I have bad credit, really bad credit. I was approved for a credit card with a limit of 300 but by the time they take all of their fees out that leaves me with 50 bucks. Is there anyone out there that would give me a credit limit of more with bad credit? The holidays are here and I can't even pay my bills let alone gifts or put food on the table...please let me know if you know of anywhere.
Thanks everyone!|||Keep working on your credit, by paying bills on time and so forth and when you get an offer with few or no fees, take it. Until then, you can't do much. But...my first credit card was a store card and then I got a VISA with a $250 limit and an annual fee of $60. I call and get the fee waived every year, I have had the card for almost 5 years now and my limit is $1750. Once you prove that you are responsible with credit, they will give you more. Patience is key.
If you are in a situation where you need money now, a cash advance may be useful, but you must pay it back within a few weeks. But you can usually get up to $250 cash (in the state of California). Speedy Cash is the first place that comes to mind.|||All your needs about credit card details here.It's help you hope http://www.freewebs.com/creditcard4all|||Orchard Bank is a very good place to start, but if you are that strapped for cash, you really don't need a credit card.|||Good Luck to you... You might try the link below... Not sure if it will help or not but might be worth a shot... Also contact Lonnie at l.burgen@rmcninc.com|||To name a few Chase, Aspen, Capital One, Frontier.
You can google "Credit Cards For Bad Credit" and a bunch will come up.|||I really hate to say this but are you going to be able to pay off the credit within a month? If not it's probably in your best effort to avoid doing this, as it will just put you further in debt. Have you thought about getting into a better economic situation through work or going back to school?|||Would you give credit to someone with your record.? If you did it would be a gift. Cause you are not going to pay that either. Crime is your only salvation.
Thursday, December 15, 2011
If you get your limit increase on a credit card, is your monthly bill bigger too?
starting off with 300 dollars of credit, my payments are only $15 a month.. When they up my credit limit to 500, would payment increase as well?|||Your payments are based on your balance, not your credit limit. So if you don't use the extra credit, there would be no increase in your monthly payment.|||Don't be fooled into paying only the minimum. That amount normally just covers the interest charge and 2% of your balance. If you pay only the minimum, you'll never get the balance paid off.
Best way is to only charge what you can afford to pay in full every month. And always pay on time.|||It depends on what type of "plan" you have. A basic credit card will let you buy things with a 30 day interest free period, meaning if you pay off what you bought by the due date of your bill, you pay no interest. But, if your credit card gets maxed out (you use the whole limit) and you don't pay it off completely, then YES your bill will be higher. It's based on the amount of credit you have spent.
Best way is to only charge what you can afford to pay in full every month. And always pay on time.|||It depends on what type of "plan" you have. A basic credit card will let you buy things with a 30 day interest free period, meaning if you pay off what you bought by the due date of your bill, you pay no interest. But, if your credit card gets maxed out (you use the whole limit) and you don't pay it off completely, then YES your bill will be higher. It's based on the amount of credit you have spent.
What credit limit will i have i just applied for a new credit card?
Hi im 19 years old i have been with my same bank for over a year now and i have been with my same job for the past 10 months how much credit do you think i will have? i just applied at my bank for a new credit card and i was wondering what you all will think my limit with be for that card? i have no credit whatsoever any help would be great thanks!|||depends on your income versus your liabilities. times are different than they used to be, if they approve you it will probably have a low limit in the beginning|||You should not be approved as income is under 15K per year but if you are it should $500 or less. Best fastest and cheapest way to build credit is to get a secured loan at a bank and payoff over a 7 month period and repeat|||i say they will start you out at 500.00 to 1500.00 as seen your report is very fresh and clean
Will an atm allow me to withdraw more than my cash advance limit if it stays withing my credit limit?
I have $500 of available credit but only $100 cash advance. Will an atm allow me to withdraw more than $100 as long as it stays within my credit limit? I just don't want to get to the atm and get denied.|||DOUBT IT.... YOU may want to try taking cash out at 11:30 pm and then and hr later so the machine recognizes it as 2 sep days????|||A cash advance limit is your maximum total cash advance at any time (except in some cases for a balance transfer teaser). It is never a good idea to take a cash advance from a credit card unless you are desperate because there is an up front fee (probably at least $5 minimum) and interest at the higher cash advance rate starts immediately. So with that tacked on to the advance you would probably be limited to $90 to 95 actual withdrawal.|||When you make a transaction at the atm it will come out of the availble credit portion unless you specifically opt to do a cash advance so you have no worries. It is all how you do the transaction at the atm but by default if you have credit available that's where the money will come from and that's how it will show on your statement. Have no fear you are good to go!|||No. It's only going to let you withdraw up to your limit.
No Credit Limit Whats The Max I Can Charge?
If I have no credit limit on my card and I purchase alot they say to only charge 30% of your limit to keep grade a credit. What is the most I should charge if there, is no limit?|||If you insist you have no credit limit, you should contact your card issuer. Every credit card issued has a credit limit individually set according to the provider's assessment of the applicant's credit worthiness.
If you continue to charge items, you might inadvertently go over the credit limit the provider has set for you but which you appear to have somehow not noticed|||I have an AmEx card with "no preset limit" and routinely charge between 4,000-10,000 a month (personal card, not business) and they have never declined the card once. Shortly after I opened the account, they called me and let me know that they were going to begin declining the card the next day unless I made a payment in full immediately, which I did. No big deal - love AmEx, and it was a new relationship for them so I understand why they were cautious.
Just don't overcharge and not pay because if it's AmEx, I have heard first hand that they don't send you to collections, they sue you for the amount you charged, plus attorneys fees at over $300/hr.
If you continue to charge items, you might inadvertently go over the credit limit the provider has set for you but which you appear to have somehow not noticed|||I have an AmEx card with "no preset limit" and routinely charge between 4,000-10,000 a month (personal card, not business) and they have never declined the card once. Shortly after I opened the account, they called me and let me know that they were going to begin declining the card the next day unless I made a payment in full immediately, which I did. No big deal - love AmEx, and it was a new relationship for them so I understand why they were cautious.
Just don't overcharge and not pay because if it's AmEx, I have heard first hand that they don't send you to collections, they sue you for the amount you charged, plus attorneys fees at over $300/hr.
When a credit card is gone over its spending limit how bad does this affect your credit score?
I went over my credit limit on my credit card and now this is on my credit history how badly does this affect my credit score and how can I check my credit score for free and easy.|||The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more from:http://www.credit-card-gallery.com/artic鈥?/a>|||going over ur cc limit is a sign of another problem - ur money behaviour. money is 80% behaviour and 20% knowledge. u are risking going broke (that's why u going over ur cc limit anyway) and messing up ur finances.
do urself a favor - decide to get organized about ur money. an excellent resource is the book Total money make over by dave ramsey. it will teach u how to fix this and get out of debt and organize ur finances. u don't know what u don't know and it will hurt u. listen also to his call in show ranked top 10 nationwide for financial matters. check daveramsey dot com for ur local listings.
u can decide to check that stuff out it will cost u nothing but then again u are an adult and u will do what u want. good luck.|||1.negativity is on your credit history for 7 years. Nothing you or no one other company can do to erase it. NOTHING. NOBODY.
2. make it better by making a few higher purchases and paying them on-time.
3. the 3 credit bureaus gives separate reports by law anytime you request, but only free once a year.
Also visit FreeCreditReport.com|||yes.. of course! word of advice ;only use what you can pay back.for instance... just because you have a $5000 spending limit does not mean you should just max it out because you have it. Just having that amount of spending limit helps you score, doesn't mean you have to use it all! Tip : There were some things on my report that weren't mine and I 've learned that ,even if it was an account that you have created. if there is one thing on the account that is incorrect or empty. You can write a letter to the bureau for them to investigate. which is also called a dispute.(write your own , it's better)they have to contact someone @ the company you owe to correct it and they have to show you proof of what was done and who they had spoken to ,etc. if they can't do so , it is their job to throw out the entire account off of the report. they have 30-45 days to prove it all of this. if they don't and fail to delete it they can be reported to your state's attorney general to be handled. so, if anyone tell you that you can' t do that ... that's far from the truth.i know because i have done it!many people don't know their rights when it comes to their credit report.
you can go to annualcreditreport.com
to get your once a year free credit report.
freecreditreport.com is also helpful with that.|||It doesn't because all banks know it's a goodie blood sucking system for u to pay those interests days after days, months after months and years after years.
So u think u earn decent money for your livelihood? HAHA...I love Karma.
I owes Citibank Credit Mastercard Funds of SGD $4900.00. My gf pays monthly $500 for me. I am proud to let everyone knows about it and I am going to end this credit very soon after upgrading my PC and Printer.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more from:http://www.credit-card-gallery.com/artic鈥?/a>|||going over ur cc limit is a sign of another problem - ur money behaviour. money is 80% behaviour and 20% knowledge. u are risking going broke (that's why u going over ur cc limit anyway) and messing up ur finances.
do urself a favor - decide to get organized about ur money. an excellent resource is the book Total money make over by dave ramsey. it will teach u how to fix this and get out of debt and organize ur finances. u don't know what u don't know and it will hurt u. listen also to his call in show ranked top 10 nationwide for financial matters. check daveramsey dot com for ur local listings.
u can decide to check that stuff out it will cost u nothing but then again u are an adult and u will do what u want. good luck.|||1.negativity is on your credit history for 7 years. Nothing you or no one other company can do to erase it. NOTHING. NOBODY.
2. make it better by making a few higher purchases and paying them on-time.
3. the 3 credit bureaus gives separate reports by law anytime you request, but only free once a year.
Also visit FreeCreditReport.com|||yes.. of course! word of advice ;only use what you can pay back.for instance... just because you have a $5000 spending limit does not mean you should just max it out because you have it. Just having that amount of spending limit helps you score, doesn't mean you have to use it all! Tip : There were some things on my report that weren't mine and I 've learned that ,even if it was an account that you have created. if there is one thing on the account that is incorrect or empty. You can write a letter to the bureau for them to investigate. which is also called a dispute.(write your own , it's better)they have to contact someone @ the company you owe to correct it and they have to show you proof of what was done and who they had spoken to ,etc. if they can't do so , it is their job to throw out the entire account off of the report. they have 30-45 days to prove it all of this. if they don't and fail to delete it they can be reported to your state's attorney general to be handled. so, if anyone tell you that you can' t do that ... that's far from the truth.i know because i have done it!many people don't know their rights when it comes to their credit report.
you can go to annualcreditreport.com
to get your once a year free credit report.
freecreditreport.com is also helpful with that.|||It doesn't because all banks know it's a goodie blood sucking system for u to pay those interests days after days, months after months and years after years.
So u think u earn decent money for your livelihood? HAHA...I love Karma.
I owes Citibank Credit Mastercard Funds of SGD $4900.00. My gf pays monthly $500 for me. I am proud to let everyone knows about it and I am going to end this credit very soon after upgrading my PC and Printer.
Can other people see your credit limit on paypal credit card?
please answer the above question and this one
can people check my credit limit online ? from my credit card?|||Only if they have your account password.|||No they can't see any of your financial information. Only that you paid and how much you paid. Now if you paid by draft out of your checking the seller will get a message showing you have paid with an echeck but still no other information. They can't even see what kind of card you paid with.
This is the reason people use Pay Pal. You can pay without any of your financial information being sent to the seller.
can people check my credit limit online ? from my credit card?|||Only if they have your account password.|||No they can't see any of your financial information. Only that you paid and how much you paid. Now if you paid by draft out of your checking the seller will get a message showing you have paid with an echeck but still no other information. They can't even see what kind of card you paid with.
This is the reason people use Pay Pal. You can pay without any of your financial information being sent to the seller.
Would lowering my credit limit effect my credit score?
