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Credit card or loan
Former Member
Posts: 1,876,323 The Mix Honorary Guru
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!
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!
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Comments
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.
Is it that simple? I expected to have to wait for the credit check...??