Not allowed an Overdraft?! :(

maureen_1

Ever since turning 18 my requests for an OD have been struck down...
-Santander
-Natwest
-Halifax

The story is that I left Santander a couple of years ago after getting stuck into a cycle of charges, thanks to MSE I found out how to write to the bank etc and the cycle stopped and I managed to pay it all back, however, it left me with 4 defaults on that particular account. I have not yet closed the account (lazy comes to mind, I somehow think it will be ok to just leave it to rot but also suspected they would just close??).

I moved to Natwest and am an Advantage Gold customer, I have always been in employment but have fluctuated between part-time & full time, I am now part time but through each phase, they have repeatedly refused to give me an OD.

I have since applied at Halifax for a regular account with OD and was sent a letter detailing that I was unable to have that account due to my credit score and was offered a pathetic account instead... They opened that for me too, so is it important to close this if I'm not going to use it?

Since all of this I have x2 contract mobile phones (always paid on time), x2 Store cards (no debt) and x2 Credit cards (debenhams/santander & Capital One) Debenhams/Santander had a balance of £1000 - no defaults and that has been paid off in full. I have reason to believe that the banks refusing credit may be because of history with other banks and not necessarily anything to do with my good credit like mobile phone bills being paid on time, credit cards being paid off etc?

How can I get rid of these defaults that show on my credit history, do I need to close that account? I am hoarding a little (Just In Case!!) In reality, I don't need them open. I know I have a lot of credit, oh and two catalogue accounts, x1 with a balance frequently paid... This credit frenzy was brought on by originally not ever being allowed credit, now all I want is an OD at the one time I thought I was most likely to get one!

Please help!! xxx

pcombo

Why do you need a credit card when you have store cards, and credit cards.

Why do you want more credit?

BugsyBrowne

Is your advantage gold account with natwest a blue debit card by any chance?

I have an OD With Barclays and wouldn't give 2 hoots if they closed it down.

JuicyJesus

You will not be able to get rid of the defaults. They will drop off your credit report after 6 years, but until then they won't be removed as they're factual information.

Although it may seem unfair that other lenders take your Santander history into account, defaults are very hard to obtain. If you have defaulted once, then lenders will see you as a much higher risk than normal as you have already failed to keep within the terms of credit agreements before. A few well managed credit commitments will not in any way make any potential lender feel better about lending money to someone who has done this four times. Four defaults is damn near toxic.

I have to agree with pcombo also. Why do you want an overdraft? In fact, why do you even want those store cards and credit cards around? All an overdraft will do is encourage you to live outside of your means, and lead to an even worse situation down the road. You'd be better off setting a strict budget and then sticking to it.

opinions4u

maureen_1 wrote: »

The story is that I left Santander a couple of years ago after getting stuck into a cycle of charges, thanks to MSE I found out how to write to the bank etc and the cycle stopped

Did MSE teach you how to fold the paper and put it in an envelope?

maureen_1

opinions4u wrote: »

Did MSE teach you how to fold the paper and put it in an envelope?

No, Martin Lewis wrote a feature on how to escape the clutches of bank charges and cycles of charges etc, but thanks for your contribution.

I didn't realise the defaults could be so fatal.
I'm not trying to get another credit card - that appears too easy at the moment! Merely an overdraft, which is cheaper than credit cards, I am looking for protection as I have lots of household bills going out I simply can't afford the charges applied if a payment coming out catches me off guard.

It's not something I am desperate for, I'm getting on grand as I am, I am just curious as to why I can get a grand on a credit card and zilcho from my own bank!

Yes, it is the blue debit card <- DEBIT CARD! But halifax won't even give me a debit card... Oh what a palava!

MoneySaverLog

maureen_1 wrote: »

I'm not trying to get another credit card - that appears too easy at the moment!

I'm surprised with 4 defaults you are even managing to get credit cards.

maureen_1

Am I correct in saying that they are defaults?
It is only because my equifax credit file shows them up in red and a big fat four and says I have defaulted 4 times on my current account.
This being, I was over my agreed limit (£0) and was not back in the + until four months later. (After eventually coming up with the money to put back in).

BugsyBrowne

Are blue natwest debit cards not the Mickey mouse ones where they only work in certain places.

maureen_1

My blue natwest has worked everywhere, apart from petrol station pay @ pump so far??

BugsyBrowne

maureen_1 wrote: »

My blue natwest has worked everywhere, apart from petrol station pay @ pump so far??

Is that a current account then?