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Hi Hater! Go PATS!!!! | Can overdrafting your bank account affect your credit? |
Additional Details
is there little change to the credit? i've overdrafted numerous times. Most of the times i didn't mean to.
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Mofo21
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Yes. |
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Marilyn C
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Yes, and your ability to get/keep a checking account. It is important to have features like overdraft protection on your account and also balance your checkbook. If you don't resolve your overdraft status quickly, the bank will report to all three credit bureaus. So make sure to keep an eye on your balance and to avoid overdrafting, start dealing in cash and don't be so dependent on your debit card. |
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misslabeled
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"Numerous" is a very bad sign, specially from the "didn't mean to" department. You apparently don't manage your finances well, and play it very tight to the wire. Your overdraft is like an unsecured loan. Each time you access it is noted, as well as how quickly you repay it. The bank looks at it as chronic NSF, even though they guarantee payment to whomever received the check. Some banks report this to the credit bureaus. |
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phillip_stoakes
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YES IT CAN!! I am maxed out on credit cards and keep drifting over my small overdraft limit, so I decided to ask my bank (who I have been with for 23 years) for a £6,000 loan which they advertise at 6.4%APR the figure they quoted me was 18.9%APR because drifting over my limit regularaly affects my credit score. They said keep below your limit and come back in 6months. |
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Tom
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Credit is affected or rather gets deteriorated when you take any credit/loan and do not pay towards it on time.
Now, In this case when you overdraft your bank account, you are actually taking out money from a pre-approved loan. Infact it's same as your credit card.
If you pay on time towards the overdrafted money then you need not worry, but if you default then it will obviously affect your credit.
However the norms differ from bank to bank so I advise you to get details from your bank too.
Thanks and Take Care>> |
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noitall
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yes, especially if the charges are not made good. |
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sarah a
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no long as you take care of it shortly after the account was overdrawn. The biggest pain are the darn over draft fees. i would highley suggest a over draft protection, done with a line of credit or savings account. you will save lots of cash doing this |
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Love My Boxer!
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No bank will report you every time you go over (negative), unless you have overdraft protection and fail to pay that back according to the terms. Simply going negative, and depositing money a week later will not effect your credit. Banks will "charge off" your account after a certain period of time (roughly 45 days), and then it is sent to collections (which is reported).
HOWEVER, After 9/11, they made "ChexSystems" which checks your "bank history" with major banks (pretty much any bank in the country). If you were CONSTANTLY going negative, it will be reported as "account abuse", and although this will not effect your credit score, it WILL make it VERY difficult to open a checking account elsewhere. |
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Luckys Charm
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No. Banks do not report to credot bureaus unless you owe them some money and the account was turned over to a collection. Phillip asked his bank for a loan and by it being his personal bank they were able to tell he was irresponsible and told hin to come back in 6 months after he build some responsibility. |
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bella_4624_19
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NO! The only way a bank were to report to the credit bureaus about your account would be if you overdrafted, stayed negative, they closed your account, and you would not pay the debt. People use the overdraft feature of their account all the time. Lots of people go negative all the time and are able to bounce back. |
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jannie
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there is nothing wrong with that as long as it is brought to a positive balance within the amount of time you are allowed |
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