How long before Barclays can offer you an overdraft?

[Deleted User]

Band7 said:

Deleted_User said:

grumbler said:

Deleted_User said:

... But they state they are unable to offer me an overdraft. ... 2k on a CC. Nothing to suggest I cannot pay off debts. ...Barclays says no.

With 2K on a CC why do you need even more expensive overdraft?

Band7 said:

grumbler said:

Deleted_User said:

... But they state they are unable to offer me an overdraft. ... 2k on a CC. Nothing to suggest I cannot pay off debts. ...Barclays says no.

With 2K on a CC why do you need even more expensive overdraft?

maxed the CC, may be?

The CC limit is 15k........... (x2) and another at 10k. 2K is rather small would you not say compared to 40k I could have?

As above, I like to have a buffer just in case. You can't use a credit card to pay your bills or mortgage. If the overdraft is ever used it would only be a couple of hundred. Other banks gave me 4/5k overdraft in a heartbeat. Barclays I guess I will have to wait and see if they give me one at 12 or 18 months. It is just for a backup as my pay changes by that amount every couple of months.

I find it somewhat concerning that you took a high ground and accused me of maxing out a CC. Hardly warm advice to cast such a judgement I must say.

Why not just use your credit cards as buffer then? Put whatever would have pushed you overdrawn on the credit card(s). That costs you nothing, provided you pay attention (and the cards off in full monthly), as opposed to overdraft charges that you would incur at Barclays. 

If you prefer [to pay for] overdrafts, and other banks let you have them, you could obvsly also use such other banks.

I'd also like to clarify that nobody accused you of having maxed out your CC. It was merely a question. If you had offered all the facts to start with, nobody would have needed to ask questions. Other than that, maxing your credit card in some way is perhaps not advisable but is hardly a crime.

I'm afraid you haven't read what I have typed. You cannot do this for mortgages etc. I already spend mostly on my CC for Cashback. On short months when my pay is low as expected is when I need the overdraft.

It was suggested I had maxed out my overdrafts, hardly a warm atmosphere of advice from MSE on this occasion. I have never maxed out or missed a payment in my life.

[Deleted User]

Just to update to say, I spoke to Barclays who told me my account is not able to have an overdraft, but someone will phone me about getting an upgrade, I am somewhat confused as to which account I currently hold. It is simply called "The Barclays Back Account" and I thought the next one up was premier. I will await their call, perhaps they no longer offer overdrafts on their standard account. 

Perksy5

Deleted_User said:

Just to update to say, I spoke to Barclays who told me my account is not able to have an overdraft, but someone will phone me about getting an upgrade, I am somewhat confused as to which account I currently hold. It is simply called "The Barclays Back Account" and I thought the next one up was premier. I will await their call, perhaps they no longer offer overdrafts on their standard account. 

So we used to advise lending limits fall in around 3-6months after joining and having seen your salary come in.
This was pre-covid. Its likely lending criteria has tightened further, such as affordability checks.
Every month, first working day, your borrowing limits are refreshed which could mean for example you're eligible for a loan. Compared to the previous month, that loan could be for a higher or less value or higher or less APR than the previous month.
Having these limits does not guarantee you'll have it the next month and as always is subject to application.
Usually no limits are in place if you have the 'basic current account'. Sounds like you already have a BBA so in theory you should be OK unless there's anything lurking on your credit file or if you're not left with much cash in your account at the end of the month that will be a significant factor.
If you're absolutely insistent you want one you can apply with a personal banker but if you have no limits in place your chances are slim to none. You could potentially appeal a decline and evidence why you feel its affordable and see what the lending teams response is, though keep in mind if you do apply and are declined this will impact your credit report for 6 months.

My suggestion is as previously mentioned forget the overdraft. Put as much of your daily expenses on credit card and reserve your cash for your bills. You've already mentioned that you have little cash in your account at some point of the month which I would say is the reason why you're not eligible for an OD at this time.

P.S Just spotted you have 40k limits on your credit cards. That's it. Reduce them.

[Deleted User]

Perksy5 said:

Deleted_User said:

Just to update to say, I spoke to Barclays who told me my account is not able to have an overdraft, but someone will phone me about getting an upgrade, I am somewhat confused as to which account I currently hold. It is simply called "The Barclays Back Account" and I thought the next one up was premier. I will await their call, perhaps they no longer offer overdrafts on their standard account. 

So we used to advise lending limits fall in around 3-6months after joining and having seen your salary come in.
This was pre-covid. Its likely lending criteria has tightened further, such as affordability checks.
Every month, first working day, your borrowing limits are refreshed which could mean for example you're eligible for a loan. Compared to the previous month, that loan could be for a higher or less value or higher or less APR than the previous month.
Having these limits does not guarantee you'll have it the next month and as always is subject to application.
Usually no limits are in place if you have the 'basic current account'. Sounds like you already have a BBA so in theory you should be OK unless there's anything lurking on your credit file or if you're not left with much cash in your account at the end of the month that will be a significant factor.
If you're absolutely insistent you want one you can apply with a personal banker but if you have no limits in place your chances are slim to none. You could potentially appeal a decline and evidence why you feel its affordable and see what the lending teams response is, though keep in mind if you do apply and are declined this will impact your credit report for 6 months.

My suggestion is as previously mentioned forget the overdraft. Put as much of your daily expenses on credit card and reserve your cash for your bills. You've already mentioned that you have little cash in your account at some point of the month which I would say is the reason why you're not eligible for an OD at this time.

P.S Just spotted you have 40k limits on your credit cards. That's it. Reduce them.

Thank you for the advice, in actual fact I rescued my limits last week down to 7k. I will never spend more than 3k! I know there is also credit % in use, but I have a mortgage so no near future worry over that. 

I have yet to receive a call so I think if they don't call I will give up on the Barclays overdraft!

flaneurs_lobster

[Deleted User] said:

I have yet to receive a call so I think if they don't call I will give up on the Barclays overdraft!

Apply for a Kroo account, I've had mine for 24 hours and they've already offered me an overdraft.

Marchitiello

Everybody immediately assume that overdraft are a no-no for everybody and in all circumstances. I have sizeable overdraft facilities on all my bank accounts where I have DD. Most of them have a buffer of £500 to £1000 that is interest free so it would cost me nothing to deep into, albeit I never done so for longer than a few hours, it is nice to know that if I become forgetful or do not have internet access, I can be overdraft without charges 

MattMattMattUK

Marchitiello said:

Everybody immediately assume that overdraft are a no-no for everybody and in all circumstances. I have sizeable overdraft facilities on all my bank accounts where I have DD. Most of them have a buffer of £500 to £1000 that is interest free so it would cost me nothing to deep into, albeit I never done so for longer than a few hours, it is nice to know that if I become forgetful or do not have internet access, I can be overdraft without charges 

That used to be the case, but because of the regulatory changes forced through there are no longer interest free overdrafts in the UK.

Saver101101

Not Quite True, Both My HSBC and Barclays Premier overdrafts and Lloyds have interest Free limits:

HSBC From Their Page:
The first £500 of your arranged overdraft is interest-free, and it’s 39.9% EAR above that. Overdrafts are subject to status.

Barclays From Their Page:
As a Premier customer, you can apply for an interest-free arranged overdraft up to £500. Overdrafts, including interest free amounts, are subject to application, financial circumstances and borrowing history.

Saver101101

Saver101101 said:

Not Quite True, Both My HSBC and Barclays Premier overdrafts and Lloyds have interest Free limits:

HSBC From Their Page:
The first £500 of your arranged overdraft is interest-free, and it’s 39.9% EAR above that. Overdrafts are subject to status.

Barclays From Their Page:
As a Premier customer, you can apply for an interest-free arranged overdraft up to £500. Overdrafts, including interest free amounts, are subject to application, financial circumstances and borrowing history.

And Also Lloyds:

Interest Tiers % Per month % EAR
Beyond £600 interest free limit 1.16 14.90

[Deleted User]

Saver101101 said:

Not Quite True, Both My HSBC and Barclays Premier overdrafts and Lloyds have interest Free limits:

HSBC From Their Page:
The first £500 of your arranged overdraft is interest-free, and it’s 39.9% EAR above that. Overdrafts are subject to status.

Barclays From Their Page:
As a Premier customer, you can apply for an interest-free arranged overdraft up to £500. Overdrafts, including interest free amounts, are subject to application, financial circumstances and borrowing history.

Maybe Barclays will try to flog me the premier account. They seem to have pivoted the account whereas before I do not recall any opportunity to have the account unless you matched the criteria. Now they advertise you can get it for £20 a month. 

I used to bank with HSBC who gave me a massive overdraft, but they reduced it to almost 0 once I stopped using the account. 

RBS again gave me a massive overdraft, I reduced this myself once I stopped using the account. 

Just to add it seems Barclays are a little confused themselves, the main Premier page makes no mention of the £20 a month charge. 

https://www.barclays.co.uk/premier-banking/

Yet if I look it up in my Barclays app it's offering an upgrade for £20 a month.