Does anyone know the criteria when applying for an overdraft with RBS

Samantha84

Hi there I have been with rbs for 5 months and was wondering how they assess if your eligible for an overdraft. I've not gone overdrawn at all and there is always money going in I.e regular employment wages.

DCFC79

No 1 will know the criteria otherwise everyone would make sure they fit the criteria to get a loan. Maybe ask rbs, go in and speak to them or do a soft search with nationwide to get an idea what you could get.

Samantha84

Thanks for that I did call but their department was closed. The guy I did speak to though said everything looks fine but then said the dreaded.... "Can't guarantee it though" but I'm assuming if it looked bad then he wouldn't have said anything at all

DCFC79

Samantha84 wrote: »

Thanks for that I did call but their department was closed. The guy I did speak to though said everything looks fine but then said the dreaded.... "Can't guarantee it though" but I'm assuming if it looked bad then he wouldn't have said anything at all

have you checked whats on your credit file with credit expert or noodle ?

The NW soft search doesnt leave a mark on your file.

Samantha84

I thought they based it on your eligibility and not a credit score or am I wrong?

DCFC79

Samantha84 wrote: »

I thought they based it on your eligibility and not a credit score or am I wrong?

What is a credit score?


A credit rating is a score based on your financial credit history, designed to help lenders offer credit responsibly and profitably.
When lenders decide whether to grant you credit and what interest to charge, they calculate your credit rating (also known as a credit score) to assess the likelihood that you will repay what you owe them. They do this by allocating a value to items from your application and your credit report - the personal history of your credit accounts, such as loans, cards and mortgages - and adding them up to get a single number. In general, the higher your score, the easier you'll find it to get credit.
You don't have a single credit rating, as every lender uses a different formula. Your credit score also changes over time, as your circumstances change.

From here

Samantha84

Thanks I already know what a credit score is I'm 28 and have had financial products in the past.

I was just not sure when its your own bank especially for an overdraft if it is simply based on eligibility

DCFC79

Samantha84 wrote: »

I was just not sure when its your own bank especially for an overdraft if it is simply based on eligibility

No doesn't work like that, how would the bank know you had other financial products elsewhere you hadnt kept up with repayments. Thats what the credit file is for.

Samantha84

Very true thanks for your help

stclair

Know one will know the banks lending criteria.

Have you already made the application for the overdraft?

If you apply online whilst signed into your online banking you will get an instant decision 9 times out of 10.

If you make an inquiry via telephone banking they will just look at your risk band if its above 7 they will say you are eligible to apply for a lending facilities.

The risk bands go from 1 to 10. 1 being the best 10 being the worse.

chanz4

i used to find, apply but then get to the screen that says you may be eligble for an over draft of £xx.xx , its in the writting of it so look close if not there dont continue