Would lowering my credit card limit effect my credit score? I was planning to try paying off my credit cards, but the more credit limit I have the more I spend, So i'm planning to decrease my credit limit to try to pay everything off.|||It could make your score go down. One factor is credit utilization, that is your total credit available compared to credit used. Ideally this amount needs to be under 30% for the best scores. So if you lower your limit you lower your credit available, you then have less to spend before you get above the 30% mark.
However, you said that the more you have the more you spend. In your case I would not worry about your score until you can control the desire to spend, because that could get you into trouble in the future. So you probably should lower the limits for now. When you lower your limit do not lower it to anything less than double of the current balance, so if your current balance is $500 don't lower it to less than $1000. Better yet would be to wait until you have paid it off and have a 0 balance.|||yes, that would lower your credit score, because your debt to credit ratio is an important factor. if your limit is 1000.00 and you owe 100.00 you owe 10%, if you lower the limit to 200.00 you'd owe 50%. pay off the cards, cut them up, if you have to, but do not close them or lower the limits!!!|||Stay debt free---debt is not free.. Never have debt except for a home---lights---gas--- and water bills. Pay cash for dinner and dates and gas for the car. Credit card it is too easy to over spend. Other way, when the cash is gone--done spending.
Pay off the credit cards--off. Spending to spend you need mental health and counselling... Plus 2 jobs...|||Good for you for trying to pay off your cards. You will be happier when you do. Yes, it will lower your score under most modern systems. That may be all right. There are some people who just can not handle credit cards. As long as you are tempted to spend more the higher the limit, that applies to you. There are other ways to pay bills and buy things besides credit cards. You must pick another until this tendency leaves you. That might even happen in a month or two after you are out of credit card debt.|||yes it will...just pay off your bills and have the discipline to not use your cards|||Your credit score is, in part, calculated based upon how much total credit you have (all your limits) and how much outstanding credit you have (meaning how much you owe). Having your credit limits lowered will change the number but I'm not sure if it would make your score go up or down. You should talk to a credit counselor or an accountant to figure out what would be best for your situation.
Good luck!
However, you said that the more you have the more you spend. In your case I would not worry about your score until you can control the desire to spend, because that could get you into trouble in the future. So you probably should lower the limits for now. When you lower your limit do not lower it to anything less than double of the current balance, so if your current balance is $500 don't lower it to less than $1000. Better yet would be to wait until you have paid it off and have a 0 balance.|||yes, that would lower your credit score, because your debt to credit ratio is an important factor. if your limit is 1000.00 and you owe 100.00 you owe 10%, if you lower the limit to 200.00 you'd owe 50%. pay off the cards, cut them up, if you have to, but do not close them or lower the limits!!!|||Stay debt free---debt is not free.. Never have debt except for a home---lights---gas--- and water bills. Pay cash for dinner and dates and gas for the car. Credit card it is too easy to over spend. Other way, when the cash is gone--done spending.
Pay off the credit cards--off. Spending to spend you need mental health and counselling... Plus 2 jobs...|||Good for you for trying to pay off your cards. You will be happier when you do. Yes, it will lower your score under most modern systems. That may be all right. There are some people who just can not handle credit cards. As long as you are tempted to spend more the higher the limit, that applies to you. There are other ways to pay bills and buy things besides credit cards. You must pick another until this tendency leaves you. That might even happen in a month or two after you are out of credit card debt.|||yes it will...just pay off your bills and have the discipline to not use your cards|||Your credit score is, in part, calculated based upon how much total credit you have (all your limits) and how much outstanding credit you have (meaning how much you owe). Having your credit limits lowered will change the number but I'm not sure if it would make your score go up or down. You should talk to a credit counselor or an accountant to figure out what would be best for your situation.
Good luck!
How would i raise my credit limit to a higher amount?
Heya, guys and dolls. Random question here. . . ! Any tips welcome!
Well, i want to buy a laptop out of a catalogue i have, but my credit limit is only 拢150! The laptop i want is 拢500! How can i raise my credit limit so i can get it? Should i order a couple of items and pay straight off? Will this raise it??! And! I hope it wont take long to go up will it?!!
Any thoughts?! Thanx.xx|||Great way to increase your credit limit is to use your credit card every chance you get. When you have a credit card, don't use it just for emergency purposes. If you save your credit card for emergency purposes only, you'll rarely use it. When this happens, your company will begin to wonder about your spending behavior and ability to pay it back, therefore they will start to think twice about giving you a higher line of credit.
All the best............|||Yes this has always worked for me. Just buy a cheap tshirt and then pay in full. then order another one the day after and once youve purchased three things and paid for them in full it will solve the problem
Alternatively open an account with a new catalogue company and take advantage of your 20% off the 1st order and get it at a better rate and if your credit rating is good u shouldnt have a problem getting it straightaway|||I assume your talking about using a credit card.
Jodie has it right.
If you've paid in a timely fashion when using this card in the past, just call the number on the card and ask them if they will increase your limit. Let them know what limit you require.
Ask for 600-1000 so your not maxed out.
The worst they will say is No.|||Communication is the best port of call. Why not phone them and ask them if they can increase your credit limit and explain the reason why?
Hope this helps.
Well, i want to buy a laptop out of a catalogue i have, but my credit limit is only 拢150! The laptop i want is 拢500! How can i raise my credit limit so i can get it? Should i order a couple of items and pay straight off? Will this raise it??! And! I hope it wont take long to go up will it?!!
Any thoughts?! Thanx.xx|||Great way to increase your credit limit is to use your credit card every chance you get. When you have a credit card, don't use it just for emergency purposes. If you save your credit card for emergency purposes only, you'll rarely use it. When this happens, your company will begin to wonder about your spending behavior and ability to pay it back, therefore they will start to think twice about giving you a higher line of credit.
All the best............|||Yes this has always worked for me. Just buy a cheap tshirt and then pay in full. then order another one the day after and once youve purchased three things and paid for them in full it will solve the problem
Alternatively open an account with a new catalogue company and take advantage of your 20% off the 1st order and get it at a better rate and if your credit rating is good u shouldnt have a problem getting it straightaway|||I assume your talking about using a credit card.
Jodie has it right.
If you've paid in a timely fashion when using this card in the past, just call the number on the card and ask them if they will increase your limit. Let them know what limit you require.
Ask for 600-1000 so your not maxed out.
The worst they will say is No.|||Communication is the best port of call. Why not phone them and ask them if they can increase your credit limit and explain the reason why?
Hope this helps.
Is it better to keep an old credit card or a new one with a higher credit limit?
I have had a Captial One credit card for 10 years. The credit limit is $2,000. I recently got a new Visa card with a $3,000 limit and better APR%. Which card will help my credit score more?|||Keep both, especially if the terms on the Cap 1 card are decent. If it's paying interest you're worried about, use the higher interest rate card for purchases you can actually pay off when you get the bill. Then you don't need to agonize over the interest rate on your older card.
I've also been reading up on the subject of closing old credit card accounts. I've read that it's not a good idea to close a card that has a balance still on it. If you close your oldest account, I've read that this won't actually affect you adversely for about ten years.
This is a good page I was reading recently about this kind of thing:
http://credit.about.com/od/usingcreditca鈥?/a>|||Both
There is no reason to cut up or cancel the Capital One card unless they are charging you an annual fee to carry the card.
One factor in your credit history is the length of time you have had credit. Cancel this card, and you lose all that time you built up with it.
I've also been reading up on the subject of closing old credit card accounts. I've read that it's not a good idea to close a card that has a balance still on it. If you close your oldest account, I've read that this won't actually affect you adversely for about ten years.
This is a good page I was reading recently about this kind of thing:
http://credit.about.com/od/usingcreditca鈥?/a>|||Both
There is no reason to cut up or cancel the Capital One card unless they are charging you an annual fee to carry the card.
One factor in your credit history is the length of time you have had credit. Cancel this card, and you lose all that time you built up with it.
How big is the credit limit for HP computers credit card?
I have 3 store department credit cards with credit limits of 100%26amp;200%26amp;150 im planning to pay them off and get a laptop.. I just wanted to apply for an hp credit form.. Does anyone have an idea of how much their credit limits are)|||The limits will be set according to your credit score.|||http://1centralx.co.cc/how-big-is-the-cr鈥?/a>
What do credit card companies base your credit limit on?
I am pretty positive it's based your salary.
And that they look at your credit reports to see credit limits in other cards.
My guess is no more than 25% of your salary in credit.
Any other guesses on how credit card companies figure out credit limits?|||Instead of asking YA for "guesses" why don't you just call some credit card companies and ask them so you will know for sure?|||Good question!
Your credit limit depends on your overall credit risk. Credit card companies do not want to allow you to charge a great deal on a credit card unless they are fairly sure you will pay it back responsibly. Believe it or not, they probably do not want to have to deal with collections and lawsuits either. There are a number of factors which contribute to your overall credit risk, such as your credit score and your income relative to your debt. Your credit score is essential because a credit card company can be confident in increasing a credit limit if you have proven capable of paying lower limits. Likewise, card companies want to see that you income can support your existing debt and credit lines before granting you additional credit.|||I seriously doubt if it's based on a percentage of your salary.
Each company would have it's own criteria based on your credit, income, and other factors. If you fall within criteria A, you get a $500 limit; criteria B, your get $1K. Most credit card companies have re-assessed that criteria and aren't even offering huge limits even to highly qualified customers.
And that they look at your credit reports to see credit limits in other cards.
My guess is no more than 25% of your salary in credit.
Any other guesses on how credit card companies figure out credit limits?|||Instead of asking YA for "guesses" why don't you just call some credit card companies and ask them so you will know for sure?|||Good question!
Your credit limit depends on your overall credit risk. Credit card companies do not want to allow you to charge a great deal on a credit card unless they are fairly sure you will pay it back responsibly. Believe it or not, they probably do not want to have to deal with collections and lawsuits either. There are a number of factors which contribute to your overall credit risk, such as your credit score and your income relative to your debt. Your credit score is essential because a credit card company can be confident in increasing a credit limit if you have proven capable of paying lower limits. Likewise, card companies want to see that you income can support your existing debt and credit lines before granting you additional credit.|||I seriously doubt if it's based on a percentage of your salary.
Each company would have it's own criteria based on your credit, income, and other factors. If you fall within criteria A, you get a $500 limit; criteria B, your get $1K. Most credit card companies have re-assessed that criteria and aren't even offering huge limits even to highly qualified customers.
How to build credit fast and also increase credit limit?
I just purchased something today and I was thinking if i paid it off in the first month i get the bill then how's my credit score is going to be and how long does it take to increase credit limit?
I am rebuilding credit and I need suggestions on how to build credit fast and also increase credit limit on my credit card.
Thanks for help :) I appreciated|||Building a credit score takes a little time.
You must pay the minimum amount OR the full amount by the due date. Putting a cheque in the mail for your payment on the due date will not get it to the source in time. Doing this for a period of months will begin to build a credit score. When the issuer of your card determines that you are a good risk THEY will decide when to increase your limit.|||It takes time to build good credit. In fact, you will have to use that brand new credit card for 6 months before it even begins to count in your FICO score. It will be at least a year before you will even be considered for an increase in your limit.
The smart way to use that new credit card is to charge regular purchase, wait for the statement, and pay the balance in full by the statement due date every month. This will build your good payment history and avoid interest. You will need at least 24 months of consistent, on time payment history to see a decent score. Even then, you will have a limited history and won't qualify for some loans.
I am rebuilding credit and I need suggestions on how to build credit fast and also increase credit limit on my credit card.
Thanks for help :) I appreciated|||Building a credit score takes a little time.
