Natwest Over-Drafts.

chrisuren

I recently opened a select account with NatWest and plan in the very near future to make this my primary account, shutting down my account with the ever increasingly useless Halifax.

The account I have with Halifax is for a 16 year old, a cardcash account. I am now a self-employed worker and need to reassurance of having an overdraft, amongst other things, the online banking was another thing that drew me toward NatWest.

I applied for a £200 overdraft with Natwest and it was refused, I've never had bad credit or any issues, and the only thing I can think of is the fact I'm self-employed.

Is there anything I can do to convince them?

Archi_Bald

Don't rely on overdrafts. All overdrafts can be called in in full at any time by any financial institution.

You would have to have a very good, and long, credit history on your credit reference agency files, and/or a good history with a bank or building society, to get a decent overdraft limit.

However, what I said first prevails - - all overdrafts can be called in in full at any time.

Don't plan your financial future with overdrafts.

pmduk

In Natwest's eyes you probably have little credit history. As self-employed you have no guaranteed income. You don't say how long your natwest account has been open, other than recently, but once they have seen regular funding of the account they may be better disposed to an overdraft. However, without a regular income you need to be very careful of relying on an overdraft as mentioned above.

chrisuren

Wasn't planning on relying on it, just using it for unexpected bills, as a self employed worker, if my phone gets cut off, there is almost no chance of anyone getting in touch with me to get work sorted.

I'd use that overdraft to pay my phone bill, clear the overdraft with my wages.

pmduk

chrisuren wrote: »

as a self employed worker, if my phone gets cut off, there is almost no chance of anyone getting in touch with me to get work sorted.

That's precisely the sort of reason a bank may be wary about giving an unknown self-employed person an overdraft. You could have a relatively minor accident leaving you unable to work or a myriad of other reasons meaning your income may vary widely.