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Does going Over your Overdraft Limit affect credit rating and ability to get mortgage
edfolletthsbc
Posts: 52 Forumite
Hi,
A few years ago (3 1/2 now) I was a student at uni. Being the typical student I was in my overdraft a lot and quite often went over my agreed overdraft.
Now i've already claimed back my charges etc which was a nice cheque probably inthe region of 700 however I am now at the point where I want to get a mortgage.
Does this affect my credit rating? Also since then I have secured a personal Loan which I have never defaulted on and I have never gone over my OD again (in fact I have paid it off)... Other then the OD i have been pretty good.. no credit cards etc
I had this thought this morning and am a little worried it may affect my application. How far back to they take into account?
A few years ago (3 1/2 now) I was a student at uni. Being the typical student I was in my overdraft a lot and quite often went over my agreed overdraft.
Now i've already claimed back my charges etc which was a nice cheque probably inthe region of 700 however I am now at the point where I want to get a mortgage.
Does this affect my credit rating? Also since then I have secured a personal Loan which I have never defaulted on and I have never gone over my OD again (in fact I have paid it off)... Other then the OD i have been pretty good.. no credit cards etc
I had this thought this morning and am a little worried it may affect my application. How far back to they take into account?
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Comments
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Going over your overdraft limit is not usually a major problem, as it is unlikely to show on your credit report...........unless it went to a default, of courseI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks for the quick response...
i am pretty new to this but what is classed as being a default...
I;m taking it I would be aware if the charges were classed as defaults?0 -
Going over your overdraft limit is not usually a major problem, as it is unlikely to show on your credit report...........unless it went to a default, of course
If bank statements are required, underwriters are never to keen to see regular offenders..Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
usually how many years do they have to see? These 'blips' happened 3 1/2 years ago and ive been clean since?!0
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Usually last 3 months.0
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If bank statements are required, underwriters are never to keen to see regular offenders..
The OP is talking three years ago though.
Lenders will only be interested in seeing the more recent statements ( if at all)I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
PHEWW... :-)
thanks guys for all your help :-)0 -
The OP is talking three years ago though.
Lenders will only be interested in seeing the more recent statements ( if at all)
Sorry - my mistake!!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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