Say you are applying for an account that has an overdraft option of up to £7500. What makes you elegible for the full 7500? And what doesnt? Is it based on your income alone or is there other factors. are overdraft facilitys subject to credit history and scoring or do they just assess it on how much you will be putting into your account each month
If anyone really knows whats thier talking about, i.e works in a bank that would be great thanks
2007-02-09 08:59:16 · 2 answers · asked by motorfidd 3 in Business & Finance ➔ Credit
It's all based on your credit history. Your overdraft amount, and the interest that will be applied if you go into overdraft. Int rest rate in overdraft are usually higher than credit cards so you may not want the overdraft unless you have to have it.
2007-02-09 11:02:46 · answer #1 · answered by Ralphie 5 · 0⤊ 0⤋
Overdraft protection is insurance against YOU exercising poor record keeping. The last thing you need is a loan, and overdraft protection IS a loan, when you don't keep track of your account.
2007-02-09 11:19:52 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