bank account lines of credit

red259 · ‎07-14-2015

Everytime I sign into my bank account it asks me if I want a credit line in order to avoid bounced checks etc. If I check yes to this will it result in a HP? Also, does this show up on my credit report as a line of credit similiar to a credit card?

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Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019

Anonymous · ‎07-14-2015

In my personal experience no it will not be a HP and it will not show up on your credit report. I do remember talking with popamode (not sure if he is still around) on here and I think he had some form of overdraft protection/LOC tied to an account that did show up on his CR. FWIW this afformentioned instance was the first I had heard of overdraft protection being on a CR. So I suppose it varies greatly on the financial institution.

At my bank overdraft protection and a LOC that can act as overdraft protection are two different animals.

Creditaddict · ‎07-14-2015

WHAT BANK!?

red259 · ‎07-14-2015

@Anonymous wrote:
In my personal experience no it will not be a HP and it will not show up on your credit report. I do remember talking with popamode (not sure if he is still around) on here and I think he had some form of overdraft protection/LOC tied to an account that did show up on his CR. FWIW this afformentioned instance was the first I had heard of overdraft protection being on a CR. So I suppose it varies greatly on the financial institution.

At my bank overdraft protection and a LOC that can act as overdraft protection are two different animals.

I'm referring more to overdraft protection and not a straight line of credit. Sorry for confusion. Maybe if you use it then it shows on your credit report. I vaguely remember seeing an old citibank overdraft protection show up on my credit report but in that situation I had used some of it.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019

Creditaddict · ‎07-14-2015

@red259 wrote:
@Anonymous wrote:
In my personal experience no it will not be a HP and it will not show up on your credit report. I do remember talking with popamode (not sure if he is still around) on here and I think he had some form of overdraft protection/LOC tied to an account that did show up on his CR. FWIW this afformentioned instance was the first I had heard of overdraft protection being on a CR. So I suppose it varies greatly on the financial institution.

At my bank overdraft protection and a LOC that can act as overdraft protection are two different animals.
I'm referring more to overdraft protection and not a straight line of credit. Sorry for confusion. Maybe if you use it then it shows on your credit report. I vaguely remember seeing an old citibank overdraft protection show up on my credit report but in that situation I had used some of it.

oh no, that won't be a hp and it won't show on your credit report unless you don't pay it back because you are just going negative in your checking and they are charging you a boat load for it... I would NOT accept this but that's just me if I overdraft it's because I have a line of credi thtat I know will be used and it doesn't charge me the fees for pulling from the line of credit... I don't like paying $35+ for them to do me the favor of covering a small debit card transaction or something that you forgot about...

if you don't opt in to this, they will just decline your debit card if no money there or return the check.

Anonymous · ‎07-14-2015

@red259 wrote:
@Anonymous wrote:
In my personal experience no it will not be a HP and it will not show up on your credit report. I do remember talking with popamode (not sure if he is still around) on here and I think he had some form of overdraft protection/LOC tied to an account that did show up on his CR. FWIW this afformentioned instance was the first I had heard of overdraft protection being on a CR. So I suppose it varies greatly on the financial institution.

At my bank overdraft protection and a LOC that can act as overdraft protection are two different animals.
I'm referring more to overdraft protection and not a straight line of credit. Sorry for confusion. Maybe if you use it then it shows on your credit report. I vaguely remember seeing an old citibank overdraft protection show up on my credit report but in that situation I had used some of it.

Gotcha, if you read the terms I believe that would be indicative of whether or not it would report. Many overdraft protection programs have repayment terms that are really aggressive. For examply you overdraft and the protection covers it, they expect repayment within 30 days or you will forfeit your overdraft protection. If the program offers an interest rate attatched to overdraft amounts and longer terms of repayment it likely would report to the CR when you actually used it.

Anonymous · ‎07-14-2015

I opened a BBVA Compass checking account the beginning of this month and was approved for $500 in OD protection. A hard pull resulted on TU. Don't know if the line of credit will show up as a tradeline yet.

DeeBee78 · ‎07-14-2015

@red259 wrote:
Everytime I sign into my bank account it asks me if I want a credit line in order to avoid bounced checks etc. If I check yes to this will it result in a HP? Also, does this show up on my credit report as a line of credit similiar to a credit card?

Everyone needs to stop saying it won't result in a HP . It depends on the bank.

Capital One 360 does a HP when applying for an overdraft LOC, and every time you request a CLI. Their Overdraft LOC does not show up on credit reports.

Creditaddict · ‎07-14-2015

@DeeBee78 wrote:
@red259 wrote:
Everytime I sign into my bank account it asks me if I want a credit line in order to avoid bounced checks etc. If I check yes to this will it result in a HP? Also, does this show up on my credit report as a line of credit similiar to a credit card?
Everyone needs to stop saying it won't result in a HP . It depends on the bank.

Capital One 360 does a HP when applying for an overdraft LOC, and every time you request a CLI. Their Overdraft LOC does not show up on credit reports.

i think when op stated that this is actually just permission to pay transactions that will make you negative vs an overdraft line means it won't be a hp because it's not an actual account, it's the disclosure they are required for you to agree before charging you $34 for using your debit card when your checking account is empty.

If I miss understood that, then im confused again!

Anonymous · ‎07-14-2015

@DeeBee78 wrote:
@red259 wrote:
Everytime I sign into my bank account it asks me if I want a credit line in order to avoid bounced checks etc. If I check yes to this will it result in a HP? Also, does this show up on my credit report as a line of credit similiar to a credit card?
Everyone needs to stop saying it won't result in a HP . It depends on the bank.

Capital One 360 does a HP when applying for an overdraft LOC, and every time you request a CLI. Their Overdraft LOC does not show up on credit reports.

Everyone? There were three people who had added to this discussion before you posted. One person said it depends on the bank, one said they didn't think that type would result in a HP, the third said that it did at their bank. "Everyone" isn't saying that it won't be a HP.