Lloyds TSB Overdraft

chris.davidson

Hi,

I am currently 17 and will be 18 on the 21st February. I want to setup an overdraft on my Lloyds TSB current account. I will want to be able to use this facility on the day of my 18th however. Is it possible for me to apply for an overdraft whilst still 17 to become active on the day of my 18th?

Or will I be able to apply on the day of my 18th, and will these funds become immediatly available.

Thanks in advance for any responses.

Chris.

jonesMUFCforever

No it will not.
Until your 18th birthday the bank's systems will refuse to offer you any credit.
Even on your 18th you will have no credit history so why do you assume that they will give you an overdraft?
Indeed why do you want to start adulthood with a debt - seems crazy to me and not the 'cool' thing to do at all - is it to impress your mates??

chris.davidson

No it's not to impress my mates, I just want to be able to go out and have a good time on my 18th such a crime?

I will be able to pay back anything I take out back on the 27th when I get payed..

So if even I have no credit history, surely someone's got to give me a chance with credit? What credentials do you need to be able to get on the first run of the credit ladder?

BASFORDLAD

omg that is so totally stupid
i really really hope they dont give you an overdraft. you need to grow up mate sorry,

~Beanie~

chris.davidson wrote: »

No it's not to impress my mates, I just want to be able to go out and have a good time on my 18th such a crime?

It's not a crime but you have known about this date for the last 17 years, giving you plenty of time to save up for the occasion!! While you are at it, better start saving now for your 21st, its only 3 years away

vbrindle

It all depends really. You can't save much up until you get a job. But assuming you say you'll get paid it sounds like you have.

Getting an overdraft for a special occasion is ok if you're sure you'll pay it back when paid and cancel the overdraft. But won't it leave you short for the next month? You need to make sure you don't go on a downward spiral as it will only bring misery. I should know lol.

TheEffect

No you wont be given an overdraft on the day of your 18th. You have an Under 19's account which is not eligible for an overdraft. You must upgrade the account to a standard current account first (Which takes a few days and you must be accepted for an adults current account).

After that, you need to pass the credit check for an overdraft. I applied for an overdraft of £50 a few weeks/months after my 18th and was declined due to no credit history.

You need to build a credit history before applying for an overdraft or such facilities. I suggest getting a sub-prime credit card such as Vanquis or Aqua, build a credit rating over 6-12 months and then apply for credit. Make sure you pay of the balance in full each month and you'll be able to apply for most credit facilities within 6 months.

BASFORDLAD

Am really please thats the case "theeffect" he shoudnt get one because he doesnt need 1

jonesMUFCforever

I agree with TheEffect but opening an adult account or upgrading an U19 is instant if you go and see someone in branch.

simax

Mum: "So, what did you do for your 18th birthday, Tiny Tim?"

Tim: "I got an overdraft from Lloyds TSB and maxed it out on booze and lapdancers"

Mum: "Hope you're going to use some of your Giro to pay that off"

Tim: "Screw you Mum!"

---

You've had PLENTY of time to save for this event. NOT INTERESTED!

allthingsconsidered2009

This is hilarious!