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is using overdraft good to improve credit rating?
manub
Posts: 139
Forumite
in Credit cards
Hi,
don't know if this is the right place, but I think that's the better place to ask this question.
I've got a £260 interest free overdraft on my account. I never used it. I read somewhere that using overdraft (and repaying it quickly, of course) it's a good strategy to improve your credit rating. Is that actually true? I could use some overdraft (then put money back from savings - money that I already need to spend), but I wanted to know if it's a good thing (spending money then paying overdraft back) or bad thing (so I'd first transfer money from my savings then spend it).
Thanks!
don't know if this is the right place, but I think that's the better place to ask this question.
I've got a £260 interest free overdraft on my account. I never used it. I read somewhere that using overdraft (and repaying it quickly, of course) it's a good strategy to improve your credit rating. Is that actually true? I could use some overdraft (then put money back from savings - money that I already need to spend), but I wanted to know if it's a good thing (spending money then paying overdraft back) or bad thing (so I'd first transfer money from my savings then spend it).
Thanks!
0
Comments
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A very bad thing. It shows you can't live within your means.0
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Deleted_User wrote: »A very bad thing. It shows you can't live within your means.
+1, also taking cash advances from your credit card is a red flag to lenders.0 -
Thank you guys. I'd rather take the money from my saving account then!0
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