Capital One 360 Overdraft LOC

[haleyjen]

Do they ever give it to you without applying?  My credit is God awful right now (low 500's, coming off long period of medical problems and husband's unemploymeny), so i know I won't be approved if I apply, so should I wait and see?

[Anonymous]

I applied last year and got approved for $25.  Eventually I just closed it. 

[Anonymous]

Like gfab2000, Capital One 360's overdraft is not worth the hard inquiry. I don't remember what mine was but it was around $25 as well and I just closed it.

No matter what credit score, I believe the amount is around $25.. Up to you if you want to apply for it in the future but I don't think it's worth it. It doesn't report as a line of credit as far as I know (if you wanted to add to your positive credit lines/history).

Edit: if you have a linked Capital One savings account, I would opt for the "Free Savings Transfer" instead. No fees and transfer from savings. 

[Anonymous]

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@haleyjen wrote:

Do they ever give it to you without applying?  My credit is God awful right now (low 500's, coming off long period of medical problems and husband's unemploymeny), so i know I won't be approved if I apply, so should I wait and see?

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I applied for mine and didn't realize it would be a hp, but it was. I was approved for $200. I have multiple banki accounts with them and use my 360 for transfers to other bank accounts, they show as direct deposit and save me on monthly fees. It's not a bad setup.

[RonM21]

Sounds like if they give you the right amount, it could be worth having.

[DeeBee78]

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@haleyjen wrote:

Do they ever give it to you without applying?  My credit is God awful right now (low 500's, coming off long period of medical problems and husband's unemploymeny), so i know I won't be approved if I apply, so should I wait and see?

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You have to apply for it. Good luck getting more than $25. 

I got mine up to $100 after three HP's a couple of years ago. Definitely not worth it.

[Anonymous]

i applied for in 2 years ago and received 100.  it never gets used. but on the off chance my wife pays something i didnt account for its nice to have.

[Anonymous]

Overdraft is not worth it unless it can cover my largest single monthly payment.

My salary gets deposited into my checking account on the 1st of every month, same day my rent check gets cashed. I need to make sure that rent check clears, even if the accounting department at my employer screws up and somehow my salary is deposited late. It's never actually happened--but I get a lot of peace of mind knowing that if it did happen, my check would clear, and all I'd have to do is arrange to pay back the overdraft. Ditto all my credit card payments--if I screwed up and didn't have cash in my account when the autopay goes through, they would get paid. Again, I'd be left to repay the line of credit, and get hit with a small amount of interest, but that's much better than missing a payment. And again, it's never happened--but it gives me peace of mind knowing I'm safe if it does happen.

I currently use BECU for my checking and I have a $10k line of credit set up as overdraft on that account. That means that all my bills in a month could clear through my account without my salary being deposited, and I'd be OK. I'd end up with a debt on my LoC which I could pay by moving money in from my savings account elsewhere.

A $25 or $200 overdraft is a joke and will not protect you. Move along. Bank somewhere that will set up a reasonable overdraft.

[Anonymous]

Mine is $100 now. Started off as $25, though, when my credit was in the low 500's. It was a hard pull for the original and for the increase. 

[Anonymous]

I had ING Direct before C1 swooped in. When I opened the account it was automatically given to me. From what I hear when you apply they usually give you 25$ or you can have it set up to auto-debit from your saving account if you have that with them also. 25$ is not a lot however getting your balance to go negative should be a wakeup call to review your spending habits and change. Having it is fine but you should not really need it.