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Does an overdraft in your bank account hurt your credit score? Thank you!?
Does overdrafting hurt my credit score? For example writing a check for $1000 when I only have $800 in my account makes my balance -$200. I know I get hit by a fee but does it also hurt my credit rating?
Thank you.
4 Answers
- Anonymous1 decade agoFavorite Answer
Nope, things only effect your credit score if the institution reports it to one of the credit bureaus. This takes place after things are 30 days delinquent, so if you didn't repay the negative balance by the end of your next month's statement, then the bank may file a collection and it could be reported and held against you.
- 1 decade ago
I do not think so not unless you do not pay it within 30 days then the bank closes your account and sends you to chexsystems. Some banks send you to a collection agency which then will hurt your credit.
- 1 decade ago
No, if you pay it soon. Otherwise, the balance may be put with collection agency that will report it to bureaus.
