If my bank account is overdrafted all the time, do i get a bad credit?
2007-01-14 08:36:12 · 6 answers · asked by JustWonder 2 in Business & Finance ➔ Personal Finance
Yes, I had several overdrafts when I was young and just starting out and let me tell you now, if you don't want a bad credit rating (and trust me you don't, it just holds you back) make sure you do NOT overdraft your account. (note to snobunnie, you have to pay the fee, they automatically issue one to your account each time a trnasaction goes through for a negative balance. my bank charges $35 each overdraft)
2007-01-14 08:42:35 · answer #1 · answered by Just Another Godless Liberal lol 3 · 0⤊ 0⤋
I work at a bank. Your overdrafted account only affects your credit two ways. The first is if you don't pay it off within a certain amount of time, the account will charge off and go to collections. The second is if you are buying a car or house and they check your account history. Many places may actually ask to see your statements for the last year. Be careful not to overdaft too often and to pay it back imediately.
2007-01-14 12:28:20 · answer #2 · answered by gizhamster 1 · 0⤊ 0⤋
If you've never been over your limit it will look good on your credit, a few missed payments shouldn't matter. Go to experian and get your credit report. It's free for 30 days, just cancel it when you've checked. And it's about £4 to get your score. If I were you I'd check this first because if you apply for any credit and it fails, it damages your credit rating :)
2016-05-24 01:13:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hmm good question. My account was overdrafted two days ago, but not often.
2007-01-14 08:39:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
only if you dont pay the fee and it gets reported to the credit agency
2007-01-14 08:40:56 · answer #5 · answered by snobunnie2004 2 · 0⤊ 1⤋
Writing checks for money you don't have? Are you seriously asking this question?
2007-01-14 08:44:26 · answer #6 · answered by ? 7 · 0⤊ 0⤋