Does an overdraft affect your credit record adversely?

You have at least a 7-10 year break even point on that solar install.

Having an overdraft that long would ruin you.
 
SauRoNZA said:
You have at least a 7-10 year break even point on that solar install.

Having an overdraft that long would ruin you.
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You're thinking storage. Didn't see him mention anything about that.
 
Swa said:
You're thinking storage. Didn't see him mention anything about that.
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True but the logic remains that I wouldn’t want an overdraft for extended period of time.

It should at best be a same month cash flow facility and not a multi month in credit facility.
 
SauRoNZA said:
True but the logic remains that I wouldn’t want an overdraft for extended period of time.

It should at best be a same month cash flow facility and not a multi month in credit facility.
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Seems OP has a cash flow problem due to putting everything into the deposit. Repayment wouldn't be just with the saving from solar. I don't know how you got the idea that the two have to be related.
 
Swa said:
Seems OP has a cash flow problem due to putting everything into the deposit. Repayment wouldn't be just with the saving from solar. I don't know how you got the idea that the two have to be related.
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I’m simply pointing out that OP shouldn’t consider using an Overdraft if he plans to pay this back over a period of two years or some such.

Overdraft you want to get into and out of again within a one month period otherwise it’s a very deep hole you’ll find yourself in.

Personally I think it’s a terrible idea to do any kind of expenditure like this just having bought a house.

Security gates, burglar bars and potentially an alarm would be the only things on a must do list for a new home.
 
The banks only do one credit check if you've signed(when they approved you)the mortgage loan agreement everything is done and they don't go back. Everything you have with a NCR registered provider affects your credit record and anything and everything affects your affordability.

If you have an existing overdraft it is already taken into account, if you still need to apply for it they will take the house that you are buying into consideration in the credit score for the overdraft facility.
 
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Swa said:
It's two months. I would rather wait and increase the bond amount. It will give you a much better rate that I doubt the savings of solar will be able to offset in the meantime.
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Increasing the bond involves attorney fees and big bank initiation fees. Waiting for it to register and then increasing the bond isn't really smart. Rather register the highest bond amount that the bank will approve from the get go even if you take a smaller loan.
 
Credit scores is one thing .... Banking scores another thing

The bank scores how do you use money ?
What are the changes of you missing a payment ?
Do you borrow extra (living on overdrafts etc)
 
rietrot said:
Increasing the bond involves attorney fees and big bank initiation fees. Waiting for it to register and then increasing the bond isn't really smart. Rather register the highest bond amount that the bank will approve from the get go even if you take a smaller loan.
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Register a higher bond amount is also not very bright.

Look at the chart how bond fees are determined when buying property
 
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