Overdrafts and Internal Scoring

sammie383

Hiya,

Just a quick question - I searched but couldn't find anything on it.

Does using an AUTHORISED Overdraft regularly lower your internal Credit score with a bank? ( I am with Bank Of Scotland )

I am just wondering because I have been using it regularly for the past 6-7 months and this month has been the first I have only been in it twice. I am trying really hard to clear it with this months wages as I would like to get a CC with my bank next year on 0%.

I applied over the phone when offered in april, and was told to go to branch with ID as I'd recently moved ( Had never been in my overdraft much then ) but I couldnt get into branch so the application was just forgotten about.

I then applied online in August, and was declined straight away so wondering if it was because of my use of the overdraft that the internal score has maybe decreased?

I am currently using a Capital One Classic to build my rating, I have a few other products that all have shiny green 0's for 12months+. I have had this card since June, but next year really want to get a 0% card.

Any help appreciated.

Thanks

ShelfStacker_3

Using it occasionally shouldn't harm anything, but I imagine always being in the OD, always up to the limit or sometimes going over will hurt you.

Basically, stay in credit as long as possible, and only use the OD for its intended purpose (i.e. very short term debt).

Lokolo

Unless you're me and don't care and stooze with your student 0% OD. (Although after, I plan to use my account and do as things suggest; don't withdraw cash, keep salary coming in, always update details).

Only product I'd ever want are mortgages and savings, and I doubt I'd go to HSBC for it. However I would be annoyed if they took my current account away!