OR DOES CREDIT REPORT ONLY APPLY TO CREDIT CARD??
2006-08-19 11:20:01 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
if you have overdraft you are allowed to use it
the only time it goes on your rating is if it is never paid
2006-08-19 14:05:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I agree with GinnyGirl (and liked her answer)
My answer to you is - Banks Generally do not report overdraft fees that will affect your score. HOWEVER, check with your bank just to make sure. Here's an interesting kicker to this complicated banking situation.....
Because of the Patriot Act AND depending on the PARTICULAR bank or institution - your credit score could go down when you open a new account.
Believe it or not (because of the patriot act) they do a modified credit and/or background check of you when you open an account. This was true as of 1 1/2 years ago. I don't know if it's still like that. SO keep that in mind. If you're concerned about this, ask the institution...
2006-08-19 14:12:19 · answer #2 · answered by poojally 2 · 0⤊ 0⤋
Credit reports are based not only on credit cards but any account that has not been paid. If you have been sent to collections then it will appear on your credit report. Overdraft items will only affect you if you are trying to get a loan. Since you have to show banking statements for a year.
2006-08-19 11:30:50 · answer #3 · answered by Jackie G 3 · 0⤊ 0⤋
The exact formula for credit scores is a secret but I do not think that banks report overdrafts to the agencies. I have bounced too many checks, but I have never seen that referenced on my credit report. However the bank you use will have that record and will use it against you if you try to borrow from them at least Washington Mutual and Bank of America do that.
2006-08-19 11:27:17 · answer #4 · answered by anteater 69 2 · 1⤊ 0⤋
Your checking account has nothing to do with your credit report, since it's not credit. Overdraft fees will not show on your credit report.
2006-08-19 11:28:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It only affects your credit score if you fail to pay it and you close your account with a balance due, and don't pay it. That will be reported as negative on a credit report. It will also make it very hard for you to get another account with any bank. Also any type of loan you fail to pay on time or at all, even if you fail to pay a utility bill or any bill that you owe for something, will affect your credit.
2006-08-19 11:36:47 · answer #6 · answered by Ginnygirl 2 · 1⤊ 0⤋
overdraft fee debit account affect credit report
2016-03-26 22:14:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
This is interesting. I just checked the status of my checking acct. and see that it's overdrafted by 30 bucks. But get this, I overdrafted by paying down a loan (online banking). What's more important to the lender, the loan payment, or the overdraft?
2006-08-21 16:13:52 · answer #8 · answered by CaptainCrunch 5 · 0⤊ 0⤋
It does not affect your credit score. It is not reported.
2006-08-19 11:25:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No...it wont reflect in your credit report
How to Clean Up Credit Report
http://www.debt-loan-refinance-mortgage-credit.com/category/How-to-Clean-Up-Credit-Report.html
2006-08-20 01:32:56 · answer #10 · answered by iuw r 2 · 0⤊ 0⤋