Increasing overdraft limit - help

a0419

Hello,

I was wondering if somebody could help me.

I have a bank account with HSBC (been with them for 5 years now) and my overdraft limit is £1,000. I would like to increase it to £2,000 ideally within the next couple of days. My problem is that I moved to a different city and I’m starting a new job on Monday. When I tried to increase my overdraft limit on the HSBC website it asked me to fill out a form with my address and salary. 

It had my previous details saved already, including my previous address and a part-time job I was doing the time I applied for my overdraft in September 2019. My yearly salary was £10,800 at the time. Since then I worked full time and earned £18,000/year, and I just left this job on 30/09/20. However, this salary/job was not saved on my bank account.

I am wondering what’s the best way to fill out this application form without giving “false” information as I don’t want it to get declined because of this.

My salary at my new job will be £20k/year but I will only get paid from there at the end of October so I’m not sure if this will get accepted. I have already saved my new address on my HSBC profile but I’m not sure if this is showing on any records that they might be looking at, as I just moved in a few days ago.

My credit score is pretty good at the moment (according to Clear Score at least) but I’m not sure what’s the best way to apply for this. I realise it would have been much easier to just increase my overdraft limit while I was still in my previous job/address but at the time I didn’t realise I could do this so I didn’t look into it.

Any advice on how to fill out this form? Would it be a huge issue if my new address/salary would not match with whatever records the bank has (if I use my new address and the job I’m starting on Monday)? Or should I apply for it with my previous address and the job that I just left?

Thank you in advance and apologies for the massive post.

CocoM2020

Credit score doesn’t exist so that’s irrelevant - have learnt that from on here. Do you really need to extend your overdraft? How much will it cost you in fees?

a0419

Thank you for your response. I don’t really have enough money to last me until payday as moving to the new city was a bit more expensive than I expected with a few unexpected costs. This is why I’d like to increase my overdraft limit.

Do you have any advice?

CocoM2020

Sorry no - but someone will be along who will. 

sourcrates

Most banks are currently in the middle of offering current OD users a freeze on interest due to covid.

You will be lucky to get a bank to agree further borrowing at this time, if anything they are freezing/reducing limits accross the board.

Situations change, the bank knows this, just do what you need to do and see what happens, just remember the interest rate is now around the 40% mark.

greensalad

Can you meet your bills? I can't imagine socialising is very big on the cards right now. If you can meet your immediate obligations (council tax, rent, utilities, commute to work) then I would knuckle down on eating rice and beans for a month and get through it. You'll thank yourself later.

a0419

sourcrates said:

Most banks are currently in the middle of offering current OD users a freeze on interest due to covid.

You will be lucky to get a bank to agree further borrowing at this time, if anything they are freezing/reducing limits accross the board.

Situations change, the bank knows this, just do what you need to do and see what happens, just remember the interest rate is now around the 40% mark.

Thank you for all the info! I understand that this is not a good time for it.. So would you recommend just filling out the application with my new address and salary?

a0419

greensalad said:

Can you meet your bills? I can't imagine socialising is very big on the cards right now. If you can meet your immediate obligations (council tax, rent, utilities, commute to work) then I would knuckle down on eating rice and beans for a month and get through it. You'll thank yourself later.

I don’t think I can, and I wouldn’t normally want to increase my overdraft limit, I’m just a little desperate at the moment. Thank you for the advice though.

jonesMUFCforever

a0419 said:

sourcrates said:

Most banks are currently in the middle of offering current OD users a freeze on interest due to covid.

You will be lucky to get a bank to agree further borrowing at this time, if anything they are freezing/reducing limits accross the board.

Situations change, the bank knows this, just do what you need to do and see what happens, just remember the interest rate is now around the 40% mark.

Thank you for all the info! I understand that this is not a good time for it.. So would you recommend just filling out the application with my new address and salary?

Why not phone them and do the application that way?

a0419

jonesMUFCforever said:

a0419 said:

sourcrates said:

Most banks are currently in the middle of offering current OD users a freeze on interest due to covid.

You will be lucky to get a bank to agree further borrowing at this time, if anything they are freezing/reducing limits accross the board.

Situations change, the bank knows this, just do what you need to do and see what happens, just remember the interest rate is now around the 40% mark.

Thank you for all the info! I understand that this is not a good time for it.. So would you recommend just filling out the application with my new address and salary?

Why not phone them and do the application that way?

Thanks, I was trying to do that on Friday but they said I needed to do it on the website. The person I spoke to also said that I should just use my previous address and salary for the application, which didn’t sound right to me, so I just thought I’d double-check here.

MovingForwards

If you haven't started your new job, you can't put that down as income.
Do you have friends / family who can send you money or vouchers?