Hey there! Sign in to join this conversationNew here? Join for free

HSBC - What Overdraft Limit did you guys get? Watch

    • Thread Starter
    Offline

    18
    ReputationRep:
    Just got my accounts setup and activated, so far I have:
    - £750 Overdraft
    - £500 Credit Card Limit
    (Total of £1250 of credit from the bank)

    What did you guys get for your first year and how much did it go up by for your second year?

    If anyones wondering, I probably won't even go into the O.D. first year and will spend around ~£200p/m on the CC to build a credit history.
    Offline

    12
    ReputationRep:
    (Original post by TrojanH)
    Just got my accounts setup and activated, so far I have:
    - £750 Overdraft
    - £500 Credit Card Limit
    (Total of £1250 of credit from the bank)

    What did you guys get for your first year and how much did it go up by for your second year?

    If anyones wondering, I probably won't even go into the O.D. first year and will spend around ~£200p/m on the CC to build a credit history.
    I opened up a student account today and chose to go for the maximum £750 overdraft too. I didn't get asked if I wanted to open a CC, but had I have, I would have said no.
    • Thread Starter
    Offline

    18
    ReputationRep:
    (Original post by postexamtalk)
    I opened up a student account today and chose to go for the maximum £750 overdraft too. I didn't get asked if I wanted to open a CC, but had I have, I would have said no.
    Why's that? Easy way to build credit, have purchase protection and give yourself time for payment.
    Offline

    3
    ReputationRep:
    (Original post by TrojanH)
    Why's that? Easy way to build credit, have purchase protection and give yourself time for payment.
    I've got over £4k on my four credit cards and £2k on my student account, with the co-op. Which they are trying to shut down because i have finished my degree, darn?!
    • Thread Starter
    Offline

    18
    ReputationRep:
    (Original post by john2054)
    I've got over £4k on my four credit cards and £2k on my student account, with the co-op. Which they are trying to shut down because i have finished my degree, darn?!
    Damn man, suppose that's the way it goes. Checked out MSE's guide for a grad account? Probably something good up there?

    Why do you have 4 cards lool? Just more stress, some cards have pretty high limits, heard of Lloyds Platinum going from 10k into 30k range (google).
    Offline

    3
    ReputationRep:
    (Original post by TrojanH)
    Damn man, suppose that's the way it goes. Checked out MSE's guide for a grad account? Probably something good up there?

    Why do you have 4 cards lool? Just more stress, some cards have pretty high limits, heard of Lloyds Platinum going from 10k into 30k range (google).
    Because of my mental illness i have been able to secure any form of employment, so i think that graduate accounts are out of the question. I have however got a grace period of a year, after finishing my degree, which i kindly reminded my bank account, because they had forgotten about this policy. And I am going to be doing post graduate study, which should also increase the time i can have the student account open. Not having it won't help, but i'll still have my credit cards to fall back on. Now i just have to stay within my limits, and pray that they don't end these as well!??
    Offline

    12
    ReputationRep:
    (Original post by TrojanH)
    Why's that? Easy way to build credit, have purchase protection and give yourself time for payment.
    Personally don't see the need, would rather not bite off more than I can chew.
    Offline

    10
    ReputationRep:
    (Original post by postexamtalk)
    Personally don't see the need, would rather not bite off more than I can chew.
    You may as well get one as a student as it makes it easier to get one when you are older.
    Just use it every so often and pay it off straight away to build your credit rating.
    It's also better to use credit cards for booking things like flights and holidays as you are protected.
    Offline

    12
    ReputationRep:
    Does anyone know if you have to pay money into your account before using your overdraft?
    Offline

    12
    ReputationRep:
    (Original post by ILikePasta)
    Does anyone know if you have to pay money into your account before using your overdraft?
    You don't have to
    Offline

    3
    ReputationRep:
    (Original post by TrojanH)
    Damn man, suppose that's the way it goes. Checked out MSE's guide for a grad account? Probably something good up there?

    Why do you have 4 cards lool? Just more stress, some cards have pretty high limits, heard of Lloyds Platinum going from 10k into 30k range (google).
    i got turned down for lloyds some months ago. i have recently applied for a barclay card however, and i am still waiting to hear back about that!
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Brussels sprouts
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.