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Does overdraft affect credit rating?
fatboyonadiet
Posts: 5,400 Forumite
in Credit cards
I recently reduced the credit limit on my MBNA card as I didn't need it and probably had too much available credit, but is it worth reducing my overdraft too? It's nearky £3,000 and I very very rarely use it and probably only need a couple of hundred for emergencies - any thoughts?
2p off is still 2p off!
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Comments
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Does it actually "show" on your credit report? If you've had the account/facility for some time, the chances are it won't be shown - I know mine isn't.fatboyonadiet wrote:I recently reduced the credit limit on my MBNA card as I didn't need it and probably had too much available credit, but is it worth reducing my overdraft too? It's nearky £3,000 and I very very rarely use it and probably only need a couple of hundred for emergencies - any thoughts?
If it does show, then reducing it will help further credit applications due to the reduced available credit.
Also, whilst the O/D limit might not be on your CRA report, the chances are that it will be on your bank statements - something to bear in mind if you appeal a rejection and have to submit 3 months statements.0 -
My overdraft doesn't show on my credit report.
JulesThe ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.0 -
I don't think it does, need to check my report tonight.2p off is still 2p off!0
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My overdraft with Halifax shows on all three CRA's!!Mortgage-free wannabe!0
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