Impact of overdraft on Experian credit rating

Izzy8484

Hi there,

I'd really appreciate some help.

I am trying to repair my credit rating and am doing well so far. I have one settled default of 300 pounds from 2 years ago and am now 40 points away from a 'fair' score.

I cannot get on the electoral role for some time being so I am trying to repair all the other factors.

I have made all my payments on time in the past 2 years but one of the only negative factors showing up now is that the highest available limit of credit I have been given is too low. This is true I only have a credit card with a £420 pound limit and apparently a 1000 pound limit is better.

I have now been approved for an overdraft of 1.5k with Barclays. Will this be factored into my credit file at all or should I rather look at increasing my credit card limit?

Thanks!

[Deleted User]

You could ask to increase the limit. But I assume it's a sub prime card so they are unlikely to do it on request.

But I wouldn't worry about the limit for now. It's unlikely to be a key factor for lenders.