Overdraft?

stewartwilliams

SamM70 said:

So I get that credit score isn't important.... Now.

 I still don't know if it would be more benefit to my credit file to pay off the overdraft and cancel it or keep it. 🤷‍♀️

I paid mine off as it was my biggest source of interest.  Ranged from £1.xx-£3.xx a day when I was in it 99% of the time, so a good £50 minimum a month being thrown away on interest charges.
No idea if it affects anything credit report wise, or makes me better in the eyes of my bank (potentially they might look at my incomings / outgoings and decide I'm a better risk, although my credit status sucks at present).  
It's good looking at a positive balance for once on my bank statements.

Suppose an overdraft is handy to have, but I personally got sick of constantly using it and paying dead money to my bank.

SamM70

Deleted_User said:

If they allow you to keep it, keep it.  Unless you can't control your spending, in which case close it. 

If you don't have any immediate credit needs in the next few months, you could consider lowering it to a thousand or so.

We possibly need a new car ours is pretty much dying! 

[Deleted User]

Get it fixed or buy a cheap one for cash.  If you want to improve how lenders see you, you have GOT to stop the cycle of borrowing.

SamM70

stewartwilliams said

I paid mine off as it was my biggest source of interest.  Ranged from £1.xx-£3.xx a day when I was in it 99% of the time, so a good £50 minimum a month being thrown away on interest charges.
No idea if it affects anything credit report wise, or makes me better in the eyes of my bank (potentially they might look at my incomings / outgoings and decide I'm a better risk, although my credit status sucks at present).  
It's good looking at a positive balance for once on my bank statements.

Suppose an overdraft is handy to have, but I personally got sick of constantly using it and paying dead money to my bank.

That is exactly the same as us, approx £2.30 a day interest. Thank you!! Think this has helped make my mind up.