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Overdraft / Credit Card / Credit Rating Question

  • 06-08-2019 9:40pm
    #1
    BigPineapple
    Registered Users, Registered Users 2 Posts: 21 ✭


    I have a few varying banking questions, hoping someone might be able answer.


    1.) Is there any financial institution in Ireland that allow customer to get overdraft up to 10,000 Eur. I have checked AIB and Ulsterbank both only give the customer up to one month salary and BoI only 500 as far as I can find. PTSB and KBC doesn't provide such information. I'm not interested in personal loan due to high rate with no flexibility, hence the overdraft.

    2.) If using credit card and making more than the minimum payment but not the full payment, will that go into ICB or CCR records over time? I'm asking because technically it may be seen as the customer does not have the ability to pay in full (i.e. use 6K and pay 1.5K each month until balance is zero)



    Before you think I'm crazy, I have good reason and I'm not actively getting myself into debt.


Comments

  • #2
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    You won’t get an overdraft for more than 1 months salary. Your credit rating could end up shot if you went 10k in and couldn’t get out. You’d constantly be in a negative balance.
    An Overdraft is only really useful for going slightly overdrawn on occasion.


  • #3
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    Re point 2, the answer is no. You only need to make the minimum payment. As long as you do that, it’s fine.


  • #4
    tedpan
    Registered Users, Registered Users 2 Posts: 4,627 ✭✭✭tedpan


    Deleted User wrote:
    You won’t get an overdraft for more than 1 months salary. Your credit rating could end up shot if you went 10k in and couldn’t get out. You’d constantly be in a negative balance. An Overdraft is only really useful for going slightly overdrawn on occasion.


    Not true. My overdraft is double my annual salary.


  • #5
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    tedpan wrote: »
    Not true. My overdraft is double my annual salary.

    What bank?


  • #6
    tedpan
    Registered Users, Registered Users 2 Posts: 4,627 ✭✭✭tedpan


    Deleted User wrote:
    What bank?

    Apologies, double monthly salary. AIB


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  • #7
    BigPineapple
    Registered Users, Registered Users 2 Posts: 21 ✭BigPineapple


    Deleted User wrote: »
    You won’t get an overdraft for more than 1 months salary. Your credit rating could end up shot if you went 10k in and couldn’t get out. You’d constantly be in a negative balance.
    An Overdraft is only really useful for going slightly overdrawn on occasion.

    yes, I'm finding it difficult to find a financial institution that allow 10K or close to that figure in terms of overdraft facility.

    I think the closest I can think of as alternative is credit card, which would serve the same purpose, albeit at slightly higher rate depending on who is the provider.

    Granted the limit will only increase over time so could be a while before reaching the necessary 10K.

    Yes, I'm aware of potential risk and have plans for getting out, so from that respect I'm not overly concerned (though it is at the back of the mind)


  • #8
    BigPineapple
    Registered Users, Registered Users 2 Posts: 21 ✭BigPineapple


    tedpan wrote: »
    Apologies, double monthly salary. AIB

    Interesting, do you have to increase that over time if you don't mind me asking or they gave it to you from the start?

    When I called, they said one month salary is the best they can do.


  • #9
    BigPineapple
    Registered Users, Registered Users 2 Posts: 21 ✭BigPineapple


    Deleted User wrote: »
    Re point 2, the answer is no. You only need to make the minimum payment. As long as you do that, it’s fine.

    I suppose it is sensible that once the minimum payment is met that it is ok, I'd imagine there are plenty of people out there that make minimum payment at some point in their life on credit card.


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