You must pay the minimum amount OR the full amount by the due date. Putting a cheque in the mail for your payment on the due date will not get it to the source in time. Doing this for a period of months will begin to build a credit score. When the issuer of your card determines that you are a good risk THEY will decide when to increase your limit.|||It takes time to build good credit. In fact, you will have to use that brand new credit card for 6 months before it even begins to count in your FICO score. It will be at least a year before you will even be considered for an increase in your limit.
The smart way to use that new credit card is to charge regular purchase, wait for the statement, and pay the balance in full by the statement due date every month. This will build your good payment history and avoid interest. You will need at least 24 months of consistent, on time payment history to see a decent score. Even then, you will have a limited history and won't qualify for some loans.
I got my chase credit card 2 months ago and i was over the credit limit on 1st month.Should i cancel it?
I was over my credit limit the very first month i got it. Now i have already paid all my balances.But i am worried i had a very bad starting.So i want to cancel it if it's best idea to get away with it.What can i do to clean up this mess.|||you should cancel it, it seems you have problems living within the limit|||If you keep the credit card and *don't max out again* (that's really really important!) - then it will be good for your credit. If you're worried that you'll continue bad spending habits, it's probably best to get rid of it for now. If you're paid off though, you don't need to cancel it - just cut it up and stop using it.|||No, don't cancel the card. Having a credit card is a good way to establish credit. Just be more careful not to go over your limit. Pay your bill entirely each month so you don't pay a finance charge.|||well, ask them if they would raise your credit limit.
If they want your business they will accommodate you the best they can, depending on your credit scores, etc. The fact that you paid it off speaks very well for your financial responsibility and I don't see how they could hold it against you. It was a new account and they maybe didn't communicate your credit limit to you very well.|||You could cancel it, but if you could keep the balance under 10% of your credit limit it would help your credit. Maybe you could put away or in the freezer to limit impulse buying. In any case, it would help to keep it if you can keep the balance down. If not, then canceling it is better than keeping it close to the limit.|||keep it and try ti stay within the limit! If you have problems again, maybe you should consider cancelling|||Having a credit card doesn't mean you have to use it. You did show very poor money management or math skills to exceed your limit but at least you paid it off now. I would put the card away and not use it at all for a few months then use it no more than once a month or every few months for no more than a tank of gas. Credit isn't free money but feels that way to some who just get started having credit.|||Just don't go over your credit limit again! Keep the card and learn to manage money and credit wisely. Go to the website below and read it all. This is a great site about credit repair amd it shows you how to avoid bad credit in the first place and how to fix what you do have!
I got my credit score from 480 to 709 in one year with the help I got from this site! Read all of it and use your credit card wisely.
If they want your business they will accommodate you the best they can, depending on your credit scores, etc. The fact that you paid it off speaks very well for your financial responsibility and I don't see how they could hold it against you. It was a new account and they maybe didn't communicate your credit limit to you very well.|||You could cancel it, but if you could keep the balance under 10% of your credit limit it would help your credit. Maybe you could put away or in the freezer to limit impulse buying. In any case, it would help to keep it if you can keep the balance down. If not, then canceling it is better than keeping it close to the limit.|||keep it and try ti stay within the limit! If you have problems again, maybe you should consider cancelling|||Having a credit card doesn't mean you have to use it. You did show very poor money management or math skills to exceed your limit but at least you paid it off now. I would put the card away and not use it at all for a few months then use it no more than once a month or every few months for no more than a tank of gas. Credit isn't free money but feels that way to some who just get started having credit.|||Just don't go over your credit limit again! Keep the card and learn to manage money and credit wisely. Go to the website below and read it all. This is a great site about credit repair amd it shows you how to avoid bad credit in the first place and how to fix what you do have!
I got my credit score from 480 to 709 in one year with the help I got from this site! Read all of it and use your credit card wisely.
I just got approved for a $500 credit limit, do I have good credit?
I just applied for a Victoria's Secret card and was approved and given a $500 credit limit. I'm just wondering if this is a good limit or not? Does this mean I have good or bad credit or does VS give everyone a $500 credit limit? This is the first card I've applied for with the exception of the Visa I've had since I was about 16, I'm now 21. Thanks!|||I wouldn't trust Victoria's Secret to give you a good idea on how your credit is. They don't usually give large limits b/c you can only use it at their stores. You most likely don't have a lot of credit b/c of your age. But in time and with responsible spending it should increase. And having the Visa at a young age should help, assuming you paid your bills on time.|||Please do yourself a favor and go to a legitimate website (such as myfico.com) and spend that $15 to check your report and score! Nobody here on Yahoo answers can answer that for you! You need to check it once a year to make sure there are mistakes etc. Remember: KNOWLEDGE IS POWER!|||You might have decent credit now, but it's hard to think of a less useful credit card than one which is only accepted at VS. Do not apply for any more cards which are only good at one store. They are not going to give you much credit anyway, and they have little practical value. If you accumulate mutliple cards with $500 limits, that's what you're going to continue to get. That's not good.
And because your credit score is partially based on how much credit you are using (the higher the number, the worse your score), if you charge even just $250 it's going to temporarily hurt your score until it's paid down to less than $150.
A Wal-Mart or Target card might make sense perhaps, because they carry a wide range of merchandise... but a credit card that's only good for buying underwear?|||I love to answer these type of questions. If you say that you have had a Visa card since you were 16, then it was your parents card, or you lied on the application.
So, for now, your credit is mostly built on your parents credit record.
Now, as far as this approval is concerned, it is only a start. The best thing to do, is to dump the card. Basically shred it and use cash. If you get reward points for using the card, see if you can use the card, and then immediately pull out your checkbook and write a check to pay off the credit card balance at the store. I know that this can be done at Macy's.
Whatever you do, don't get hooked.|||One couldn't determine your credit rating based on your credit limit given by a creditor. Different companies use different criteria in determining what your credit line should be. Take a look at your credit score anything below 620 is not good but one of the credit reporting agencies will tell you whats a good score . If you've had a visa since you were 16 and have never been late or over the limit I'd say you were off to a good start.|||Stores like that give you a credit line based on the amount in your bank account at the time of application. I have bad credit and i was approved!|||look at the interest on the card, I bet it is 22 percent, and no it doesnt mean you have good credit,, it just means they will make alot of money off of you in interest,
for good credit, do not open alot of accounts,, that one to me is un necessary, get a couple Visa and never ever close them ( the longer you show you have a card the better your credit ) and pay cards off ASAP%26lt;, Credit goes by how much you make to how much you pay out,,|||sounds like beginners credit - if you've only ever had one other credit card, $500 limit is all you'll get for awhile,until you prove you can handle that and make prompt payments|||Your credit should be fair because if it was bad you would have only gotten a 250 or $ 300 limit.|||Why didn't you ask what your credit score was when they did the credit check. If you ask, they have to tell you.|||i wouldnt trust them to tell you, you have good credit.. just be thankful you got a card.. keep it good and you will have good credit|||That information isn't useful in finding out about your credit.
You need your credit score for people to judge your credit worthiness. In-store cards are normally small limits with lax requirements and high interest rates.
If you don't have any slow to pay, or skipped payments your credit will be fair to good given how long you've had credit.
I'll give you some related tips:
Look online for your credit report...I believe the site is freecreditreport.com. Get one report- there are three credit agencies and they report seperately, but they usually all have the same information. You can get one report from each agency for free each year, but if you get only one report now, you can get one several times a year. If you won't check several times a year, get them all so you can catch any problems.
If anything is something wrong, write a letter and tell the buerau what liars your creditors are. Think professional.
You might try to use your credit card, and pay it off each month so you don't have unused credit lines (that's bad) and you don't end up in debt.
And remember- use credit wisely! Pay off bad debt credit cards at the end of each month! This new card will be a bad debt card. (Items not increasing in value after purchase usually are bad debt)
Good luck!
And because your credit score is partially based on how much credit you are using (the higher the number, the worse your score), if you charge even just $250 it's going to temporarily hurt your score until it's paid down to less than $150.
A Wal-Mart or Target card might make sense perhaps, because they carry a wide range of merchandise... but a credit card that's only good for buying underwear?|||I love to answer these type of questions. If you say that you have had a Visa card since you were 16, then it was your parents card, or you lied on the application.
So, for now, your credit is mostly built on your parents credit record.
Now, as far as this approval is concerned, it is only a start. The best thing to do, is to dump the card. Basically shred it and use cash. If you get reward points for using the card, see if you can use the card, and then immediately pull out your checkbook and write a check to pay off the credit card balance at the store. I know that this can be done at Macy's.
Whatever you do, don't get hooked.|||One couldn't determine your credit rating based on your credit limit given by a creditor. Different companies use different criteria in determining what your credit line should be. Take a look at your credit score anything below 620 is not good but one of the credit reporting agencies will tell you whats a good score . If you've had a visa since you were 16 and have never been late or over the limit I'd say you were off to a good start.|||Stores like that give you a credit line based on the amount in your bank account at the time of application. I have bad credit and i was approved!|||look at the interest on the card, I bet it is 22 percent, and no it doesnt mean you have good credit,, it just means they will make alot of money off of you in interest,
for good credit, do not open alot of accounts,, that one to me is un necessary, get a couple Visa and never ever close them ( the longer you show you have a card the better your credit ) and pay cards off ASAP%26lt;, Credit goes by how much you make to how much you pay out,,|||sounds like beginners credit - if you've only ever had one other credit card, $500 limit is all you'll get for awhile,until you prove you can handle that and make prompt payments|||Your credit should be fair because if it was bad you would have only gotten a 250 or $ 300 limit.|||Why didn't you ask what your credit score was when they did the credit check. If you ask, they have to tell you.|||i wouldnt trust them to tell you, you have good credit.. just be thankful you got a card.. keep it good and you will have good credit|||That information isn't useful in finding out about your credit.
You need your credit score for people to judge your credit worthiness. In-store cards are normally small limits with lax requirements and high interest rates.
If you don't have any slow to pay, or skipped payments your credit will be fair to good given how long you've had credit.
I'll give you some related tips:
Look online for your credit report...I believe the site is freecreditreport.com. Get one report- there are three credit agencies and they report seperately, but they usually all have the same information. You can get one report from each agency for free each year, but if you get only one report now, you can get one several times a year. If you won't check several times a year, get them all so you can catch any problems.
If anything is something wrong, write a letter and tell the buerau what liars your creditors are. Think professional.
You might try to use your credit card, and pay it off each month so you don't have unused credit lines (that's bad) and you don't end up in debt.
And remember- use credit wisely! Pay off bad debt credit cards at the end of each month! This new card will be a bad debt card. (Items not increasing in value after purchase usually are bad debt)
Good luck!
Can you spend more than your credit card limit?
I am trying to pay for summer courses, i have a 2000 dollar credit limit and i have 600 left but i need another 800. Can i withdraw more than my credit limit.|||no you cannot, if you did, you would be charged big fees! but you can ask them to increase your limit...|||Certainly! The CC companies love people who do that. They make $billions off people who cannot manage their financial obligations. Expect to pay about $40 per month that you are over your limit. The high fee is designed to keep you over your limit as long as possilbe because they know you don't have the money (or you wouldn't be going over your limit in the first place).|||Most likely, not.
If you did, however, do this and they let you, expect a huge over the limit fee and they would expect whatever you went over the limit to be paid back the following billing cycle as well as your minimum payment.
It will also tank your score.|||No,....better deposit some amount in your card acct immediately n plan/make the payments.|||YES WE CAN GET MORE THEN THAT, I EVEN CAN TEACH YOU,HOW TO USE CREDIT CARD YOU DONT OWN, EHEHE ...
If you did, however, do this and they let you, expect a huge over the limit fee and they would expect whatever you went over the limit to be paid back the following billing cycle as well as your minimum payment.
