Overdraft limits

MusicalLawyer

I am trying to get credit so I can build up my credit rating.

I am in some debt - only £700 now - which are all from 2009/2010 when I was on JSA. I'm in a better financial position now and want to get credit so I can get little green OK's on my file for when my defaults drop off my credit file.

I have a student account with Barclays, and was wondering about getting an overdraft on this account. Who sets the overdraft limits?
Can I ask them for just £100 over draft?

If I go in to an overdraft, and then pay it off, does it show on my credit file?

I probably won't even get an overdraft - I couldn't even get a credit card with Aqua! (Quite possibly because I am waiting to be added to the Electoral Roll at my new address)

Tixy

A credit card used regularly and paid off in full will look better on your credit file than an overdraft to most lenders.

Banks set overdraft limits based on your account conduct, credit file and financial position.

If you have defaults from 09/10 still on file you will probably struggle to get an overdraft. You might well be able to get a subprime card once the debts are all paid off and the defaults are 4+ years old.

Is your student account your main bank account? are you still a student?

MusicalLawyer

I am a student still, but it isn't my main bank account. I got a years student loan in one go so it was sitting there whilst I transferred x amount over pm. However I just transferred that over to a savings to gain interest on.

shiny76

KellyKing1987 wrote: »

I am a student still, but it isn't my main bank account. I got a years student loan in one go so it was sitting there whilst I transferred x amount over pm. However I just transferred that over to a savings to gain interest on.

If you've still got a loan with Wonga then surely you'd be better paying that off than moving any money into a savings account. No?

MusicalLawyer

You are quite right Shiny76, however I am waiting for a reply re F&F which I have sent to the DCA currently holding the debt.
I could also pay off Littlewoods, however I sent them a SAR and am waiting on a reply from them, as I believe at least £60 is made up of unfair charges.

I have £4960 in my Student Account, which I just transferred to Savings, to gain interest on it for the next 7/8 months.