If get rejected to Overdraft Request -Impact to your future Banking offer opportunity

adindas

Dear All

I am already have two Nationwide Flex direct without Overdraft facility, as I am using it purely for saving. Now I want to apply for another two NW FlexDirect A/Cs which offer interest free overdraft but this time not for saving but for stoozing purposes. So I will keep the account in debit (negative balance) up to the allowable interest free limit and put this OD money in my other other high interest current accounts.

If it is got rejected. What impact would I get in term of future opportunity to apply for another banking products such as Credit Cards, Bank A/C ?

I am aware it will have impact on my credit rating due to credit searches. But this is my little concern as I could still bounce it back within a few months by never miss to pay all my bills and CC in full which I believe will gradually bounce my score/rating back.

But what negative impact I could get in term of opportunity to apply for future banking offer such as new credit card, bank account with free overdraft facility if my OD request got declined ?

Thank you for taking time answering my question.

grumbler

The only impact can be a credit search record if NW do a search. Rejection is not reported.

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YorkshireBoy

adindas wrote: »

I am already have two Nationwide Flex direct without Overdraft facility, as I am using it purely for saving. Now I want to apply for another two NW FlexDirect A/Cs which offer interest free overdraft but this time not for saving but for stoozing purposes.

In a similar boat myself, but I opted for O/Ds on all 3 of my FlexDirect accounts obtained so far*, and was granted £2.5K on each.

However, due to their T&Cs saying you can only have "one introductory rate or offer" on a current account, it may be that they don't provide the O/D on secondary accounts on a fee-free basis.

So what I'm doing is testing the waters this month with £2.5K in the first account opened, and £500 in each of the others. That way, if they pay £2 gross on the others I'll know I'm getting 5% AER on all accounts and can safely(!) assume the O/Ds are also fee-free. At that point I'll shift the entire £7.5K (or £10K...see below) out to another account paying 3% AER. The downside, of course, is if they decide in subsequent months that secondary account O/Ds are not fee free, the first I'll know about it might be when I get £45 of account charges notified (£15 per account at 50p/day on each)!


* The 4th application has been 'referred' for further checks, meaning a 5-day wait, but it did indicate yet another £2.5K O/D facility despite not providing an account number and sort code.