Natwest Graduate Acnt - No changes since 2012?

kh90

Hi All,

This is my first post so please bear with me! :A

I graduated uni in 2012 and informed Natwest in regards to my student acnt and credit card. Three years on (as of last Nov) my overdraft limit is still at £1400 as it had been as a student and I have a credit card with a £500 limit. The debit acnt has changed online to say student-graduate but otherwise doesnt seem to have changed otherwise, and my credit card only says its a Mastercard - no mention of which kind.

I'm about -£800 on my debit acnt and decided to stop paying it off for now until I figure out what's going on. I don't really use the credit card other than in emergencies i.e. car, vet bills etc, but it is having a negative effect on my clearscore as it says my credit limit is too low. I don't want to cancel the card if I have some graduate rates making it a good card to have, but I can't seem to figure out what the rates are and should be!

Natwest website says some completely irrelevant info re; student and grad acnts. For example, it says the limit would lower after 1 yr of being graduated from £2000 to £1000 - my OD was never at £2000 to begin with and remains at the £1400 it has been at since I was in my second year as a student.

Does anyone have any ideas about these acnts? Is it possible that my OD acnt has just slipped through the net and I remain a 1st yr grad even though I'm not, or should I have requested them to lower the amount?

Any help much appreciated!
Regards,
K

Candyapple

No idea about your overdraft, usually most banks allow you 1 year after graduating to pay back whatever you owe at the 0% rate and then they charge you normal overdraft rates. Maybe you did slip through the net. Either way, I would get it cleared ASAP as Natwest are known for recalling their overdrafts out of the blue, especially now you have said you have stopped paying it off for a while.

With regards to your credit card – no such thing as a graduate card / rates. Close it if you’re not using it and apply for a better mainstream card elsewhere.

kh90

I am charged interest on my overdraft, but no idea what rate. How can I find that out?

I can't get another credit card due to my credit score (it's average-good)

Thanks for your reply!!

Candyapple

Ah ok, that makes more sense. So your bank account is no longer a student account if you are being charged interest on your overdraft - it has reverted to a bog standard normal current account, they just haven't changed the name of it is all.

Details of how much they charge here:
http://personal.natwest.com/personal/current-accounts/overdrafts/Compare-Overdraft-Costs.html

Who says you can't get a new credit card? Have you actually tried applying and been declined?

There is no such thing as a credit score, it is pointless marketing. The only thing that matters is your credit history and how you manage your accounts, not some random numbers.

kh90

Sorry - I don't think I'm being very clear. I'm not charged for going into my overdraft. It's free to use for £1400, and it's definitely a graduate acnt as they've always referred to it as one when I've called for various reasons. The interest is very low. I barely notice it at all!

I applied for an overdraft with NW (I switched my ordinary current acnt to them in Nov) and they wouldn't accept. I then looked at some soft searches and it's said no chance/very slim chance for almost everything, apart from the very high-rate Aqua cards which I believe almost anyone can get!

redpete

kh90 wrote: »

I am charged interest on my overdraft, but no idea what rate. How can I find that out?

You phone them up and ask them.

I can't get another credit card due to my credit score (it's average-good)

why do you want another card?

I'm about -£800 on my debit acnt and decided to stop paying it off for now until I figure out what's going on.

Are you saying you are about £800 overdrawn and have stopped paying this off because you don't know what the interest rate is? If so this is daft - if it is incurring interest why not pay it off to reduce this, if it is not than why not pay it off to reduce your debt and improve your credit rating?

I don't want to cancel the card if I have some graduate rates making it a good card to have, but I can't seem to figure out what the rates are and should be!

You phone them up and ask them. (You also make sure you pay it off in full each month in which case the interest you pay will be £0.)

Candyapple

kh90 wrote: »

Sorry - I don't think I'm being very clear. I'm not charged for going into my overdraft. It's free to use for £1400, and it's definitely a graduate acnt as they've always referred to it as one when I've called for various reasons. The interest is very low. I barely notice it at all!

