Current Accounts / Credit Rating

uptheblades

Just a general question really...

Does your credit rating affect whether you will be able to open a current account with no overdraft as essentially you're not borrowing anything...

Thanks!

YorkshireBoy

uptheblades wrote:

Just a general question really...

Does your credit rating affect whether you will be able to open a current account with no overdraft as essentially you're not borrowing anything...

Thanks!

Yes, it does.

Whilst you may request a £0 overdraft, if the bank gives you a cheque book and cheque guarantee card they are effectively giving you a (30 x £100 £3,000 'unofficial' overdraft.

This is why those with a poor, or no, credit history are invariably offered a basic bank account with a plain cashcard.

uptheblades

Thanks Yorkshire,

A friend just noted me of a deal where you get £45 via quidco for opening a current account with first direct but didn't know whether to proceed or not...