overdraft limit !!

jordan24x

I have an overdraft of £100.I have regular money going in each month and would like to increase my overdraft to £250.I have okay credit, no black marks etc, but I have alot of it !! Do you think the bank will do a credit check for the £150 increase and if they do, do they have to ask your permission beforehand to check or can they go ahead and do the credit check without letting you know first??? Ive been with the bank for 11 years.

BONJOEY

which bank is it?

Gordon_the_Moron

They may do a credit check, when you apply for the overdraft increase it will be in the terms and conditions that they might do it. You have been with them quite a while and are only asking a small increase so they may not bother.

If you are using all the credit you've got available you shouldn't be asking for more IMHO, if you aren't, get rid of some of it by asking for it to be reduced.

jordan24x

the bank is alliance and leicester !!!!!!

Gordon_the_Moron

That could be a good reason to ask for the overdraft then, cheaper than other forms of credit.

Have you got another current account with an overdraft, if so if it has been in credit in the last month they will match it. Do that, transfer some existing borrowing to A&L (whatever is at the highest interest rate) and then CANCEL the credit that you have paid off so you aren't tempted to use it again increasing your overall debt.

If you aren't in debt already use the overdraft whilst its 0% and put the money in a savings account.

Da Moron

jordan24x

thanks for the advice.But my initial question was if they wish to do a credit check do they have to notify you that they want to do one or can they just do one without notifying me first? can anyone do a credit check on you without asking your permission?

jordan24x

i have no terms and conditions to look at LOL :rotfl:

jordan24x

its just when you go for new credit you have to give permission for them to do a credit check so i wondered if that applys on any other checks with whoever !!!

Gordon_the_Moron

jordan24x wrote: »

thanks for the advice.But my initial question was if they wish to do a credit check do they have to notify you that they want to do one or can they just do one without notifying me first? can anyone do a credit check on you without asking your permission?

I don't know the answer to that but you could ring up or go in your branch and ask if they will do a credit check.

natweststaffmember

THe answer is that all overdrafts come under the Consumer Credit Act and so they should do a credit check for additional facilities. The first post does seem to indicate that it will be fine but until they process it, they may be unable to give an indication of whether it will be fine. Hope that helps.

jordan24x

thanks......all the replies have been most helpful :j
NATWESTSTAFFMEMBER... Do you know if they have to notify me first that they are going to do a credit check beforehand so that it gives me the option wether I want to go ahead with the increase after knowing that they are going to do a check ?