that out.

When you say there's no difference, do you mean my credit rating will be negatively affected by either knock back, or that neither will make a difference?

I will check out the offers you mentioned, thanks again.

Former Member

Halifax wrote:

Thank you for your recent application for a Halifax Credit Card. We are delighted to tell you that it has been approved and that you have been granted an estimated credit limit of XXXX.

Within the next 10 working days you will receive a letter from us confirming this. All you need to do is read, sign and return the signature form to us.

Upon receipt of your signed credit agreement form, your new PIN number will be despatched. You will then receive your new card within 10 working days.

Thank you again for your application, we look forward to welcoming you as a new and valued customer.

Is it that simple? I expected to have to wait for the credit check...??

Former Member

Halifax right now are maybe in the process of getting taken over. Bit of a gamble on your behalf if they do. that message alone states that they'll take on anyone, they don't really care. They're desprate after your custom.