I have a nice big order and I need to buy stock. So I went to my bank and asked them for an overdraft for a few weeks to see me through the order.
It will take 30 days before my invoice will be paid by the customer and I have 30 days to pay for the material. As the work will take a week to do I need roughly 10 days overdraft.
I have rarely needed credit from the bank. I borrowed 5,000 a few years ago and paid that off over two years. I dont have a mortgage and use my credit card rarely.
The crazy thing is that because I never ask for credit my credit rating is very low.
Yesterday I sat with my bank business manager, who has just learnt how to shave, and had to talk through the overdraft. It was like asking for blood.
I did get the overdraft but the bank made me feel very small. Almost like I was begging.
Anybody else had these problems?