getting planned overdraft on Lloyds TSB

Aceadam

well i finally became 18 and still working from 17 also College and EMA going in. SO i thought seen as im earning 4k a year from my job and £10 a week plus £200 in bonous from EMA ill gte a planned overdraft but every time i try it always says declined and theres been like 8k thats bneen payed in that bank account seen as i was on £30 a week form EMA. I try £50 Emplyed and 1 month but i dont know which will get me the best score? like Cashflow shortfall etc.... And i always put Salary for my payment back form my job. Any help and advise please

jonesMUFCforever

What type of account do you have?
If it is an U19 account you need to upgrade to the classic account and then ask again.

Aceadam

im sure its a well 18 account cus they said when i went to a brench to upgrade it and she warned me Dont go overdraft or u will eb charged alot. i said i know cause mother told me lol and yes i have been overdraft but only Ounce and i will be charged £21.... £6 a day and a £15 month initnal charge or soemthing. anyway when i got back home i checked online and it sed Apply for overdraft. Well it wasent on beofre on my u19 account but iv been on this account for almost 3 years and this 18 year old one for 3 months now.

Im on classic Plus

jonesMUFCforever

It seems to me that you don't actually need an overdraft.

Aceadam

well atm i dont have alot of money and iv just borrwed some money off my parents to cover the overdraft charge of £21 because i was kinda hoping i could just simply get an overdraft for now just for 1 month to cover the charges and when my wage goes thoo my overdraft for 1month will expire

LittleVoice

How big an overdraft are you requesting? It might help if you requested a tiny one - just in case you accidentally go overdrawn. Don't get into the habit of relying on it to see you through to the end of the week or month.

Aceadam

im trying the minimum which is £50 and i know mother told me about not trying to use or extend it.

ShelfStacker_3

Aceadam wrote: »

im trying the minimum which is £50 and i know mother told me about not trying to use or extend it.

If you don't need it and you won't use it don't get it for crying out loud!

Trust me, it serves as a temptation and will do next to nothing for your credit rating. Avoid.

Aceadam

lol i know but i want one when i need one so il let it expire till i need a new one but its just keeps refusing me..

mrmajika

When you apply, select 'Employed' then select 'On Going Planned Overdraft Facility' for both the purpose and repayment source. Select a term of 12 months, which will ensure that it's an ongoing facility.

It takes anything between 3 to 9 months to become eligible for an overdraft after getting an adult account. When did you upgrade to the classic account?

The credit scoring system assesses each account around the 20th of each month, so there's no point continually trying every week. You should try each month around the 25th of each month.

The credit scoring system predominantly bases its decision on how the account is ran. Provided that you have money crediting the account each month and you don't bounce direct debits / standing orders or go into unauthorised borrowing - that is - go below £0 at present - then you should be able to get an overdraft shortly after having the classic account for 3 months.

The only other problem may be if you have any CCJs or arrears elsewhere. In this case your account will be flagged as such and any borrowing will be declined.

It may be worth contacting the branch or contact centre to check if there is anything in the background causing problems.

Hope this helps!

Aceadam

mrmajika wrote: »

When you apply, select 'Employed' then select 'On Going Planned Overdraft Facility' for both the purpose and repayment source. Select a term of 12 months, which will ensure that it's an ongoing facility.

It takes anything between 3 to 9 months to become eligible for an overdraft after getting an adult account. When did you upgrade to the classic account?

The credit scoring system assesses each account around the 20th of each month, so there's no point continually trying every week. You should try each month around the 25th of each month.

The credit scoring system predominantly bases its decision on how the account is ran. Provided that you have money crediting the account each month and you don't bounce direct debits / standing orders or go into unauthorised borrowing - that is - go below £0 at present - then you should be able to get an overdraft shortly after having the classic account for 3 months.

The only other problem may be if you have any CCJs or arrears elsewhere. In this case your account will be flagged as such and any borrowing will be declined.

It may be worth contacting the branch or contact centre to check if there is anything in the background causing problems.

Hope this helps!

now i rmeebr when i upgraded to an adult classic plus! lol i bought a 60day WoW card so it has ran out 4 days ago which means its only been 2 months. So now i will try next month on the 27 just to be sure.
ah ok ty