The Student Room Group

Student overdraft...?

Hello,

I currently have an overdraft for £200 with a particular bank. They have promised me up to £1500 in terms of what I'm allowed, but I will need to state my case as to why I need it before they approve my request. What I want to know is, how should I make out my financial situation when I go into the branch? I have a few methods of income I could put down, but I'm unsure if I should make myself seem reliant on my student loan. Should I make myself out to seem reasonably well off, spending a fair amount on books, food, going out, etc, or shall I make myself seem relatively frugal, spending as little as possible. Either option is still very much how I live my life, but obviously it is how the bank sees my situation that will affect how eager they are to help me. Last time, I was denied an overdraft because of a payday loan that had been paid off 2 months beforehand, purely because it was on record, so you can see how sensitive their requirements are.

How would you approach this matter?
Your thoughts will be much appreciated.
Original post by C H E S x
Hello,

I currently have an overdraft for £200 with a particular bank. They have promised me up to £1500 in terms of what I'm allowed, but I will need to state my case as to why I need it before they approve my request. What I want to know is, how should I make out my financial situation when I go into the branch? I have a few methods of income I could put down, but I'm unsure if I should make myself seem reliant on my student loan. Should I make myself out to seem reasonably well off, spending a fair amount on books, food, going out, etc, or shall I make myself seem relatively frugal, spending as little as possible. Either option is still very much how I live my life, but obviously it is how the bank sees my situation that will affect how eager they are to help me. Last time, I was denied an overdraft because of a payday loan that had been paid off 2 months beforehand, purely because it was on record, so you can see how sensitive their requirements are.

How would you approach this matter?
Your thoughts will be much appreciated.


I'll move this into the Student Financial Support section :smile:

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