We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards