11k overdraft

edited 30 December 2019 at 10:36PM in Budgeting & Bank Accounts
9 replies 1.1K views
Accou3Accou3 Forumite
15 Posts
edited 30 December 2019 at 10:36PM in Budgeting & Bank Accounts
My bank has offered me an arranged overdraft offer of 1k

Replies

  • edited 30 December 2019 at 10:07PM
    Willing2LearnWilling2Learn Forumite
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    edited 30 December 2019 at 10:07PM
    If it were me, I would accept the overdraft. This would then be recorded on your credit files, and would indicate to potential lenders that you can be trusted with credit.

    I would NOT use overdraft however. If you were to use the overdraft, it would be recorded on your credit files again, and it could indicate to lenders that you were living beyond your means.

    Edit: Any changes to the data recorded on your credit file will cause your 'credit score' to drop. But since lenders neither use, nor see your 'credit score', it doesn't really matter. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • LobsterMemoryLobsterMemory Forumite
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    You might want to edit the thread title- I was expecting a real tale of woe
  • SnowTigerSnowTiger Forumite
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    You might want to edit the thread title- I was expecting a real tale of woe

    LOL.

    I wouldn't accept an OD of £11,000.

    I would prefer to have £11,000 of credit available on a credit card. Then I'd get up to ~56 days interest free credit and interest would be much lower.
  • Willing2LearnWilling2Learn Forumite
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    You might want to edit the thread title- I was expecting a real tale of woe
    There was originally a whole story posted by the OP. But they came back and edited it, removing everything... :(
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • colstencolsten Forumite
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    Oh, here we go again. The poster who has no £ sign.
  • Keep_pedallingKeep_pedalling Forumite
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    There was originally a whole story posted by the OP. But they came back and edited it, removing everything... :(

    Probably just as well, going by the OPs other threads, this was probably made up nonsense anyway.
  • Will natwest be raising previously arranged and agreed of rates to 48%, like everyone else.
    It's a disgrace.
  • justjohnjustjohn Forumite
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    I have 7k on one .never use it.
  • YorkshireBoyYorkshireBoy Forumite
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    S77CHO wrote: »
    Will natwest be raising previously arranged and agreed of rates to 48%, like everyone else.
    Everyone else seems to be going to 40%, not 48%. But, yes, I'd put money on them doing the same.
    It's a disgrace.
    It's a choice (whether to use it), as I said in response to your other post on the matter where you were planning to use it next year. A better choice would be a credit card.
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