Multiple accounts with overdrafts?

lyle1993

I have three current accounts with different banks and they all have overdrafts in excess of £1000, one up to £3000.
a) does this negatively affect my credit rating?
b) would my credit rating improve if i was to remove the overdrafts?

GTR_King

Your credit score might improve if if you reduce or remover your overdraft etc....

MABLE

lyle1993 wrote: »

I have three current accounts with different banks and they all have overdrafts in excess of £1000, one up to £3000.
a) does this negatively affect my credit rating?
b) would my credit rating improve if i was to remove the overdrafts?

I have overdraft facilities on my Cahoot Lloyds and Nationwide accounts totally about £14k and has not affected my credit rating at all.

ashp_2

It would probably depend if you are in the overdraft on all those accounts. If yes then it probably would have some effect not so much on your "score" but a lender probably wouldn't like it much. If your not in the overdrafts I don't think it would have an effect.

DCFC79

GTR_King wrote: »

Your credit score might improve if if you reduce or remover your overdraft etc....

The score wont be affected, the history is what lenders see.