It will also tank your score.|||No,....better deposit some amount in your card acct immediately n plan/make the payments.|||YES WE CAN GET MORE THEN THAT, I EVEN CAN TEACH YOU,HOW TO USE CREDIT CARD YOU DONT OWN, EHEHE ...
What happens if you go over your credit limit?
I went over my $1,000 limit by $10 by accident. I always pay everything off in full by the due date. Will this hurt my credit?|||You'll be dinged with a fee and it'll be marked on your credit report, lowering your score a little bit.
Your limit may even be lowered or your interest rate may be increased.
It does not look very good, but it is not the end of the world.|||I do not know who issued your cc but try to call the credit department and ask for either a credit line increase or temporary credit line increase. The temporary one gives you only 30 days to get the account back under the limit though. I would highly suggest if you cannot get a CLI then transfer that balance over to another credit card of yours or transfer the amount that is at least overlimit to avoid getting charge overlimit fees. You minimum payment will drastically change as well. So please take care of that matter ASAP otherwise you will be digging yourself in a never ending hole. Credit card profit from our mistakes.|||You will have to pay a fee and if you don't pay it down right away, those fees will add up to make it even more over the limit - it may show on your credit score, but if you pay it off every month it shouldn't hurt much!|||They'll hit you with a fee.
Try calling them and see if they'll increase your limit to $1500. If you've been with them a while and always pay things off in time, this shouldn't be a problem but you'll still have to pay the overlimit fee.|||Heck yeah, it will take a toll on your credit!|||yes it can ........they will charge you extra money ...hurry and get this paid ...........ASAP
they can raise your interest / APR
Your limit may even be lowered or your interest rate may be increased.
It does not look very good, but it is not the end of the world.|||I do not know who issued your cc but try to call the credit department and ask for either a credit line increase or temporary credit line increase. The temporary one gives you only 30 days to get the account back under the limit though. I would highly suggest if you cannot get a CLI then transfer that balance over to another credit card of yours or transfer the amount that is at least overlimit to avoid getting charge overlimit fees. You minimum payment will drastically change as well. So please take care of that matter ASAP otherwise you will be digging yourself in a never ending hole. Credit card profit from our mistakes.|||You will have to pay a fee and if you don't pay it down right away, those fees will add up to make it even more over the limit - it may show on your credit score, but if you pay it off every month it shouldn't hurt much!|||They'll hit you with a fee.
Try calling them and see if they'll increase your limit to $1500. If you've been with them a while and always pay things off in time, this shouldn't be a problem but you'll still have to pay the overlimit fee.|||Heck yeah, it will take a toll on your credit!|||yes it can ........they will charge you extra money ...hurry and get this paid ...........ASAP
they can raise your interest / APR
Credit card company lowered my credit limit and want a $6100 minimum payment?
My credit card lowered my minimum credit limit by $6500. My previous limit was $9800 and my balance is around $9100. Now they want a minimum payment of $6100 or they are going to start charging me for being over the limit each month. What is the best action I can take?|||Talk to your states Attorney General and explain the situation. AMEX did the same thing to me but was much more cordial about it. Also call the cc company, ask to speak to a supervisor from step 1, let them know you have already called your state's Attorney General and see where it goes.
How close can you get to your credit limit before it negatively affects your score?
My friend told half, but that doesn't seem right. (ie: credit limit $500...you can only use $250)|||Anything over 10% of the credit line causes a score to drop. Your friend is wrong and you are right.|||30% is standard.... 10% is the wise thing to do and at 50% you will see your score start going south.|||ideal is only 1% to 30% useage
How can i write a letter to the bank to further increase my credit limit?
Can anyone help me write a letter to give the bank so that they can increase my credit limit.
i only have 1000$ on my credit limit, most of the time I reach that amount for only a week.|||I don't think the letter has to be anything special. Just contact them again and ask if there has to be any special information in the letter (like SSN, account number, etc) and then write a letter asking for a limit increase.
That being said, from your statement it sounds like you are too reliant on this credit card. If you are using almost $1,000 of someone else's money in only a week it would seem (to me, at least) that better handling of your own money is in order. I don't recommend people even use credit cards and, if they do, to keep the utilization rate to no more than 10-20% ($100-$200 in your case).
The reason you *might* be denied for this request is they may look at your history and see that your utilization rate is close to 100% all the time, and if they increase your limit you might have a harder time paying back more money.|||If you have a stable pay schedule then all you have to do is call them up...I do it all the time. No need to send anything in writing|||Often times, online banking will have a button to press to request it...you fill out a small form (including the desired total limit) and you press submit. Or you could call. Letters are great for disputes but for limit increase, you don't really need to do that.|||Usually you can call them, it's one of the options on the phone or online.|||Change your cedit card company to a better one that will allow a higher limit.
i only have 1000$ on my credit limit, most of the time I reach that amount for only a week.|||I don't think the letter has to be anything special. Just contact them again and ask if there has to be any special information in the letter (like SSN, account number, etc) and then write a letter asking for a limit increase.
That being said, from your statement it sounds like you are too reliant on this credit card. If you are using almost $1,000 of someone else's money in only a week it would seem (to me, at least) that better handling of your own money is in order. I don't recommend people even use credit cards and, if they do, to keep the utilization rate to no more than 10-20% ($100-$200 in your case).
The reason you *might* be denied for this request is they may look at your history and see that your utilization rate is close to 100% all the time, and if they increase your limit you might have a harder time paying back more money.|||If you have a stable pay schedule then all you have to do is call them up...I do it all the time. No need to send anything in writing|||Often times, online banking will have a button to press to request it...you fill out a small form (including the desired total limit) and you press submit. Or you could call. Letters are great for disputes but for limit increase, you don't really need to do that.|||Usually you can call them, it's one of the options on the phone or online.|||Change your cedit card company to a better one that will allow a higher limit.
Will my credit history hurt if I as for a credit limit raise?
The question is flat out there.. If I ask Capital One if I can possibly get a credit limit raise, would that hurt my credit history and score? If it does, then forget it. If it doesn't, I'd like to try.|||It will hurt your credit score... capital one doesn't report your credit limit, so you don't get the benefit of the debt to available credit ratio that people are talking about, but you do get the hit of them checking your credit history to increase the limit.
on your credit report, it only shows your credit limit as being your highest balance on your capital one credit card. so if you only spend $100, it will appear that your credit limit is $100.
EDIT: Capital One and American Express don't report credit limits, so your highest balance is used instead.|||There are two ways it would lower your score:
If your request gets rejected, or
if they grant your request and then you spend more on your card
If they grant your request, but you decide NOT to spend any more on the card, this will help raise your credit score! When you have a large difference between your limit and your balance, your score will be better. When you have a small difference between these two, it will be lower.|||"Being rejected hurts your score" is an urban legend that keeps coming up. It makes no sense.
If you ask and don't get it, it won't matter.
If you ask and get it, it will improve your score because you are managing an account with a higher limit and because your used-to-available ratio will decrease. (This is assuming that you act responsibly and don't go nuts.)|||If you get rejected, yes, it will lower your score. During these times of economic crisis, it would be a huge mistake to ask for a credit limit increase (4 major banks have gone bankrupt now?), in my opinion, due to the high risk of being rejected.|||Why do you think it would hurt your credit?
As long as you can pay your credit card bill off every month on time, you are fine. If you can;t pay it off entirely every month don't ask for a credit line increase...because you'll get behind the pay lots of fees.|||No it will not. Captial one is the great credit company. Just
make sure that you make your payments above what is
ask on the statement.
on your credit report, it only shows your credit limit as being your highest balance on your capital one credit card. so if you only spend $100, it will appear that your credit limit is $100.
EDIT: Capital One and American Express don't report credit limits, so your highest balance is used instead.|||There are two ways it would lower your score:
If your request gets rejected, or
if they grant your request and then you spend more on your card
If they grant your request, but you decide NOT to spend any more on the card, this will help raise your credit score! When you have a large difference between your limit and your balance, your score will be better. When you have a small difference between these two, it will be lower.|||"Being rejected hurts your score" is an urban legend that keeps coming up. It makes no sense.
If you ask and don't get it, it won't matter.
If you ask and get it, it will improve your score because you are managing an account with a higher limit and because your used-to-available ratio will decrease. (This is assuming that you act responsibly and don't go nuts.)|||If you get rejected, yes, it will lower your score. During these times of economic crisis, it would be a huge mistake to ask for a credit limit increase (4 major banks have gone bankrupt now?), in my opinion, due to the high risk of being rejected.|||Why do you think it would hurt your credit?
As long as you can pay your credit card bill off every month on time, you are fine. If you can;t pay it off entirely every month don't ask for a credit line increase...because you'll get behind the pay lots of fees.|||No it will not. Captial one is the great credit company. Just
make sure that you make your payments above what is
ask on the statement.
Does accepting a credit card limit increase hurt my credit score?
Every once in a while, usually while I'm on the phone with my credit card company for an unrelated issue, the customer service rep will tell me that I'm qualified for an increase to my credit limit and and asks if I want her to go ahead and process it. It's not something that I request.
I know that requesting new credit can temporarily hurt your score, but I was wondering if simply accepting their unsolicited offer would also hurt it.|||It does not affect your score.
But.. you may want an increase if you ever find yourself using more than 30% of your available credit limit.
This is when the score starts reducing.
That's why they say it is best to pay your credit card in full each month...|||It could, in that it increases your potential liability to debt. A person who has a limit of $20,000 can get into a lot more financial trouble than a person who has a limit of $5,000, which is one of the factors that banks use when determining whether to extend you credit for, say, a loan or a mortgage.. Still, as long as you use your credit properly, it shouldn't have any significant impact upon your credit score.
Use your judgement about whether to accept such offers. If you think you might need it sometime (say you are planning some major purchases), it could be useful. But, if you doubt that you would ever need the higher limit, politely decline it.|||No, also by excepting an increase that you don't use will help your credit score as long as your debt to income ratio is ok.|||Yes listen to Don because he is abolutely right it COULD very well hurt your credit especailly if the creditor is looking at the report as well as a score.|||Possibly. But it is more likely to help your score.|||No.
I know that requesting new credit can temporarily hurt your score, but I was wondering if simply accepting their unsolicited offer would also hurt it.|||It does not affect your score.
But.. you may want an increase if you ever find yourself using more than 30% of your available credit limit.
This is when the score starts reducing.
That's why they say it is best to pay your credit card in full each month...|||It could, in that it increases your potential liability to debt. A person who has a limit of $20,000 can get into a lot more financial trouble than a person who has a limit of $5,000, which is one of the factors that banks use when determining whether to extend you credit for, say, a loan or a mortgage.. Still, as long as you use your credit properly, it shouldn't have any significant impact upon your credit score.
Use your judgement about whether to accept such offers. If you think you might need it sometime (say you are planning some major purchases), it could be useful. But, if you doubt that you would ever need the higher limit, politely decline it.|||No, also by excepting an increase that you don't use will help your credit score as long as your debt to income ratio is ok.|||Yes listen to Don because he is abolutely right it COULD very well hurt your credit especailly if the creditor is looking at the report as well as a score.|||Possibly. But it is more likely to help your score.|||No.
Can I purchase a product at installment with $500 credit limit credit card?
I want to buy a new HP laptop. I chose a laptop and went ahead to checkout. I saw an option to pay in installments over 6 or 12 months. How does this work and can I use my $500 credit limit credit card?|||Ummmm, how can this be confusing?
Your limit is irrelevant as long as you stay under it.|||That "option to pay in 6 or 12 months" in an IN HOUSE offer - and the computer store is willing to finance you in order to sell more laptops. As you already have a credit card - (and the limit is only 500.00) you may not have had enough time to establish your good payment record (at least 6 months worth) and no you cannot use your new 500.00 credit card with this offer, unless you want to call the credit card issuer and explain that you want to increase your initial limit to the amount of the laptop (on sale) - they just might do it! Good Luck!
