So let's say you have recently borrowed £15,000

Every time you apply for, or receive any kind of credit, this will be recorded in your own personal credit report. This means that if you have a loan, any other lender will be able to see the full outstanding amount along with any other debts that you may have, including credit cards and overdrafts. They will then use this information to provide a decision on any further credit applications.

So does this include overdrafts?

Banks are generally not in the business of taking undue risks, particularly since the banking crash in 2008. This means that they employ rigorous checks on any loan applications or overdraft extension requests. Whilst the length of time that you've been a customer will be a factor, credit checks will often be used to decide whether an application is successful or not.

What appears on your credit history?

Your credit rating is based on your outstanding debts and also any issues may have had with lenders in the past. Each person is provided with an individual 'score' which is then used to determine their risk rating and whether they can afford further debt. After all, if someone already had thousands of pounds worth of outstanding loans and a huge overdraft, offering them more credit would only serve to increase their risk.

Your history will take into account any instances where you have failed to repay loans, missed direct debits and if you have ever declared bankruptcy. These will all count against you and can remain on your profile for many years and so will continue to impact credit applications. Unfortunately there's no instant remedy for any such problems, so all you can do is continue to repay debts and avoid exceeding overdrafts or missing payments.

How might a loan affect your overdraft?

With your credit rating in mind, if you were to have a loan then this would count as existing debt. Whilst lenders don't assign a specific amount of acceptable debt to each person (i.e. Person A has a decent history, they can borrow up to £21,000 in total, Person B less so, £8,000 is their limit), they can certainly judge each applicant's individual risk and rank that against their own metrics.

So let's say you have recently borrowed £15,000. You also have two credit cards, each with £3,000 limits, which you are currently hovering around and an overdraft with your bank that's £1,500. That's £22,500 worth of credit already assigned to you. With so much outstanding, this is likely to have a major impact on how much you will be able to add - certainly in the short-term.

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