Topic starter
I have a modest £250 overdraft which I dip into more often than not towards the end of the month only to pay it off on payday.
Does this sort if usage effect my credit rating in any way?
Cheers
Posted : 14/08/2017 10:06 pm
I'd expect it to impact on your credit rating in a positive way. It shows that you borrow money and pay it back.
Posted : 14/08/2017 10:07 pm
I think it will depend on who is doing the credit search. Applying for a mortgage or a big loan from the bank - it might help show that you can't afford the repayments.
Posted : 14/08/2017 10:15 pm
I used to be dipping into my overdraft regular a few years ago. Basically, I wasn't paying myself enough from the business.
Stayed out of the overdraft and my credit rating has gone up.
Posted : 14/08/2017 10:20 pm