Your limit is irrelevant as long as you stay under it.|||That "option to pay in 6 or 12 months" in an IN HOUSE offer - and the computer store is willing to finance you in order to sell more laptops. As you already have a credit card - (and the limit is only 500.00) you may not have had enough time to establish your good payment record (at least 6 months worth) and no you cannot use your new 500.00 credit card with this offer, unless you want to call the credit card issuer and explain that you want to increase your initial limit to the amount of the laptop (on sale) - they just might do it! Good Luck!
When is the best time to call your credit card company and ask for a Credit Limit Increase?
. So do I call and ask them AFTER i've paid off my bill (in full) to show them that I can pay it off? Or do I call them while I have a balance owing to show them that I am in need of a credit limit increase? What do you suggest?|||I would do it any time but how much do you need? I would try after you pay the bill.|||Have you given any thought to making your addtional money 慰n t一萤 n萤t? I really wanted a loan but I made the decision to see if I could secure what I was in need of by harnessing the might of G慰慰g螜萤. After a month or so I was making enough money to think about ditching my job. You can find out more for yourself here http://mirevf.g0v.biz they've got a risk free trial. It's loads better making money than borrowing it! Go to the 褧褨t萤 now to find out what it's all about - you will be happy that you did!
What happens if you don't complete a class before the required credit limit?
For my degree I have to finish math 113 before 60 credit hours, what happens if I don't complete it before that limit?|||With any school, if you don't complete the required credit limit you don't pass. You can always take summer classes to get those last credits but you wont be graduating with your class. I would recommend getting the required limit :p........ that would b a good idea.
Can a person reduce their credit limit by calling the company?
My friend told me that I could call my credit card companies and have my credit limit reduce to a limit that I'm more comfortable with is this true.|||You can certainly ask to have your credit limit lowered and the credit granter would most likely not have a problem in doing so, but, there can be negative effects to your credit report in lowering your limits.
Part of your credit scores are derived from a ratio of utilized credit to available credit. If you carry zero debt from month to month, your credit scores will not be affected by lowering your limits. If you do carry debt from month to month, your ratio of utilization will increase, and your credit scores will lower.
Example:
Carrying zero debt: $0.00 utilized / $10,000.00 available = 0% Utilization
Reducing your limits: $0.00 utilized / $5,000.00 available = 0% Utilization
Carrying $2,500.00 debt: $2,500.00 utilized / $10,000 available = 25% Utilization
Reducing your limits: $2,500.00 utilized / $5,000.00 available = 50% Utilization
Using a higher percentage of your available credit means you are at a higher risk for delinquency and defaulting on your debt than someone who carries no debt and will have a lower credit score.|||Yes of course, and a very good idea at this point in the roller coaster ride banks are having.|||In theory, that is true. But, you don't really want to do that, as it will hurt your credit score. Just don't use your card very much, and don't charge things that you cannot afford to pay off at the end of the month, and you will be just fine.|||Most companies will lower your limit if you ask them to. Beware, as this will affect the ration of how much of a balance you have against your limit (if you have $4000 in debt on a $6000 card you are now using 66% of your limit. against a $12000 limit you are only using 33% of your available.) A better strategy would be to control your spending better. If you cannot, it may be worth the hit to your credit score to keep from getting in over your head, I suppose.
Part of your credit scores are derived from a ratio of utilized credit to available credit. If you carry zero debt from month to month, your credit scores will not be affected by lowering your limits. If you do carry debt from month to month, your ratio of utilization will increase, and your credit scores will lower.
Example:
Carrying zero debt: $0.00 utilized / $10,000.00 available = 0% Utilization
Reducing your limits: $0.00 utilized / $5,000.00 available = 0% Utilization
Carrying $2,500.00 debt: $2,500.00 utilized / $10,000 available = 25% Utilization
Reducing your limits: $2,500.00 utilized / $5,000.00 available = 50% Utilization
Using a higher percentage of your available credit means you are at a higher risk for delinquency and defaulting on your debt than someone who carries no debt and will have a lower credit score.|||Yes of course, and a very good idea at this point in the roller coaster ride banks are having.|||In theory, that is true. But, you don't really want to do that, as it will hurt your credit score. Just don't use your card very much, and don't charge things that you cannot afford to pay off at the end of the month, and you will be just fine.|||Most companies will lower your limit if you ask them to. Beware, as this will affect the ration of how much of a balance you have against your limit (if you have $4000 in debt on a $6000 card you are now using 66% of your limit. against a $12000 limit you are only using 33% of your available.) A better strategy would be to control your spending better. If you cannot, it may be worth the hit to your credit score to keep from getting in over your head, I suppose.
When it comes to credit score is it better to have a higher credit limit?
My main purpose for getting a credit card is to boost my score w positive credit. Should I go w a CC with the highest limit?|||A higher limit may be better. It also may be worse.
In any case, if your score needs boosting, then you will probably be rejected for the card with the highest limit.
In any case, if your score needs boosting, then you will probably be rejected for the card with the highest limit.
Is it legal for credit card issuer to decline a transaction when the customer is not over limit and not late?
I think I have 'pissed off' someone at my credit card issuer. Every time I try to use my card it gets declined. My balance is not where near my credit limit. I have not been late on a payment for the last four years.
Does this constitute an adverse action as defined by Regulation B.|||Call and ask why you keep getting declined. You shouldn't be declined for pissing someone off. If you have an open account and have credit available and your payments aren't late then you should be able to use your card. Call and ask about it.|||If you haven't used it much,they may have reduced your credit line...|||Have you called the credit card company?|||Ask your credit card company. If you are trying to use Chip'n'Pin perhaps you are entering an incorrect PIN which would inevitably result in a declined transaction|||I have had the same problems in the past...quite embarrassing...when I called to confront the issue...I was told it was for my protection....that it was an unusual spending pattern....uh I tried to use it once in like 3 months...like I am suppose to use it everyday or something to constitute a "NORMAL" spending habit????|||If you have rented a car recently, I would call the rental company and make sure they took the block off the card. They usually block like $250 to make sure you will have enough to pay for the rental and then take it off when you pay for the rental. If they forgot to take off the block you would be unable to use this money.|||1st of all, it's their money, not yours!
2nd, they reserve the right to decline certain transactions, such as Discover card stopped letting people charge online casino gambling, etc...
3rd, the have the right to put a possible fraud alert on your account for possible suspicious activity.
More on this 3rd action...many times when people steal a wallet, they go straight to a gas pump and fill up a car with gas. There are not clerks there to challenge them for id...then after this success...they know you have not yet turned off the card...they will hit wal-mart for a big screen tv or a computer...normal purchase amount around $700.
Sometimes I think they might have a friend working that register in advance, because if i was the cashier, i would certainly check their damn id for a big transaction like that!
Anyways, when credit companies track for this kind of activity, gas, then big purchase...or many other types of combinations...they will often freeze your account until they contact you and verify your card is still in your possession and that you are familiar with the charges.
Even if you have your card...all it takes is some waiter to take your card out of your sight, make a rub impression, or even get a magnetic reading of it..this tech stuff is sold, i assure you...and then either make a fake card from the info...or simply have a friend that runs a register ring the sale as manual credit by typing in the numbers and exp date.
SO, don't whine...
Does this constitute an adverse action as defined by Regulation B.|||Call and ask why you keep getting declined. You shouldn't be declined for pissing someone off. If you have an open account and have credit available and your payments aren't late then you should be able to use your card. Call and ask about it.|||If you haven't used it much,they may have reduced your credit line...|||Have you called the credit card company?|||Ask your credit card company. If you are trying to use Chip'n'Pin perhaps you are entering an incorrect PIN which would inevitably result in a declined transaction|||I have had the same problems in the past...quite embarrassing...when I called to confront the issue...I was told it was for my protection....that it was an unusual spending pattern....uh I tried to use it once in like 3 months...like I am suppose to use it everyday or something to constitute a "NORMAL" spending habit????|||If you have rented a car recently, I would call the rental company and make sure they took the block off the card. They usually block like $250 to make sure you will have enough to pay for the rental and then take it off when you pay for the rental. If they forgot to take off the block you would be unable to use this money.|||1st of all, it's their money, not yours!
2nd, they reserve the right to decline certain transactions, such as Discover card stopped letting people charge online casino gambling, etc...
3rd, the have the right to put a possible fraud alert on your account for possible suspicious activity.
More on this 3rd action...many times when people steal a wallet, they go straight to a gas pump and fill up a car with gas. There are not clerks there to challenge them for id...then after this success...they know you have not yet turned off the card...they will hit wal-mart for a big screen tv or a computer...normal purchase amount around $700.
Sometimes I think they might have a friend working that register in advance, because if i was the cashier, i would certainly check their damn id for a big transaction like that!
Anyways, when credit companies track for this kind of activity, gas, then big purchase...or many other types of combinations...they will often freeze your account until they contact you and verify your card is still in your possession and that you are familiar with the charges.
Even if you have your card...all it takes is some waiter to take your card out of your sight, make a rub impression, or even get a magnetic reading of it..this tech stuff is sold, i assure you...and then either make a fake card from the info...or simply have a friend that runs a register ring the sale as manual credit by typing in the numbers and exp date.
SO, don't whine...
If I pay more then minimum payment will I get a credit limit increase?
I'm talking like 1cent more, will they get me a credit limit increase.
For example my minimum payment is $10 if I were to pay $10.01 will they see and increase my credit limit?|||That's up to the card issuer. Making larger payments would be better than just minimums.|||Paying one cent more will not get you a credit limit increase.
Many credit card holders would like to obtain a higher credit card limit. The main purpose for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.
First of all, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the issuing credit card company or bank.
Here are seven tips toward obtaining a higher credit card limit:
1. The most important thing to do toward getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when approving a higher credit limit.
2. Always spend within your credit card limit. Doing so communicates to your credit card lender that you are capable of controlling your expenses.
3. Use your credit card regularly. Don't keep your credit cards for emergency use only. If you use your credit cards just occasionally, banks and credit card companies will be unable to understand your spending and payment behavior. By using your credit card minimally, most banks and credit card companies will be reluctant to give you a higher credit card limit.
4. Don't make minimum payments. Instead, try to pay for the entire outstanding amount. This method of repayment will usually give you a better chance of getting a higher credit card limit.
5. Attract positive attention from the credit card company or bank by paying interest finance charges once in a while. Obviously, this is not advisable on a continual basis and should only be used as a last resort to increase your chances of getting a higher credit limit.
Proving to credit card companies and banks that you are good borrower can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry.
6. Avoid late payments. Not only will your payment increase, but you will also have to pay an additional fee for late payment. This will also decrease your chances of getting a higher credit card limit.
7. The best and simplest strategy for obtaining a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns, so always pay your credit card bill on time.
The bottom line is that your performance on record at your bank and credit card company will determine whether you'll get a higher credit card limit or not.
And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees if you have difficulty repaying the higher balances.|||No paying the minimums or slightly more just gets you into further debt.
The best way to get credit line increases is to pay off the cards in full every month making the credit card companies think you don't need the credit.
I have done this with 3 cards for the last 3 years and have received increases in my credit limits every year.
Plus increased my score by over 150-points and made several hundred dollars in cash back rewards without paying one cent in fees or interest.|||Actually if you only pay the minimum or slightly more, it is more likely the creidt card company will decrease your limit at the end of a year. Not even the credit card companies want people to carry balances long term. You are considered a higher risk since you are only making small payments.|||No. Paying more than the minimum does not automatically lead to credit limit increases.
For example my minimum payment is $10 if I were to pay $10.01 will they see and increase my credit limit?|||That's up to the card issuer. Making larger payments would be better than just minimums.|||Paying one cent more will not get you a credit limit increase.
