Challenging an overdraft limit?

I start uni in a few week and received my overdraft limit today which is ALOT less than expected. HSBC gave me £250 overdraft and living in London it won't be much of a help. I've been working for the past three years and have a credit card that I use frequently and never missed a payment (it's completely paid off now). I've also used credit rating website which have only returned positive things about my personal rating. Could they have made a mistake or do they increase it often?


Posted from TSR Mobile

You should change who you bank account is with. Santander give you a £1500 overdraft and a free rail card. Also, try not to go into your overdraft too much, it's a ***** to pay off.

Can I change even though I've already opened it? I kind of need my overdraft as my loan covers accommodation. I hope to get a weekend job though so will only use it until I find one suitable


Posted from TSR Mobile

Just a note that, whilst Santander usually do give a £1500 overdraft to students, the amount isn't guaranteed. HSBC usually gives a much higher overdraft so it may be worth checking you didn't make any mistake in your application and your credit report isn't showing outstanding debt or something.

I suggest doing your own research as if you don't like Santander or don't get the overdraft amount you want changing banks a lot will look dodgy and banks could start rejecting your application. This site is quite reputable and provides some good information.

Also keep in mind that an interest-free overdraft on a student account is like taking out a credit card but with less pressure on you to pay it back. You should try to not rely on it.