Should I add overdraft to checking account?

[crosbyk1]

I have never had any overdraft attached to my account for the 4 years I have had it. I am thinking of adding it because I have moved my savings to a CU.  I called to see what score was needed for the loc and while on the phone I ask if they could pull my credit to see what I qualify for. She told me that I was approved and could give it couple of days to decide if I wanted the account. The only reason I did not accepted was because I want to get the opinion of  Myfico members. So I would love to get some feedback from you all. Thanks

[fused]

Is there a fee for having OD protection with your checking account? If not, it wouldn't hurt having it.

[crosbyk1]

Just the $25 AF for the account. Will it hurt my credit at all? Also should I just go with the minimum CL?

[Anonymous]

Our local CU overdraft reported as a new account, so it affected AAofA.  And this particular CU did not report to TU, only EQ & EXP.  We also had an additional inquiry related to the OD account - you already have the inquiry so it's a non-issue for you.

Interestingly, our USBank overdraft never has reported to the CRA's.

We did like the security of knowing the overdraft was there - not so much in case of our own error, but in the case of a bank or creditor error of any kind.

[MidnightVoice]

I have a USBank CC just for the overdraft protection.  DW and I have a joint account and accidents can happen 

[crosbyk1]

Thanks for all the great feed back. I went to the bank Friday and signed all the papers for the overdraft LOC. The minimum line was 1k but the person at the bank said I was approved for the maximum line of 5k. So she said it would not hurt to just take that amount.

[RobertEG]

Great protection.

Aye from me!

[Anonymous]

I think it's great that you got overdraft.  I've had mine for about four years.  It's added depth to my file and has served me well.  And as others have said, you never know when you might need it in an emergency.  It's happened to me and I've been so thankful it was there.  Glad you got it! 

[crosbyk1]

So does your overdraft report as a normal line of credit?

[Anonymous]

Yep, mine does.  It's with Citi.  But... I used it once for a large purchase then paid it off in eight months of on-time payment.  I don't know if it reports if you don't utilize it.  It may.  Anyone know?