Many credit card holders would like to obtain a higher credit card limit. The main purpose for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.
First of all, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the issuing credit card company or bank.
Here are seven tips toward obtaining a higher credit card limit:
1. The most important thing to do toward getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when approving a higher credit limit.
2. Always spend within your credit card limit. Doing so communicates to your credit card lender that you are capable of controlling your expenses.
3. Use your credit card regularly. Don't keep your credit cards for emergency use only. If you use your credit cards just occasionally, banks and credit card companies will be unable to understand your spending and payment behavior. By using your credit card minimally, most banks and credit card companies will be reluctant to give you a higher credit card limit.
4. Don't make minimum payments. Instead, try to pay for the entire outstanding amount. This method of repayment will usually give you a better chance of getting a higher credit card limit.
5. Attract positive attention from the credit card company or bank by paying interest finance charges once in a while. Obviously, this is not advisable on a continual basis and should only be used as a last resort to increase your chances of getting a higher credit limit.
Proving to credit card companies and banks that you are good borrower can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry.
6. Avoid late payments. Not only will your payment increase, but you will also have to pay an additional fee for late payment. This will also decrease your chances of getting a higher credit card limit.
7. The best and simplest strategy for obtaining a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns, so always pay your credit card bill on time.
The bottom line is that your performance on record at your bank and credit card company will determine whether you'll get a higher credit card limit or not.
And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees if you have difficulty repaying the higher balances.|||No paying the minimums or slightly more just gets you into further debt.
The best way to get credit line increases is to pay off the cards in full every month making the credit card companies think you don't need the credit.
I have done this with 3 cards for the last 3 years and have received increases in my credit limits every year.
Plus increased my score by over 150-points and made several hundred dollars in cash back rewards without paying one cent in fees or interest.|||Actually if you only pay the minimum or slightly more, it is more likely the creidt card company will decrease your limit at the end of a year. Not even the credit card companies want people to carry balances long term. You are considered a higher risk since you are only making small payments.|||No. Paying more than the minimum does not automatically lead to credit limit increases.
What is the minimum credit limit on a Royal Bank of Scotland classic credit card?
I have a relatively poor credit rating but have been accepted for the card. What is the minimum credit limit? RBS website just says "dependent on circumstances/ wage etc" and my branch said 拢1000 which sounds a lot to me! Particularly since Captial One start you on around 拢200. Do not need exact figures but the absolute minimum would be nice|||I think you will find that it is 拢250, mind you they are the worst bank in the country...beware!
What happens to America, when we reach our credit limit?
Do you believe that America has a credit limit?
What would be the result if our loans were foreclosed on?|||Inflation / Deflation regression, survival.
Rent the "Road Warrior", or buy THQ Homefront (PS3).
Give yourself a head start on what to expect.|||That's the thing, the USA doesn't have a credit limit and any government can operate in massive amounts of debt. Here's what is going to happen within the next few years. This is a prime example of why the Republicans want to make people less dependent on the government. One day the people getting their entitlements are going to wake up not knowing what to do when their government monies come to a screeching halt.
1) Investors stop investing the T-bills
2) USA starts printing even more money
3) Global body dumps the dollar for a new currency
4) Hyperinflation sets in
5) Interest rates go sky high
6) Game over|||I read a small panic blurb on a web site just last night, I don't know how valid it is at present. It said the US government will be broke by about 2020 %26amp; said being broke was the reason the Soviet Union collapsed. I think credit is a ticking time bomb for individuals, and countries too. Debts do have to be
repaid someday. See the gold price, that's not gold going up....it's actually the value of the paper dollar dropping.|||They being: China %26amp; others are here picking houses that they want %26amp; are saying take it off the tab while crashing the housing market %26amp; cannibalizing most other vital infrastructure via inflation.
These are homes occupied %26amp; many owned (no mortgage)
This no joke , The ocean levels of immigration are of TSUNAMI proportions.
I' ve thinking on selling 800 acres for about 600 Billion Dollars not Yen %26amp; that is really a bargain. With deed restrictions of course.|||The US has a set price that they can't go over, which they already have. Everything will start to shut down, because they don't have the money to pay for workers to work.|||USA goes down, drags world with them. Murder, rape and mayhem. Basically Rhwanda on a global scale. A new dark ages begins.|||Then all of America becomes slaves to credit. Maybe they will start selling military secrets to pay off debt.|||congress just raises the credit limit.
That is the American way.
How soon will it cost more to print a dollar bill than the bill is worth?|||China will repo all the cool stuff they sold us.|||Can you say CUBA or Haiti|||We will not have oil because OPEC will not want our dollars.
We will not have any imports because no one will want our dollars.
We will not be able to run our defense system they way we are now, and will have major problems in that area.
Obviously there is an entity that is trying to put us in a position where we have no bargaining power at all.
This is why having a president who may not actually think of himself as American could be a massive problem. The one we have now spent his youth in Indonesia as the stepson of an Indonesian and did not think at the time he was developing his political value system internally that he was ever coming back to the states. It was only when his mother died that he did come back.
Scary, I know, and he has increased the debt by 4 Trillion dollars or 40%.
All of our tax dollars are used to pay interest on the debt alone. We are not paying any of the principal on the debt and it increases by the second.
As someone said there will be rioting, and there easily could be areas with no power (electricity), etc.
We are in a very serious situation, many people could die from civil unrest, riots, etc. let alone the anger of our debt holders.
What would be the result if our loans were foreclosed on?|||Inflation / Deflation regression, survival.
Rent the "Road Warrior", or buy THQ Homefront (PS3).
Give yourself a head start on what to expect.|||That's the thing, the USA doesn't have a credit limit and any government can operate in massive amounts of debt. Here's what is going to happen within the next few years. This is a prime example of why the Republicans want to make people less dependent on the government. One day the people getting their entitlements are going to wake up not knowing what to do when their government monies come to a screeching halt.
1) Investors stop investing the T-bills
2) USA starts printing even more money
3) Global body dumps the dollar for a new currency
4) Hyperinflation sets in
5) Interest rates go sky high
6) Game over|||I read a small panic blurb on a web site just last night, I don't know how valid it is at present. It said the US government will be broke by about 2020 %26amp; said being broke was the reason the Soviet Union collapsed. I think credit is a ticking time bomb for individuals, and countries too. Debts do have to be
repaid someday. See the gold price, that's not gold going up....it's actually the value of the paper dollar dropping.|||They being: China %26amp; others are here picking houses that they want %26amp; are saying take it off the tab while crashing the housing market %26amp; cannibalizing most other vital infrastructure via inflation.
These are homes occupied %26amp; many owned (no mortgage)
This no joke , The ocean levels of immigration are of TSUNAMI proportions.
I' ve thinking on selling 800 acres for about 600 Billion Dollars not Yen %26amp; that is really a bargain. With deed restrictions of course.|||The US has a set price that they can't go over, which they already have. Everything will start to shut down, because they don't have the money to pay for workers to work.|||USA goes down, drags world with them. Murder, rape and mayhem. Basically Rhwanda on a global scale. A new dark ages begins.|||Then all of America becomes slaves to credit. Maybe they will start selling military secrets to pay off debt.|||congress just raises the credit limit.
That is the American way.
How soon will it cost more to print a dollar bill than the bill is worth?|||China will repo all the cool stuff they sold us.|||Can you say CUBA or Haiti|||We will not have oil because OPEC will not want our dollars.
We will not have any imports because no one will want our dollars.
We will not be able to run our defense system they way we are now, and will have major problems in that area.
Obviously there is an entity that is trying to put us in a position where we have no bargaining power at all.
This is why having a president who may not actually think of himself as American could be a massive problem. The one we have now spent his youth in Indonesia as the stepson of an Indonesian and did not think at the time he was developing his political value system internally that he was ever coming back to the states. It was only when his mother died that he did come back.
Scary, I know, and he has increased the debt by 4 Trillion dollars or 40%.
All of our tax dollars are used to pay interest on the debt alone. We are not paying any of the principal on the debt and it increases by the second.
As someone said there will be rioting, and there easily could be areas with no power (electricity), etc.
We are in a very serious situation, many people could die from civil unrest, riots, etc. let alone the anger of our debt holders.
What happens if you charge more than your credit limit?
I have a BB%26amp;T credit card with a $500 limit. I charged a Dell computer on it last night, which cost about $550. The order went through and everything, but I'm not sure what to expect. I'm trying to contact the bank. What will happen? Will Dell be gracious and just charge me twice, after I've paid the initial $500? Do I do jail time? Are they gonna get me? WHAT|||The credit card company don't want you in jail, they just want your money.
BB%26amp;T will most likely chare you an 'over the limit' fee. I'd call the number on the back of the card, speak to customer service, and see if they'll raise your limit (and possibly take off the penalty for going over the limit).
It never hurts to ask.|||No they let you go over. Likely today if you used it it wouldn't work and the interest rate will be high -
I have a business card and charged over the limit to get an order in - and it worked.
But the bill to pay was ouch, hot and you can't use the card again until it's under $500.|||You will be charged an astronomical fee, maybe as high as $35 for going over limit. They will probably raise the interest rate that you are paying. And it will have a negative impact on your credit score. I would continue to try to contact the bank and see if you can send a check immediately for the difference and if they will wave the over the limit fee. Explain that it was a mistake and see if you can smooth things over.|||u will get a fee|||Since the credit card company approved the transaction, you're covered with Dell. They'll never be the wiser.
BUT your credit card company will charge you an "over-limit fee", which is typically anywhere between $30 and $50. They'll do that any month in which your balance is greater than your credit limit.
BB%26amp;T will most likely chare you an 'over the limit' fee. I'd call the number on the back of the card, speak to customer service, and see if they'll raise your limit (and possibly take off the penalty for going over the limit).
It never hurts to ask.|||No they let you go over. Likely today if you used it it wouldn't work and the interest rate will be high -
I have a business card and charged over the limit to get an order in - and it worked.
But the bill to pay was ouch, hot and you can't use the card again until it's under $500.|||You will be charged an astronomical fee, maybe as high as $35 for going over limit. They will probably raise the interest rate that you are paying. And it will have a negative impact on your credit score. I would continue to try to contact the bank and see if you can send a check immediately for the difference and if they will wave the over the limit fee. Explain that it was a mistake and see if you can smooth things over.|||u will get a fee|||Since the credit card company approved the transaction, you're covered with Dell. They'll never be the wiser.
BUT your credit card company will charge you an "over-limit fee", which is typically anywhere between $30 and $50. They'll do that any month in which your balance is greater than your credit limit.
My credit limit lowered on my credit card because of too many credit checks?
So my credit limit was lowered on my business credit card because too many checks were done on my credit and because of the length of time on my credit account.
I have no idea why this is going on. I have 2 credit cards and haven't done anything in months that requires a credit check. They said it might be because of pre-approved credit cards i receive in the mail.
What can i do about this?|||Yes, credit checks will lower your score, but only temporarily (unless you keep getting them).
It will go back up.|||I think you should call them and tell them that you're a good customer and think you are being treated unfairly, and if they don't raise back your credit limit you will stop using their credit card and start using your other credit cards. And tell them if you have a balance that you will be transferring it to the other cards. Ask to speak to the supervisor if the person you first talk to doesn't help. Also if you carry a balance you might as well see if they can reduce your interest rate at the same time, using the same threat - especially if your other card has a lower rate.|||pre approved are really not pre approved
those types of mailing are merely saying that you might meet a certain profile, they still need you to fill out and then they do a hard pull on your record
inquiry's from CC companies are soft pulls and do not affect you credit history
hard pulls do
and those are always done with your permission or are part of an agreement when you open a up a credit line or credit card|||I noticed the same thing from some credit card companies. They keep running checks on cards that I don't use. It's annoying.
