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Started By
Message
Over the limit on CC
Posted on 8/9/13 at 8:41 am
Posted on 8/9/13 at 8:41 am
I just got my first credit card less than a year ago, so I don’t have a very high limit. I charge most of my purchases to it in order to build credit and get rewards, and I pay it off in full every month. Well this month, I got careless and without realizing it charged $30 over the limit. I really don’t want to pay a fee or have my credit dinged. The statement isn’t posted for another three days, so can I just pay it off now before the statement to avoid this? Or is there anything else I can do?
This may be a stupid question, but I am not really sure how exactly this works. Thanks in advance to anyone that helps.
This may be a stupid question, but I am not really sure how exactly this works. Thanks in advance to anyone that helps.
8
Posted on 8/9/13 at 8:43 am to The Seaward
Call your CC company right now, tell them what happened and see if they will work with you
Posted on 8/9/13 at 8:46 am to The Seaward
They might automatically raise your limit. Especially if your payment history (although short) is timely.
Posted on 8/9/13 at 8:58 am to The Seaward
First of all, if it is just a standard credit card and not a rewards card, chances are there is no over the limit fee. Second, if you quickly pay it off before statement date, you will likely be fine. They only check your balance periodically, so they likely will not know you went over the limit if you pay the balance quickly.
Posted on 8/9/13 at 8:59 am to The Seaward
quote:
or have my credit dinged
Other than over utilization, you will not get dinged for going over your limit.
Posted on 8/9/13 at 9:02 am to The Seaward
quote:
so can I just pay it off now before the statement to avoid this?
If it didnt already ring you up with a fee automatically then you should be fine paying it before the statement is made. The statement will be created based on current status.
Posted on 8/9/13 at 9:04 am to HeadyMurphey
quote:But if he pays his balance down to 40% before statement date, he wont have to worry about that. Over utilization only affects the credit score for that one month, pay the balance down to 40% or less next month, and score goes back up. No biggie
Other than over utilization, you will not get dinged for going over your limit.
Posted on 8/9/13 at 9:07 am to The Seaward
Just call the CC company and talk with them. A lot of times they will make concessions if it is your first issue.
Posted on 8/9/13 at 9:44 am to Lsut81
quote:Do not do this until you see a fee posted. Most likely they will never know you went over the limit if you pay it down soon after. However, they will definitely know if you call and tell them
Just call the CC company and talk with them. A lot of times they will make concessions if it is your first issue.
Posted on 8/9/13 at 10:24 am to HeadyMurphey
I didn't even know you could go over the limit. I thought it would just decline the card.
Posted on 8/9/13 at 10:35 am to KG6
quote:
I didn't even know you could go over the limit. I thought it would just decline the card.
I was under that impression as well.
Posted on 8/9/13 at 11:49 am to KG6
quote:
I didn't even know you could go over the limit. I thought it would just decline the card.
It depends. Some things take longer to post. If you had eaten at a couple of restaurants or bars and left a tip, the tip amount won't post until later which could fool you into thinking you had more available credit if you checked your balance in real time.
Posted on 8/9/13 at 12:35 pm to The Seaward
quote:
I didn't even know you could go over the limit. I thought it would just decline the card.
I was under that impression as well.
You have to call the card issuer and "opt in" to that feature.
Otherwise they love it when you go A) over the limit on CC, or B) under the limit on debits - also known as OVERDRAWN -
because they love those $30 fees.
Call them and opt in and you will get declined if your purchase would go over the credit limit or under your debit balance.
This post was edited on 8/9/13 at 12:36 pm
Posted on 8/9/13 at 1:25 pm to The Seaward
Pay whatever your statement says is owed. If they tack on an extra fee that will show up on your next statement, you can then call them and ask to have it removed. Which they possibly will if you've been good so far.
Posted on 8/9/13 at 1:31 pm to The Seaward
This thread makes me appreciate discover more.
Posted on 8/11/13 at 9:36 am to Powerman
Happened to me so many times when figuring out where my money went.
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