Llloyds TSB student account?

jazzyblues

I opened a Lloyds TSB student account in 2008 and was given a £200 overdraft. I used £180 of it in 2008 sometime, but since then the account has been completely inactive. My overdraft is to be reviewed at the of July, but I'm just wondering how Lloyds TSB would view this?

I'm planning on depositing a large amount of money into this account at the end of June and just wondering if this would look good in the eyes of Lloyds? I want to improve my internal credit score, no idea what it currently is but after it being unused for so long I'm sure it can't be great?

Thanks

jonesMUFCforever

With no money in since 2008 I will be very surprised if your overdraft is not called in in July.
How large is the sum of money you will be paying in?

Overdrafts are scored on a lot of variables - most important is money coming in on a regular basis - what has saved you so far is that you have a student account - they will change your account at some stage this year so beware.

jazzyblues

Thanks for replying to my question. Well I paid in £250 at the beginning of this month (June), so my account is currently £50 in credit excluding the £200 planned overdraft. In around 2 weeks I'll be wiring £3,000 into the account and from then on will use as my primary account. I plan to fund it with a minimum of £300 per month until I'm properly employed of course. Also it does say that they'll review my planned overdraft of £200 on my Student account on July 25th, so I'm just wondering whether they'll switch my account over to a Graduate one and keep it the same or whether they'll increase? Why do you say that as it's a Student account that "saved" me? Also, if you know anything a little more in depth with regards to Lloyds TSB, do you think based on my history with them that my current internal score is likely to be low? Thanks for any advice you have to offer again

jonesMUFCforever

Did you graduate they will want to see evidence.

Saints2011

jazzyblues wrote: »

Thanks for replying to my question. Well I paid in £250 at the beginning of this month (June), so my account is currently £50 in credit excluding the £200 planned overdraft. In around 2 weeks I'll be wiring £3,000 into the account and from then on will use as my primary account. I plan to fund it with a minimum of £300 per month until I'm properly employed of course. Also it does say that they'll review my planned overdraft of £200 on my Student account on July 25th, so I'm just wondering whether they'll switch my account over to a Graduate one and keep it the same or whether they'll increase? Why do you say that as it's a Student account that "saved" me? Also, if you know anything a little more in depth with regards to Lloyds TSB, do you think based on my history with them that my current internal score is likely to be low? Thanks for any advice you have to offer again

Internal score will be low, after about three months of regular salary it will increase, the data is however changed every month but you will need at least a three month cycle

jazzyblues

Yes I graduated last month but the official ceremony will be in November of this year. I got a letter from my university stating that i achieved a 2:1 in my studies though. Do you think this will suffice? Also will a fairly large deposit of £3k look good in their eyes and continued use before overdraft review?

jazzyblues

Thanks for that. Does it matter whether it's salary or allowance going in, as long as some funds are being deposited regularly? My mom will be giving me £300 every month to keep my account topped up whilst I intern. Thanks!

Saints2011

jazzyblues wrote: »

Thanks for that. Does it matter whether it's salary or allowance going in, as long as some funds are being deposited regularly? My mom will be giving me £300 every month to keep my account topped up whilst I intern. Thanks!

Your salary would be best coming in as bacs.

BUT

Faster payments or deposits will still count towards your account turnover but doesnt mean its as regular income so will not spark loans, credit cards, overdrafts as quickly.

jazzyblues

Thanks so much! Will it look good to Lloyds that I'm wiring in a lump sum of £3k or would they not really care? Also, I'm worried they MAY revoke my overdraft. What are your thoughts on that please? It's not like I even wanna use it, it's just I wanna have an open line of credit in case I ever do need it/it looks good if if I manage credit responsibly etc. Thanks again

jonesMUFCforever

jazzyblues wrote: »

Yes I graduated last month but the official ceremony will be in November of this year. I got a letter from my university stating that i achieved a 2:1 in my studies though. Do you think this will suffice? Also will a fairly large deposit of £3k look good in their eyes and continued use before overdraft review?

Yes that should be ok - don't be in a rush to change over - you want the full 2/3 years on graduate terms!