JcPenny - did a check like every 3 months even when I didnt use it.
I called them and asked them why????? Then I just closed the account. My citibank visa only does a check like once a year, and I actually use it - so that's ok.
It seems like its store visa %26amp; mc cards that do this. Get rid of them.
/|||Pre approval checks by companies are called soft pulls and they have no affect on your score, only hard pulls do as in if you request one for a company. pulls by pre approved offer have nothing to do with your credit score
I have no idea why this is going on. I have 2 credit cards and haven't done anything in months that requires a credit check. They said it might be because of pre-approved credit cards i receive in the mail.
What can i do about this?|||Yes, credit checks will lower your score, but only temporarily (unless you keep getting them).
It will go back up.|||I think you should call them and tell them that you're a good customer and think you are being treated unfairly, and if they don't raise back your credit limit you will stop using their credit card and start using your other credit cards. And tell them if you have a balance that you will be transferring it to the other cards. Ask to speak to the supervisor if the person you first talk to doesn't help. Also if you carry a balance you might as well see if they can reduce your interest rate at the same time, using the same threat - especially if your other card has a lower rate.|||pre approved are really not pre approved
those types of mailing are merely saying that you might meet a certain profile, they still need you to fill out and then they do a hard pull on your record
inquiry's from CC companies are soft pulls and do not affect you credit history
hard pulls do
and those are always done with your permission or are part of an agreement when you open a up a credit line or credit card|||I noticed the same thing from some credit card companies. They keep running checks on cards that I don't use. It's annoying.
JcPenny - did a check like every 3 months even when I didnt use it.
I called them and asked them why????? Then I just closed the account. My citibank visa only does a check like once a year, and I actually use it - so that's ok.
It seems like its store visa %26amp; mc cards that do this. Get rid of them.
/|||Pre approval checks by companies are called soft pulls and they have no affect on your score, only hard pulls do as in if you request one for a company. pulls by pre approved offer have nothing to do with your credit score
What is the difference between available credit and credit limit?
my card came with a $250.00 Credit Limit. Over the weekend I used it for $113.96, but online the Available credit reads "$23.00". what gives? is there something I'm not aware of?|||Available Credit = Credit Limit - Account Balance
Yeah, something is awry here. From the information you give, your available credit should be $136.04 ($250.00 - $113.96).
Credit cards typically also have a Cash Advance Limit, which would be a portion of your Credit Limit. Is the $23.00 actually your Cash Advance Limit? Otherwise, maybe the issuing bank lowered your credit limit. Call the customer service number (usually printed on the back of the card) and ask.|||Yea, something is not sound right here. Your available credit should be your credit limit - credit used.
Yeah, something is awry here. From the information you give, your available credit should be $136.04 ($250.00 - $113.96).
Credit cards typically also have a Cash Advance Limit, which would be a portion of your Credit Limit. Is the $23.00 actually your Cash Advance Limit? Otherwise, maybe the issuing bank lowered your credit limit. Call the customer service number (usually printed on the back of the card) and ask.|||Yea, something is not sound right here. Your available credit should be your credit limit - credit used.
Why is my available credit on my credit card less than my credit limit?
Here's what I mean: say, for example, our credit limit is $5K. We have spent $4,200 as of today. Yet apparently our current available credit is $99. Why is this? I don't get it.|||have you made some other purchases that havent shown up on the credit card statement? that might be why. also, some companies put a hold on some purchases with a set amount until the actual charge goes thru and then that drops off. not sure if thats legal, but that's what has happened to me...especially at gas stations.|||There might be holds on the card.
If you use it at gas pumps or anyplace else that automatically puts a hold on the card (regardless of the actual amount purchased) it can sometimes lock up your available credit.
$99 vs. $800 is a pretty large discrepancy though - you should probably contact your credit card company.
And then start paying down that $4200 balance as fast as possible. Even if you have a good interest rate (although I wouldn't be surprised if it were around 22-23% or more), you are probably getting raped.|||The difference between the credit limit and the credit available is usually "pending" transactions, that is, charges that have received an approval code, but have not yet come in for processing.|||If you make a rental on car, they hold a large amount.
the other thing is gas purchase. they may hold up to one week.
If you use it at gas pumps or anyplace else that automatically puts a hold on the card (regardless of the actual amount purchased) it can sometimes lock up your available credit.
$99 vs. $800 is a pretty large discrepancy though - you should probably contact your credit card company.
And then start paying down that $4200 balance as fast as possible. Even if you have a good interest rate (although I wouldn't be surprised if it were around 22-23% or more), you are probably getting raped.|||The difference between the credit limit and the credit available is usually "pending" transactions, that is, charges that have received an approval code, but have not yet come in for processing.|||If you make a rental on car, they hold a large amount.
the other thing is gas purchase. they may hold up to one week.
Can I charge more than my credit limit on my credit card if I have a credit on my account?
My credit limit is $5,000. If I send $10,000 to my credit card, can I charge more than $5,000 to my credit card without incurring any additional fees or charges?
I know there's going to be someone on here that says something to the effect of, "y dont u jst snd 500 dolars 2 th ppl u r goin 2 pay w/ ur cc? lolzorz". The answer is because I'm going to do no-interest balance transfers to my credit card, and I can't directly access that money without incurring fees.
Personal experience would be preferred, but anyone that knows for certain would be great to hear from.
Thanks!|||I am doing the same thing you are, and you WILL get charged over the limit fees and it could possibly increase your so called 0% APR for going over the limit, watch out! Read the fine print, all offers are different.|||It depends on the card company.
I've had some cards where they just kept the money (and my credit limit stayed the same), but they applied all future charges as a credits.
I've had other cards, where once they applied the current charges, they sent me the overage amount back!
Each card is different.|||You will also see a drop in credit score. One your credit reeport the balance and high limit is reported. Anytime you go over the hiogh limit your score plummets! Get 2 $5000 credit cards instead!|||Even if they did allow this (which I cannot say if they will or not) it will hurt your credit score...anytime you go over 50% of your available credit (the $10,000 would not actually increase your credit line) your score takes a big hit. So I would suggest just paying the debts with the cash you have, why put it on a card if you have the money, it makes no sense!|||why dont you just discontinue blowing money with credit cards and use western union debit card instead? do you just enjoy blowing money?|||Yes - the credit limit means how high your balance can go, but if you have a credit balance going into the month, then you could charge up to your credit limit plus the credit balance without your balance going over the limit to incur extra fees.
An easier way might be to call them and ask them to raise your limit - if you have a good record with them, they probably will. If this is a new card, then they probably wouldn't. But if you have the money to send to the new card, you could just send some of it to the old card company instead of transferring that balance. It really does work out the same - do the math.|||They cannot keep your money. They will send the excess money right back to you.
The best thing to do is to call the credit card company and know for sure.|||Have you called the credit card company to request a credit line increase? That would probably be the best way to go. I think even if you send them extra, if you go over your limit, they will still charge you an over limit fee. Best to call them to find out.
I know there's going to be someone on here that says something to the effect of, "y dont u jst snd 500 dolars 2 th ppl u r goin 2 pay w/ ur cc? lolzorz". The answer is because I'm going to do no-interest balance transfers to my credit card, and I can't directly access that money without incurring fees.
Personal experience would be preferred, but anyone that knows for certain would be great to hear from.
Thanks!|||I am doing the same thing you are, and you WILL get charged over the limit fees and it could possibly increase your so called 0% APR for going over the limit, watch out! Read the fine print, all offers are different.|||It depends on the card company.
I've had some cards where they just kept the money (and my credit limit stayed the same), but they applied all future charges as a credits.
I've had other cards, where once they applied the current charges, they sent me the overage amount back!
Each card is different.|||You will also see a drop in credit score. One your credit reeport the balance and high limit is reported. Anytime you go over the hiogh limit your score plummets! Get 2 $5000 credit cards instead!|||Even if they did allow this (which I cannot say if they will or not) it will hurt your credit score...anytime you go over 50% of your available credit (the $10,000 would not actually increase your credit line) your score takes a big hit. So I would suggest just paying the debts with the cash you have, why put it on a card if you have the money, it makes no sense!|||why dont you just discontinue blowing money with credit cards and use western union debit card instead? do you just enjoy blowing money?|||Yes - the credit limit means how high your balance can go, but if you have a credit balance going into the month, then you could charge up to your credit limit plus the credit balance without your balance going over the limit to incur extra fees.
An easier way might be to call them and ask them to raise your limit - if you have a good record with them, they probably will. If this is a new card, then they probably wouldn't. But if you have the money to send to the new card, you could just send some of it to the old card company instead of transferring that balance. It really does work out the same - do the math.|||They cannot keep your money. They will send the excess money right back to you.
The best thing to do is to call the credit card company and know for sure.|||Have you called the credit card company to request a credit line increase? That would probably be the best way to go. I think even if you send them extra, if you go over your limit, they will still charge you an over limit fee. Best to call them to find out.
What is the basis of credit card company on how much credit limit they give to a person?
My buddy and I applied for a credit card with same company. Both of us have no credit score, I'm pretty sure of it.In short, we're beginners. But he's credit limit is thrice than mine.|||the credit limit is given based on many factors:
- past employment history
- salary
- bank accounts and savings
- property owned
- duration (months and yrs) of living in one address
- age, etc.
it is likely that your buddy has better above factors than u.
- past employment history
- salary
- bank accounts and savings
- property owned
- duration (months and yrs) of living in one address
- age, etc.
it is likely that your buddy has better above factors than u.
How will opening a new (high limit) card affect an already excellent credit score?
I have credit card debt; my boyfriend has excellent, immaculate credit. We have talked about him opening a new, 0% interest card and transferring my balances to it in order to pay off my debt (I can't get the credit limit needed to transfer all balances at once). I know carrying the balance won't really hurt him; but will opening another card? (He already has 2 cards with $10,000 limits each).|||Now for the correct answer.
Opening a new account will cause his score to drop but only by a few points due to the inquiry.
As far as the debt to credit ratio which makes up a full 30% of his score it will depend on how much total debt he ends up having. If his total debt exceeds 30% of his total credit limit then his score will take another hit.
My Wife and I did this same thing back several years ago and paid off all of our debt at 0%.
Good luck.|||Actually, carrying the balance will reduce his credit score. One of the calculations is the % of credit used. The higher the % the lower the score.|||I do not think that by opening a new account it will hurt his credit. As long as you continue to make payments on those accounts everything should be fine and the bank will continue to see that he handles credit well. Sorry, I'm not an expert, but I thought I'd take a stab at it!|||This isn't a good idea.
Opening a new account will cause his score to drop but only by a few points due to the inquiry.
As far as the debt to credit ratio which makes up a full 30% of his score it will depend on how much total debt he ends up having. If his total debt exceeds 30% of his total credit limit then his score will take another hit.
My Wife and I did this same thing back several years ago and paid off all of our debt at 0%.
Good luck.|||Actually, carrying the balance will reduce his credit score. One of the calculations is the % of credit used. The higher the % the lower the score.|||I do not think that by opening a new account it will hurt his credit. As long as you continue to make payments on those accounts everything should be fine and the bank will continue to see that he handles credit well. Sorry, I'm not an expert, but I thought I'd take a stab at it!|||This isn't a good idea.
What is the credit limit usually on a HSBC Best Buy Rewardszone Mastercard?
Got approved..but have not accepted the card yet...does not give any indication for the credit limit...so was curious. |||You can call and ask .
If you already applied for the card and were approved than you might as well keep it and build good payment history. As far as you credit limit it depends on your credit and sometimes income.
Go to www.annualcreditreport.com
You are entitled to a free credit report annually from each of the three credit bureaus. No credit card is needed
If you already applied for the card and were approved than you might as well keep it and build good payment history. As far as you credit limit it depends on your credit and sometimes income.
