Multiple Bank Accounts....Is it allowed?

methodicalmadness

the-mango wrote: »

Is the fact that you are always in your overdraft mean you worsen your credit rating?

I did read somewhere that it certainly doesnt do you any favours. There is an excelent section on student money on the main site, might be worth a gander. But if you could easily live with out the debt, then I'd certainly put the money back in!! Really no point in getting into the red if you don't have 2......you lucky lucky thing you.
Hope that helps a little.

atypical

the-mango wrote: »

Is the fact that you are always in your overdraft mean you worsen your credit rating?

I'm quite sure it doesn't, as long as you don't go over your agreed limit. If anything it might even improve your credit score as it shows you are responsible with credit.

I get free credit reports with https://www.annualcreditreport.co.uk (when there was no set-up charge). On there my student account has consistently been shown with green ticks every month indicating it is well managed. I'm saving my overdraft too.

edit: There's a thread on Student Room about the same thing:
http://www.thestudentroom.co.uk/showthread.php?t=621117

TJ90

The only thing I would suggest is perhaps trying to open a graduate account. If this is your second degree, then presumably you have a certificate from the first? There is no rule I know of to say you can't have a grad account and a student one. Obviously it's important to bear in mind that the graduate account overdraft facility decreases over time but it is more than what you currently have

However, do take note of what others have said! Is 2 overdrafts really what you want/need?

scottishblondie

the-mango wrote: »

Is the fact that you are always in your overdraft mean you worsen your credit rating?

I don't think so, as long as you don't exceed your OD. I've lived in mine for the last 8 years and I've got no problems getting credit. Like you, however, I could repay it at any time.