We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Halifax judge you by behaviour score only?
Options
Comments
-
It is very easy to increase the amount of your OD online.
But try decreasing it online and it cannot be done,you have to ring the Halifax up to do thatOwing on CC £00.00 :j
It's like shooting nerds in a barrel0 -
loveandlight wrote: »OD's aren't permanent though are they? They can be taken away again by the bank and are constantly reviewed. Is it a good idea then to look upon them as giving you peace of mind for emergencies? At least that's what I've learned on another thread?
But then nothing in life is permanent. You can be made redundant from your job at any time. Your partner can leave you at any time. Your credit card can be closed or have its limit decreased against your will, at any time...0 -
QuantumSuccess wrote: »But then nothing in life is permanent. You can be made redundant from your job at any time. Your partner can leave you at any time. Your credit card can be closed or have its limit decreased against your will, at any time...
I think loveandlight was highlighting the short-term nature of overdrafts in comparison to other forms of borrwing. Overdrafts are repayable on demand, however a personal loan provides a greater deal of certainty. When you enter the realms of £1000+ with an overdraft one must always stop and think: "can I afford to repay this if the bank withdrew it tomorrow?".
If you have a search on MSE it becomes evident that banks do exercise their right to remove an overdraft on demand with often devastating consequences for the debtor in question. At least credit cards and loans have more clearly defined parameters under which the debt can be demanded repaid in full.Anything I post is my opinion, so from time to time I may be wrong. I try to provide answers based in fact, however I don't know everything, so (like all posters on MSE), take what I say with a pinch of salt.0 -
I think loveandlight was highlighting the short-term nature of overdrafts in comparison to other forms of borrwing. Overdrafts are repayable on demand, however a personal loan provides a greater deal of certainty. When you enter the realms of £1000+ with an overdraft one must always stop and think: "can I afford to repay this if the bank withdrew it tomorrow?".
If you have a search on MSE it becomes evident that banks do exercise their right to remove an overdraft on demand with often devastating consequences for the debtor in question. At least credit cards and loans have more clearly defined parameters under which the debt can be demanded repaid in full.
True. That's why it would be dangerous to live constantly in overdraft or to regard that overdraft as part of your permanently available cashflow. If you're just letting it sit there to use for the occasional emergency and not relying on it to survive, there's no particular likelihood that your overdraft should be withdrawn suddenly just at the moment when you might need it for an emergency! In many cases the banks remove overdrafts from customers who are almost permanently in overdraft status.0 -
loveandlight wrote: »OD's aren't permanent though are they? They can be taken away again by the bank and are constantly reviewed. Is it a good idea then to look upon them as giving you peace of mind for emergencies? At least that's what I've learned on another thread?
Neither Quantum nor myself were advocating relying on our respective overdrafts. In fact in my post I clearly state that I now have savings of my own and am working hard at rebuilding my financial situation. I am well aware that the facility can be withdrawn at any time.
All I was saying is that having been denied credit (through my own actions) - it is nice to have some extra security after a lot of hard work on my part - a sense of satisfaction at seeing things moving in the right direction.
However, I would still never, EVER use the money unless it was genuinely life or death!
I take your point on board though.DF
0 -
backinbusiness wrote: »Neither Quantum nor myself were advocating relying on our respective overdrafts. In fact in my post I clearly state that I now have savings of my own and am working hard at rebuilding my financial situation. I am well aware that the facility can be withdrawn at any time.
All I was saying is that having been denied credit (through my own actions) - it is nice to have some extra security after a lot of hard work on my part - a sense of satisfaction at seeing things moving in the right direction.
However, I would still never, EVER use the money unless it was genuinely life or death!
I take your point on board though.
Totally agree with you. Even if they took away your OD tomorrow without warning, it's not going to ruin your life is it? We both clearly stated that we are not actually using our overdrafts.0 -
Does doing the online £9999 OD request trick damage your internal score?
And what would happen if they actually approved the £9999, would you not get the option to decline to proceed with it?0 -
-
Does doing the online £9999 OD request trick damage your internal score?
And what would happen if they actually approved the £9999, would you not get the option to decline to proceed with it?
Have to be honest and say that I am not sure if it impacts your internal score.
You have to confirm your request, so if they were to offer you £9999 you would have to confirm acceptance.DF0 -
I know this old but just incase anyone looks at it. Applying for an overdraft extention time and time again for instance twice in one day woul impact on your internal credit score. Pre-Approved offers are not certain although more likely.. I have an overdraft with NatWest of £15,000 only ever been around £6500 overdrawn and thought it was silly allowing myself to get there I also have a £5000 overdraft on my Lloyds joint account and 3 credit cards Halifax Limit £15400, NatWest Limit £22000, Tesco £20,000 I also have a next directory account with a limit of £10,000 I only earn £33,000 a year and my partner 3k lower so If we went upto our limits we'd never be able to pay it back. I have just taken on another job and we have also just been approved as foster carers. I am 25 I paid of my £380,000 mortgage a year ago. Me and my partner work hard. Althugh simpathetic to peoples situation I was taught from a young age there is never any reason to be in debt and I firmly believe that to be true... For people who think im boasting im really not I just wante to show you what the impactt of a good internal credit score could be.... xx0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards