Overdraft and credit report....

dunc1n_2

Hey folks,

Im looking to up my credit score and sort out all my finances and I just need a little help.

I have an overdraft of 3.5k in which I was deeply in ALL the time, but now, thanks to my very kind parents I am now (for the first time in years) in the positive.
Now I want to just cancel my overdraft so I dont get in that deep again, BUT I also want to increase my credit score. Does having a large overdraft but not use it help in increasing your credit score, or is it just as good to have no (or a small 100 quid) overdraft???

Thanks

Dunc1n

Lokolo

Having an overdraft won't give you a better score what so ever.

You need to be given credit to increase your score. So Credit Cards, Bills etc.

I would also do a budget planner if I were you. If you were constantly in your overdraft you need to look at your spending habits to stop you going over again.

http://www.makesenseofcards.com/soacalc.html

Use this to make sure you aren't overspending. If you want to know where you could possibly cut down either post here or in the Debt Free Wannabe Board - http://forums.moneysavingexpert.com/forumdisplay.php?f=76