Does Going Over Credit Card Credit Limit Affect Credit Score?
Author: ananomys
Posted: Sat Oct 28, 2006 5:05 pm
Post subject: Question about paying more than the credit limit
Hey everyone. I recently got my first credit card -- the Reward Zone MasterCard from Best Buy. Because I have virtually no credit, I only got a $300 credit limit, but I want to use it to pay for business trips, etc, purchases for which I am reimbursed, but obviously cannot afford with $300. For example, I need to purchase a ~$500 plane ticket. I want to make a $200 payment on my card (which currently has no balance), and then use the card to pay for the ticket (I'd get a $10 Best Buy certificate from this purchase). But I don't want to make the payment if I won't be able to make such a large purchase.
So my question is, if I am able to bring my credit balance to a "negative" amount, is is likely that I will be able to make a purchase that exceeds the defined credit limit? Thanks for your help!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Oct 28, 2006 8:25 pm
Post subject:
Call your credit card customer service number and ask for a credit limit increase. If you're declined, ask the question you asked here.
The problem is that some banks do not accept payments that will give you a credit balance, or they put a hold on the credit balance funds for a while so you can't drawn on those funds until some time has passed. Or they even mail you a refund for the credit balance unexpectedly. Only your bank can tell you its policy IN YOUR CASE. You're a new user of credit and you have to be very careful, since the usual rules may not apply to you yet.
Author: Evilbunny
Posted: Sun Oct 29, 2006 1:28 pm
Post subject:
At least with Chase, even if you have a credit balance of $200, your LIMIT is still $300, and any charge larger than your limit may be declined.
call and see if you qualify for a CLI
Author: mouse
Posted: Sun Oct 29, 2006 3:17 pm
Post subject:
IN MOST CASES A -$200 (CREDIT BALANCE) WILL NOT HELP A $500 PURCHASE BE APPROVED WITH A $300 CREDIT LIMIT
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Oct 28, 2006 5:05 pm
Post subject: Question about paying more than the credit limit
Hey everyone. I recently got my first credit card -- the Reward Zone MasterCard from Best Buy. Because I have virtually no credit, I only got a $300 credit limit, but I want to use it to pay for business trips, etc, purchases for which I am reimbursed, but obviously cannot afford with $300. For example, I need to purchase a ~$500 plane ticket. I want to make a $200 payment on my card (which currently has no balance), and then use the card to pay for the ticket (I'd get a $10 Best Buy certificate from this purchase). But I don't want to make the payment if I won't be able to make such a large purchase.
So my question is, if I am able to bring my credit balance to a "negative" amount, is is likely that I will be able to make a purchase that exceeds the defined credit limit? Thanks for your help!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Oct 28, 2006 8:25 pm
Post subject:
Call your credit card customer service number and ask for a credit limit increase. If you're declined, ask the question you asked here.
The problem is that some banks do not accept payments that will give you a credit balance, or they put a hold on the credit balance funds for a while so you can't drawn on those funds until some time has passed. Or they even mail you a refund for the credit balance unexpectedly. Only your bank can tell you its policy IN YOUR CASE. You're a new user of credit and you have to be very careful, since the usual rules may not apply to you yet.
Author: Evilbunny
Posted: Sun Oct 29, 2006 1:28 pm
Post subject:
At least with Chase, even if you have a credit balance of $200, your LIMIT is still $300, and any charge larger than your limit may be declined.
call and see if you qualify for a CLI
Author: mouse
Posted: Sun Oct 29, 2006 3:17 pm
Post subject:
IN MOST CASES A -$200 (CREDIT BALANCE) WILL NOT HELP A $500 PURCHASE BE APPROVED WITH A $300 CREDIT LIMIT
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 9:18 PM
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