credit check for reducing overdraft

katie_p_2

Hi Everyone,

Does anyone know if Banks can do a credit check for reducing your overdraft. I thought it was a bit strange the bank saying this to me but agreed to it at the time, in hind sight I probably should have questioned it more.

Its a bit odd doing a credit check to reduce my overdraft from £700 to £300 - any info would be much appreciated

Katie

Savingdad

When I tried to reduce my overdrafts online it flagged up they might run a credit search , as i had just opened 3 current accounts for savings and after advice on here I decided to just leave things as they were and not use the overdrafts, been working for me ever since.

paragon909

katie_p wrote: »

Hi Everyone,

Does anyone know if Banks can do a credit check for reducing your overdraft. I thought it was a bit strange the bank saying this to me but agreed to it at the time, in hind sight I probably should have questioned it more.

Its a bit odd doing a credit check to reduce my overdraft from £700 to £300 - any info would be much appreciated

Katie

Maybe they were checking to see if you still qualified for any overdraft. I.e. an account review or something since your making a change to a credit based product.

Once upon a time banks use to be able to put an overdraft on your account regardless of credit checks etc.

GingerFurball_2

katie_p wrote: »

Hi Everyone,

Does anyone know if Banks can do a credit check for reducing your overdraft. I thought it was a bit strange the bank saying this to me but agreed to it at the time, in hind sight I probably should have questioned it more.

Its a bit odd doing a credit check to reduce my overdraft from £700 to £300 - any info would be much appreciated

Katie

When you do that, technically what's happening is that you overdraft is being cancelled and you're applying for a new overdraft of £300.