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Interest-free overdrafts, deficit banking and credit ratings
wilystudent
Posts: 1 Newbie
After a year's hard studying (honest!) I'm currently using the interest-free overdraft of my student bank account, and whilst working over the summer I was considering employing Martin's suggestion of deficit banking, leaving my overdraft at the size it is now and just putting my earnings in a savings account.
However I was wondering if using an interest-free overdraft facility affects my credit scoring, and whether I'd be better off paying it back asap?
Regards,
Wilystudent
However I was wondering if using an interest-free overdraft facility affects my credit scoring, and whether I'd be better off paying it back asap?
Regards,
Wilystudent
0
Comments
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Hi wilystudent. Your overdraft will only affect your credit score if it shows on your credit report.
Some banks don't report it. if yours does, it will show as outstanding debt0 -
Does anyone know which banks do this? And if they do how bad is it to have on your credit score (i.e. will it last along time?)0
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