jane
|
no it wouldn't have any effect as they give you the overdraft so you can use it |
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lady97bird
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having good credit is how you are able to get overdraft protection .it has nothing to do with getting a loan,but if you are approved for overdraft protection you will probably be approved for a loan it shows that you are responsible enough to pay your debt. |
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happyliberal
 |
It depends on how you use it. If you use it appropriately and keep within your credit limit then it could actually increase your credit rating. If you go over your limit then it may harm your application |
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Avalon
|
it depends on whether you have the ability to cover loan repayments rather than your overdraft.. |
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NATALIE W
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yes it does !banks look at your average credit balances every month,if you are permanently in O/D it looks real bad |
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Health Freak
|
i don think so.
If anything, I think it may help it, especially if you keep within the limit |
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The Fat Controller
 |
I wouldn't have thought so |
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champagne
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no.overdrafts are there to be used.loan applications are based on whether you can afford the repayments. |
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dm_dragons
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USING an overdraft? Sure it will effect your credit rating and thus a loan application.
HAVING overdraft protection doesn't hurt...using it does since it reduces your capital and increases your debt.
HOW MUCH it effects it, depends on other factors. In the scope of things, I don't think it impacts it much since overdraft is usually pretty limited amounts.
Still, what does it tell the person considering your loan application? |
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fisshy
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Sure it does. Using your overdraft reduces your liquidity and thus affects your ability to pay of the loan.
Having said that though it depends on the size of your overdraft versus the loan amount. |
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lulu
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If the overdraft is pre agreed, then no. But 'they' don't take well to unauthorised spending. |
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