Old BudgetPlus account

leo2moss

Hi folks - hoping someone can shed some light for me? (Please can I ask for simple answers as I'm dyscalculic so can't even attempt to work out anything involving figures.)

I've (finally) been trying to go through all my finances and update/improve where I can. This morning I hauled out my bank statements and suddenly realised something. Could my old Bank of Scotland BudgetPlus account be affecting my credit score?

I've had the account for donkey's years and it's used only to pay standing orders/D.D.s - I get paid fortnightly and it makes sense to have a separate budgeting account for this reason - when the account was opened the then Bank of Scotland gave an overdraft equivalent to a year's worth of SO/DD payments, reduced by 1/12 each month, then renegotiated in month 11 to whatever the next year's anticipated payment would be. A few years ago, they stopped doing this and simply set the overdraft at the sum it was then at (sorry if this doesn't make sense!). Basically I have an agreed overdraft of £6,600 per annum and I rarely need more than a few hundred pounds' worth!

So - could this be adversely affecting my credit rating - if so I'll be down to the bank asap!!!

456789

Every provider is different but some companies may see it and think you have enough access to funds already - so if you can lower it and don't need it perhaps you should

leo2moss

456789 wrote: »

Every provider is different but some companies may see it and think you have enough access to funds already - so if you can lower it and don't need it perhaps you should

Never thought of that. I don't really need it thankfully and was just worried in case it automatically affected my credit score ...

leo2moss

Bumping this in the hope that someone knows the answer!