geting a loan

iwanttogoonholiday

ive been over my overdraft a few times im with hsbc - will this affect me getting an loan...

dealer_wins

It will affect both your chances of getting a loan, and the rate you may be offered.

maginot

Yes, you will be considered higher risk and more likely to default as you have been unable to meet current obligations.
This could lead to not being offered a loan to having to pay a much higher interest rate if you do get one.

iwanttogoonholiday

how much time will it take before this goes away? ie , if i dont go over it for 3 months or 6 months

somethingcorporate

No-one but HSBC can tell you that and they won't even if you ask. The longer away it was the less it will matter.

I would say at least 12 months but probably more before it has minimal impact. You are a credit risk and HSBC will price accordingly (or not at all).

bengalknights

Yes it will have a detrimental effect on your credit worthiness, you may find only sub prime lenders willing to offer you a loan.

iwanttogoonholiday

thanks for your help guys x