student 0% overdraft and stoozing

YorkshireBoy

sazdes wrote: »

so is the consensus it won't have a negative impact/be visible on my credit rating that I'm always "using my overdraft"?

For £2 you can find out whether the account is showing on your credit report. If the account is there, then they'll also show the debit balance. This will have a negative impact on your ability to get credit. After all, you're saying, via your credit report and to a computer based scoring system, that you can't manage your day-to-day finances. How much of an impact will depend on a whole host of other things.

As to the mortgage application, presumably this isn't anytime soon? Just clear the debt before making the application. In my opinion there will be no long term damage after the event.

Personally I'm stoozing £17.5K of O/D facilities at the moment (£10K with Santander and £7.5K with Nationwide), but then again I have no *need* for a mortgage or other credit so don't care what damage this does to my credit file.

anoncol

I spent loads of my graduate time in my 0% overdraft and had no trouble getting a mortgage a few years later. But i guess the longer i left getting the mortage the longer has to disapear from my credit records. Experian shows my credit record as the best you can get now.

YorkshireBoy wrote: »

For £2 you can find out whether the account is showing on your credit report. If the account is there, then they'll also show the debit balance.

Cant they also just join experian for a trial for free?

YorkshireBoy

anoncol wrote: »

Cant they also just join experian for a trial for free?

Yes, providing they're organised and read the T&Cs of course. Many aren't/don't, as verified by the many posts on here asking how/when to cancel.

YorkshireBoy

anoncol wrote: »

Experian shows my credit record as the best you can get now.

I've never seen a 1000 score reported on here. Lots of 999's...but never a 1000.

anoncol

YorkshireBoy wrote: »

I've never seen a 1000 score reported on here. Lots of 999's...but never a 1000.

Its 999, it looked the most.

YorkshireBoy

anoncol wrote: »

Its 999, it looked the most.

Should come in useful...if ever Experian start lending money.

DragonQ

My 0% overdraft does appear as a debit on Noddle, just like any credit card debit. I highly doubt it'll have any significant impact though, particularly medium/long term. It also lists all of my Vantage accounts, which may look a bit weird to anyone enquiring.

innovate

sazdes wrote: »

Yep, I know and have had r85 forms with all my savings accounts for years so haven't paid tax on my savings (hence saying I would get 5%)

I know being a student doesn't exempt you from tax but its significantly shorter to write "because I'm a student" than writing "because my university hours are far too time consuming, and my university forbids you from working during term time, I do not earn enough money to have to pay any tax" lol

It's even shorter to say "I am not a taxpayer (filled in R85)".

innovate

DragonQ wrote: »

Hehe you think any students earn above the personal allowance threshold?

Sure, some will do. Why not?

You-kip

anoncol wrote: »

I spent loads of my graduate time in my 0% overdraft and had no trouble getting a mortgage a few years later. But i guess the longer i left getting the mortage the longer has to disapear from my credit records. Experian shows my credit record as the best you can get now.



Cant they also just join experian for a trial for free?

Experian have now bought out the 1000 super excellent credit scoring system where top paying members paying £14.99 a month for a long period doesn't get the normal 999 score but they get the 1000 + super excellent scores.

A bit like Vanquis where their top payers get into their gold card status account.