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Tesco Current Account Overdraft
HappyMJ
Posts: 21,115 Forumite
I think I might have a bit of a mistake somewhere in the application.
I applied for a Tesco Current Account last month.
It's just come back approved with a whopping £3,000 overdraft facility. It's far too much. I just wanted a small £100 buffer certainly not £3,000. I'm never going to use it as the interest rate is so high at 17.44%. Would it hurt my credit rating now if I refused it? Would taking it improve my credit rating or make it harder to get affordable credit in the future? I have quite a large balance (£4,000) on a credit card at 0% expiring in March next year and was hoping to get a 0% on balance transfer card.
I applied for a Tesco Current Account last month.
It's just come back approved with a whopping £3,000 overdraft facility. It's far too much. I just wanted a small £100 buffer certainly not £3,000. I'm never going to use it as the interest rate is so high at 17.44%. Would it hurt my credit rating now if I refused it? Would taking it improve my credit rating or make it harder to get affordable credit in the future? I have quite a large balance (£4,000) on a credit card at 0% expiring in March next year and was hoping to get a 0% on balance transfer card.
:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money.
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
Comments
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I reckon it's best to reduce the overdraft facility asap. Having lots of available credit could work against you with other applications, particularly credit cards.0
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