I applied for an overdraft with NW (I switched my ordinary current acnt to them in Nov) and they wouldn't accept. I then looked at some soft searches and it's said no chance/very slim chance for almost everything, apart from the very high-rate Aqua cards which I believe almost anyone can get!

You either are being charged for using it, or not. Which one is it?

Are you currently employed?

Do you have any other bank accounts / credit cards/ loans?

Are you on the electoral roll?


http://personal.natwest.com/personal/current-accounts/overdrafts/apply-for-a-graduate-overdraft.html

Interesting that it says:

In the 3rd year after graduation date, you could have an Arranged Overdraft of up to £2000 but only up to £500 of the Arranged Overdraft would be interest free.

kh90

Thanks for your reply, redpete. I don't know if you bank with Natwest but unfortunately it hasn't been as easy as calling to ask. They refer me back to their website, which makes no sense to me as I can't seem to get an answer of what accoutn type I have. I'm convinced I don't have the usual graduate account as none of the info online matches my card/account type.

In regards to the debt; I have a car loan which I want to pay off. I've turned to these forums to try to decide if I'm better off paying off a huge chunk of that (I want to sell the car anyway but won't get as much for it as I need to pay off) or if my money should go to paying off my overdraft. I can't afford to do both.

The credit card is giving me a negative score on my Equifax/Experian accounts so I wondered if I'd be better off getting rid of this one and getting a new one with a bigger limit, potentially better rates (definitely better than my car finance/loan!!) and paying off my car with that and savings together.

kh90

candy apple - I don't get charged for going into it i.e. from +1p to -1p I don't get charged £10 or whatever it is - or atleast I never used to be. I get charged interest on what is in there. I'm paying interest but no charges for stepping into it. Does that make sense?

I have a car loan which I'm looking to get rid off (I don't use my car!), a current account with Nationwide, the student/graduate/whatever account with NW and the credit card with them, and a joint NW account with my partner. I've been on the electoral role for 2 years at my current address, which seems to be a negative thing (even though I was on it for many years in a different address previously?!) I'm employed and pre-tax salary is just shy of 21k.

Sorry for all the confusion - I really have no clue with money and I'm trying to get things on track! I've just heard lots of stories about closing accounts leading to bad credit scoring etc!

stclair

kh90 wrote: »

Thanks for your reply, redpete. I don't know if you bank with Natwest but unfortunately it hasn't been as easy as calling to ask. They refer me back to their website, which makes no sense to me as I can't seem to get an answer of what accoutn type I have. I'm convinced I don't have the usual graduate account as none of the info online matches my card/account type.

In regards to the debt; I have a car loan which I want to pay off. I've turned to these forums to try to decide if I'm better off paying off a huge chunk of that (I want to sell the car anyway but won't get as much for it as I need to pay off) or if my money should go to paying off my overdraft. I can't afford to do both.

The credit card is giving me a negative score on my Equifax/Experian accounts so I wondered if I'd be better off getting rid of this one and getting a new one with a bigger limit, potentially better rates (definitely better than my car finance/loan!!) and paying off my car with that and savings together.

You need to speak to the lending department with regards to your query.

You can call them in 023 8022 6443 press option 2 then option 2 again.

lhead123

I had a Natwest Student account and Student Credit Card which I got in 2005 when I started university. by my 3rd year I had increased the overdraft to £2000

I still have both, and still have an overdraft of £2000 and a credit card limit of £500. Natwest simply changed the account to a regular account 1 year after I graduated but kept everything else the same. When I get a replacement card for my credit card it comes with a 'welcome to your student credit card' booklet....

I think Natwest will quite happily keep the limits the same as long as you have the account.

I've paid off both a couple of times over the last 10 years and they've never written to me to lower the limits or change any of the interest charges etc.

The interest charges are 18.5% plus £6 per month on the overdraft and 18.5% on the credit card. When I first got the account it was in the terms and conditions that the overdraft would be interest free for the time I was a student and 1 year after graduating and then the interest would start to be added.

I currently have £1700 outstanding on my overdraft and it cost me £29 in interest last month - I wouldn't call that low...