We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
Student Bank account Benefits?
Options

LeonAccount
Posts: 4 Newbie
Hello, I've heard several stories that simply having an overdraft can help boost your credit score in the future.
While i don't want and won't use a overdraft, i was wondering if there is any benefit to getting a student bank account with an overdraft and not using it?
or would you need to use it in order for your credit score to increase?
:think:
Thank you.
While i don't want and won't use a overdraft, i was wondering if there is any benefit to getting a student bank account with an overdraft and not using it?
or would you need to use it in order for your credit score to increase?
:think:
Thank you.
0
Comments
-
You want to build a credit history. True, an overdraft will show on your credit report as being available and not used but nothing more than that.
The easiest, cheapest way to evidence you are responsible with credit is to use a credit card, put your grocery shopping on it and pay off in full every month. (Paying off in full will avoid any interest)
Credit facilities show on your credit report so things like a standard/student bank account, a mobile phone contract, any credit card, catalogues, energy bills etc (although I would avoid catalogues as they are generally overpriced). All of this plus time will provide evidence on your credit report for any future lending.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards