Natwest student account/ graduate account

stottcaf

Hello all,
New to the forum so might be posting in the wrong area.
I've got a query that i was wondering if someone could help me with, I graduated 2 years ago and have a Natwest overdraft limit of £1600 and am currently £900 overdrawn.

I hadn't been using the account because i bank elsewhere so there weren't any credit or debits for 3 months. I got a letter from NatWest explaining this and telling me to phone me.

At this point i obviously had to go change my underwear and decided it would be best to start sending them some money and phone them ASAP.

When i rang their collections department they told me that it was ok as i had sent them some money and that it would continue to be ok in the future if i continued to send credits.

However at the same time they reduced my overdraft from £1600 to £1000 my question is has this had a negative effect on my credit rating?

Thanks in advance

Chris

ceh209

Hi Chris, not sure of the exact T&C's for using the account (graduate accounts usually require you to use them as your main account), but it's standard that they're reducing your overdraft:

1st year after graduation: £2000
2nd year: £1000
3rd year: £500

So nothing to worry about from that perspective, other than to concentrate on paying it off before they lower it further. But if you want to be sure then get a copy of your credit report and check if they've put anything on there.

lil_lisa

I have a Graduate Account with Natwest and they also reduced mine down to £1000 interest free after a year. It's not really clear from your post whether they've just reduced the interest free limit or whether they've reduced your actual OD limit.

If it is your OD limit then it may be purely because your limit is already below this rather than to penalise you but it's probably worth checking your credit file to see what it says.

verytired

Oh crap, didn't realize the overdraft limit reduced that quickly! :eek: Thanks for the heads up, i need to be a bit more careful.

mclaren32

verytired wrote: »

Oh crap, didn't realize the overdraft limit reduced that quickly! :eek: Thanks for the heads up, i need to be a bit more careful.

The limit itself doesnt decrease under normal circumstances, it is the interest free proportion which does.