merely average cedit score, but want a bank account with an overdraft

mark2jag

Right, long story short. I have a Halifax account with an overdraft of £3250, today they sent me a letter saying they are reducing it to £750, which is not what I want. I appealed their decision and they told me in a quite a lot of words to go forth and multiply. Does anyone know of a Bank that would give someone with a merely average credit score a similar overdraft to the one I have just lost. obviously something with a cash card and access to online services as well would be a bonus.

I'm really unhappy at the way Halifax has dealt with me.

Is there an appeals procedure, and if there is does anyone have a clue what I should be doing about it.

I suspect the cynics amongst the readership would like to know why I feel I need an overdraft of such a high amount.
Well...... It all comes down to personal choice, and although I havent used it, It would be nice to know it's there just in case i ever do need it.


I'm actually not even sure I am posting this in the right bit, BUT if I'm not then I would be grateful if it could be moved to the correct appropriate section.

As you can guess I'm really quite hacked off about this at the moment.

Oh and if you intend to reply, I would be most grateful if you could keep the replies constructive. Character assassination just because I want my overdraft would be a little bit over the top.

Thank you for taking the time to read this..


Mark.

tinkerbell28

Most banks would've done the same.

It's a large overdraft, which you've never used. So you don't have a need for it. Banks don't tend to give overdrafts "just incase". If you're not using the facility or making them money, then they will move the credit facility to someone who will.

No one can say if you'll get that elsewhere, being a new customer chances will be slim. A lot depends on your income, existing debt levels, credit available vs salary, etc.

Fruit_and_Nut_Case

mark2jag wrote: »

...a merely average credit score...

This merely average credit score; is this something you paid for? Be aware that lenders do not see these scores produced by agencies. They form their own opinions from actual facts that they are given.

CLAPTON

maybe tell us a little more of your financial circumstances

-income
-employment
-details on your credit file especial other credit lines
-home owner/ tenant
-electoral roll


but you may simply run two or more bank a/cs and have more modest overdraft facility with each

You-kip

If you're not using your OD then it's as expected they'll snap it away from ya.

bigadaj

Banking regulations now mean that the banks have to have capital for all debt, potential as well as actual. So things like unused overdrafts and large credit cards are I creasing,y costing banks money to fund with no revenue being generated, so many are being pulled or reduced.

opinions4u

What's wrong with your credit history?

TheMoney

Credit score is irrelevant to lenders. If you hold an account with another bank, it may be possible, if not it's unlikely. Your own bank know the most about you, and are always your best option, but obviously there will be exceptions. Overdrafts are generally considered to be up to 50% of your net monthly income, and that ofcourse would depend on other available credit. In short, unless you currently take home atleast £7000 after tax, I wouldn't expect to get that limit anywhere else.

Cat2011

I have a 4.5k overdraft with Natwest, have for years and they've not removed it. You could try them?

Edited to add: I also have a bank account and credit card with Halifax and they reduced both credit limits after "reassessing" my account.

jonesMUFCforever

Constructive advice -- ask in the bank account board not the credit card one?

fozmcfc

Cat2011 wrote: »

I have a 4.5k overdraft with Natwest, have for years and they've not removed it. You could try them?

Edited to add: I also have a bank account and credit card with Halifax and they reduced both credit limits after "reassessing" my account.

Similar to me, I have a £5k overdraft with Natwest. I haven't used a penny of for about 4 years now and before that I used £20 or so of it for about a week, in the previous 5 years or so.

I also have a credit card with Halifax, which is being withdrawn for non-use in October. I'm happy with that, because I don't see myself using it again and it free's up some credit, if I want to apply for credit elsewhere.

I've asked on these boards about telling Natwest to lower/remove the overdraft, but the general opinion I got, was just leave it.