Starling overdrafts. 15% 25% or 35%

irvin38aa · 19 January 2020 at 10:17AM

So from April Starling are increasing their overdraft rate for some in line with just about every other bank. However they are taking a different approach by offering a 15%,25% or 35% overdraft. The rate you get will be based on your credit score.

What I would like to know is how exactly will your score be determined and also what are the thresholds for each level? I can’t find any info on the site to tell me this. I have a great credit score but do have various credit cards, overdrafts etc.

Will they let you know in advance of April or are we just given what we are given come April?

afis1904 · 19 January 2020 at 10:25AM

There aren't any specific thresholds as it's based on how likely they think you'll pay it back. The score does not matter for this, your credit history does.

irvin38aa · 19 January 2020 at 11:05AM

So if I’ve never missed a mortgage payment, CC payment, bill payment etc I should get 15%? Or because I’m £100 overdrawn in another account I will get 35%?

afis1904 · 19 January 2020 at 11:14AM

Do you already have an overdraft agreed with Starling? In that case if you have a good history of borrowing you'd probably be more likely to get the better rate.

irvin38aa · 19 January 2020 at 11:20AM

afis1904 wrote: »

Do you already have an overdraft agreed with Starling? In that case if you have a good history of borrowing you'd probably be more likely to get the better rate.

Yes. Don’t use it though. Just use it as an account for holiday spends. Thinking of switching to using it as main account though.

Ben8282 · 19 January 2020 at 7:30PM

Starling again!
I very much doubt that your overdraft rate will be based on your credit score as lenders do not use a persons credit score in making lending decisions. You may well have a great credit score, that's good, but unfortunately nobody except you can see it and it exists only for your own amusement and as a marketing tool by whoever is providing this credit score to you.
What I would like to know is how exactly will your score be determined and also what are the thresholds for each level? I can’t find any info on the site to tell me this.
Seriously, would you expect to find information on this site telling you how a specific lender would set interest rate thresholds for borrowing?

Why are you so concerned about what interest rate you may get on your overdraft facility? Do you expect to make frequent use of it? Why exactly are you thinking of making Starling your main account?

Starling overdrafts. 15% 25% or 35%

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