Do overdraft charges on your bank account affect your credit?

Question

I spent more money than i had during the holidays and i overdrafted. Will this lower my credit score? Im scared!

Answer 1

It can effect your credit if you dont pay it off in a certain time frame. the bank will inform you how much time you have to pay of your overdraft fees and if you do not meet the deadline they sometimes transfer it over to a collection agency and when it goes into a collection agency it will show up on your credit report.

Answer 2

I don't know if it affects your credit, but if you continue to have overdrafts, the bank can put you on the "hot Check list" and you will have to attend classes for writing hot checks. Money management, financial class.

Answer 3

u have the right to be scared but the biggest thing you should worry about is why you spent more money then you have. If this was a one time thing then fine (i guess?) but if not you should re evaluate the meaning of xmas.
3 overdrawn checks made out for 25 bucks apiece could very easily cost you well over 200 bucks
($25.00 check + $25 INSF fees to the bank + $25.00 fees to the merchant) repeat this process 3x for each of the three checks and you have
$75.00 for each check but only $25.00 worth of merchandise

Answer 4

Yes, it will show. Overdrafts can affect your credit rating. You should go in and talk to the financial advisor as to what to expect and what can be done.

Answer 5

No, it does not.

You need to watch out your credit card payments or loan payments which do affect your credit scores.

If you miss even 1, yes 1, payment for your credit card or loans, it's marked on your credit history for 7 years.

Check you credit report annually for any discrepancies and to know your history or rating. Depending on which state you live in, you may also qualify for an annual credit report for free!

Try the leading credit agencies:
Experian
Transunion
Equifax