Save up. You are too young to be getting in to debt.

Some bankers see going over an agreed overdraft limit as on a par to robbing the bank. I agree that it's not a big deal and it's something than many students do but I reckon that you have done yourself a favour.

If you want, you should be able to save up for a reasonable car within a couple of months (read up on how to inspect cars before viewing). Similarly, a deposit on a rented flat wont take long to save. You might be planning on getting a mortgage in six years (or so) when the overdraft business will have been totally forgotten but I doubt that you really need loans and credit at the moment.

A credit card with a low limit which you can pay off every month might be useful. An informal chat with you bank after a couple more salaries have gone in will find out if this is feasable.

Hi everyone,

I'd really appreciate some help with my predicament. I'm a 22 year old recent graduate, and applied for a graduate loan through my bank, which was declined. I was really shocked at this, as I now have a full-time permanent job, and I had presumed that the decision for graduate loans would be more receptive towards an applicants current situation, and not focus too much on their past as a student.

I was told that my application was declined because of 'poor management of my account' over the past months. When I investigated this myself, there were 2 occasions where I had exceeded my agreed overdraft limit. To be honest, I found it very unfair that that was the sole reason given behind the decision; but now I'm a bit stuck, as after reading up a lot on loans and credit, it seems that that decision will have further worsened my credit scoring, and if I apply to other companies who also reject my application, it could damage my credit history for many years.

Does anyone have any advice on where/how I would be likely to be accepted for a loan of £5000. I currently earn around £1000 per month, but have only had this job for 2 months.

Any advice really would be very much appreciated.

Thanks in advance!!