Go to www.annualcreditreport.com
You are entitled to a free credit report annually from each of the three credit bureaus. No credit card is needed
Does closing credit cards help you to get larger credit limit when you open a new card?
Some notes to clarify: I have about 7 cards, and 4 are department store cards. Those 4 cards I am closing only about half of the available balance has been used. So if I close the cards does it show to future card offers that I have more credit limit available ? Also how long does it take the credit bureau to know that the accounts have been closed?|||That is a difficult answer. It will take up to 90 days for the credit bureaus to update. Back to your question, if you do close off these four cards, close them off over a period of time because closing them all at once will hurt your score, badly. If you close these accounts and then go apply for credit somewhere else, you won't necessarily have more credit available. The future lender will give you as much money as they are comfortable with.
Is it alright to carry a credit card close to its limit as long as you pay it off all the time?
I have a credit card with a $500 credit limit I've just started building my credit. I always make purchases close to the limit like of $300 or $400 but I always pay it off as soon as the online system thing allows me to, so I never carry over any balance to the next month. Does this affect my credit in any way or is it ok to do so?|||As long as you're not carrying balances over 30% of your credit line from month to month, you're fine. It's only when you do that is when your FICO will suffer. Using the card as you are using it and paying it off every month is great and showing responsible management of the card as well as building a positive payment history.
FICO doesn't know or care if you are paying interest...only your pocket book suffers, but carrying over balances that are high in relation to your credit limit will cause your credit score to drop. You are not carrying a balance if you pay your card off in full when the statement is issued.|||It's fine - as long as you're not carrying over any balances - so you're not stuck paying interest - this will look good on your credit report.|||Probably a mixed bag.
You get brownie points for paying it off everytime.
You get dinged for carrying a balance close to the limit.|||Utilization counts for 30% of your credit score so it depends on what is reported to the credit agencies. Credit cards usually report the numbers that are on your billing statement.|||Pay it off, cut the card in half and be done with it. Stop paying interest.
FICO doesn't know or care if you are paying interest...only your pocket book suffers, but carrying over balances that are high in relation to your credit limit will cause your credit score to drop. You are not carrying a balance if you pay your card off in full when the statement is issued.|||It's fine - as long as you're not carrying over any balances - so you're not stuck paying interest - this will look good on your credit report.|||Probably a mixed bag.
You get brownie points for paying it off everytime.
You get dinged for carrying a balance close to the limit.|||Utilization counts for 30% of your credit score so it depends on what is reported to the credit agencies. Credit cards usually report the numbers that are on your billing statement.|||Pay it off, cut the card in half and be done with it. Stop paying interest.
What are the reasons that a credit card lender can cut you credit limit?
i have a credit card and all of a sudden the bank cut down my limit and i called and they told me that something "negative" affected my credit score. what could those "negatives" be? thanks!|||It could be a late payment somewhere, not saying that's what happened, just a thought.|||Any one of a number of things can affect your credit score: decreased income, increased indebtedness, late payments on open accounts, criminal behavior, excessive traffic tickets, etc.|||Reasons:
1-Late payment/payment history.
2-debt/income ratio/unemployed/financial hardship
3-Too many open credit lines with less income.|||Paying late or going over the limit are the two biggest reasons. It doesn't have to just be with them either. If they find out you've been late or gone over with any other lender, they can still cut your limit. They can also raise your interest rate.|||Income change, late payments, bad credit report, constantly going overlimit, and making minimum payments, collections just about any reason.
1-Late payment/payment history.
2-debt/income ratio/unemployed/financial hardship
3-Too many open credit lines with less income.|||Paying late or going over the limit are the two biggest reasons. It doesn't have to just be with them either. If they find out you've been late or gone over with any other lender, they can still cut your limit. They can also raise your interest rate.|||Income change, late payments, bad credit report, constantly going overlimit, and making minimum payments, collections just about any reason.
What does it mean when a bank lowers my credit limit?
I have not used my credit card in about 6 months and I have been paying way over my minimum payment every month. All of a sudden my credit limit is lower by 1,500. Why? does this effect my credit score.|||Ryan M, you couldn't be more wrong.
To the original poster, if your credit guarantor is one of the larger companies such as B of A, Chase, Citibank, GE Money Bank, you are not alone. People with excellent credit have had their credit limits slashed, interest hiked and accounts closed outright for various answers such as "economic climate", "low revolving debt to credit ratio" (in English, that means you aren't using your card enough), or "we found something on your credit report" (GE Money Bank's favorite), but when you pull your report, you won't find any changes, and in fact, you won't find evidence that the creditor has done a soft pull.
So, to answer you, they did it because they could and it's probably not due to anything "bad" that you have done. 40% of all credit guarantors have summarily lowered credit limits on their customers for no discernible reason. Other guarantors have initiated membership fees on accounts that previously did not have them. And still others hiked interest rates to, in some cases, triple of what they were in anticipation of the new credit card legislation that was recently passed.
And what's worse, if this is an old account and/or has a high credit limit, closing the account will ding your FICO, in some cases, considerably. We took a three digit hit when a 15 year old account with a high limit was closed out from under us because we didn't use it enough. However, we were cheerily informed that we were "welcome to open another account at any time we need credit services in the future". No thank you.
And yes, it may affect your FICO because your credit utilization ratio has been artificially increased. How much it may be affected is open to debate. See this for more info: http://www.creditscoring.com/creditscore鈥?/a>|||A lot of the banks like to cut the limit on your cards if you dont use them frequently. A good rule of thumb is to use it every 3 months so that your account stays open. Yes this COULD hurt your score if you carry high balances on most of your cards.
Example: If you used 3000 out of 5000 total availiable credit and your card cut you 1500. Your now at 3000 out of 3500 credit used. Which is VERY high according to the credit lenders. Your score will drop.
But say you had only 100 dollars used out of 4000$ availiable credit limit. Your score will not suffer so much. if your cut 1500$ because your utilization rate is still quite low.
100/2500= less than 10% utilization rate. Which is still good.|||Credit card companies are acting a fool right now because of the credit card reform. This does effect your credit score because it lowers your available credit / debt ratio. However 2 things you can do.
1. Call and ask for an increase in 3months.
2. Pick up your phone right and say "im calling in to lower my apr" then pause. That should save u money in fees if they lower it.
good luck!|||The "Why?" part only your bank can answer. Probably because they deemed you a credit risk. Yes it will affect your credit because it will raise your debt to available credit ratio...which is a HUGE part of your credit score.
To the original poster, if your credit guarantor is one of the larger companies such as B of A, Chase, Citibank, GE Money Bank, you are not alone. People with excellent credit have had their credit limits slashed, interest hiked and accounts closed outright for various answers such as "economic climate", "low revolving debt to credit ratio" (in English, that means you aren't using your card enough), or "we found something on your credit report" (GE Money Bank's favorite), but when you pull your report, you won't find any changes, and in fact, you won't find evidence that the creditor has done a soft pull.
So, to answer you, they did it because they could and it's probably not due to anything "bad" that you have done. 40% of all credit guarantors have summarily lowered credit limits on their customers for no discernible reason. Other guarantors have initiated membership fees on accounts that previously did not have them. And still others hiked interest rates to, in some cases, triple of what they were in anticipation of the new credit card legislation that was recently passed.
And what's worse, if this is an old account and/or has a high credit limit, closing the account will ding your FICO, in some cases, considerably. We took a three digit hit when a 15 year old account with a high limit was closed out from under us because we didn't use it enough. However, we were cheerily informed that we were "welcome to open another account at any time we need credit services in the future". No thank you.
And yes, it may affect your FICO because your credit utilization ratio has been artificially increased. How much it may be affected is open to debate. See this for more info: http://www.creditscoring.com/creditscore鈥?/a>|||A lot of the banks like to cut the limit on your cards if you dont use them frequently. A good rule of thumb is to use it every 3 months so that your account stays open. Yes this COULD hurt your score if you carry high balances on most of your cards.
Example: If you used 3000 out of 5000 total availiable credit and your card cut you 1500. Your now at 3000 out of 3500 credit used. Which is VERY high according to the credit lenders. Your score will drop.
But say you had only 100 dollars used out of 4000$ availiable credit limit. Your score will not suffer so much. if your cut 1500$ because your utilization rate is still quite low.
100/2500= less than 10% utilization rate. Which is still good.|||Credit card companies are acting a fool right now because of the credit card reform. This does effect your credit score because it lowers your available credit / debt ratio. However 2 things you can do.
1. Call and ask for an increase in 3months.
2. Pick up your phone right and say "im calling in to lower my apr" then pause. That should save u money in fees if they lower it.
good luck!|||The "Why?" part only your bank can answer. Probably because they deemed you a credit risk. Yes it will affect your credit because it will raise your debt to available credit ratio...which is a HUGE part of your credit score.
How to increase your credit card limit through usage?
What is the best way to attract credit card companies to your account and increase your credit limit?
Is it better to use and pay right away?
Or should you let them charge you interest before paying it off?
Assume that I'm not using more than 25% of my actual limit.
I plan on using it once or twice every month only.
Thanks|||You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-free.totalh.com|||Actually, it used to be you could just call them and they would raise the limit without batting an eye. Not any more. The best way to get it raised it to continue to do the things you are already doing. Use about 25% of your credit limit and then pay it off at the end of the month. Make sure the rest of your credit history is clean by getting a copy of your credit report and dispute any negative items. Continue good credit practices and eventually they will raise your limits, but with today's credit market, it's pretty tough to get limits raised much.|||I agree with Richard L. Keep up the good work and eventually you will get the limit increased. I called capital one and they flat out denied me, but they're stingy anyway. lol
Is it better to use and pay right away?
Or should you let them charge you interest before paying it off?
Assume that I'm not using more than 25% of my actual limit.
I plan on using it once or twice every month only.
Thanks|||You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-free.totalh.com|||Actually, it used to be you could just call them and they would raise the limit without batting an eye. Not any more. The best way to get it raised it to continue to do the things you are already doing. Use about 25% of your credit limit and then pay it off at the end of the month. Make sure the rest of your credit history is clean by getting a copy of your credit report and dispute any negative items. Continue good credit practices and eventually they will raise your limits, but with today's credit market, it's pretty tough to get limits raised much.|||I agree with Richard L. Keep up the good work and eventually you will get the limit increased. I called capital one and they flat out denied me, but they're stingy anyway. lol
Monday, December 12, 2011
Can my credit card company still charge me late fee if my credit limit is meet?
My balance is currently 336.48 but my credit limit is 250.00. I just made payment for the 250.00 on 2/16/10. They refused to waive any late charges on the account and told me they can still bill me 25.00 each month the remaining 86.48 is outstanding. Is that true and legal.|||Actually YES, You are at their mercy. Have you heard: " Borrower is a slave to the lender". Until you pay the remain balance off. You are at their mercy.
You will learn your lesson, NEVER spending the money you don't have.|||To avoid a fee, you must be ontime and under the limit.
If you are on time but over the limit, they can charge a fee for being over the limit.
If you are under the limit but are not on time, they can charge a fee for being late.
If you are over the limit and are not on time, they can charge both fees.
Unless you are both under the limit and on time, there will be a fee.
You will learn your lesson, NEVER spending the money you don't have.|||To avoid a fee, you must be ontime and under the limit.
If you are on time but over the limit, they can charge a fee for being over the limit.
If you are under the limit but are not on time, they can charge a fee for being late.
If you are over the limit and are not on time, they can charge both fees.
Unless you are both under the limit and on time, there will be a fee.
How long will it take to raise my credit limit from $500 to at least $2000 with Capital One?
I like their Rewards program, but $500 to start? I'll have to pay my credit card every week.
Also, I don't want to be out on a date, use the card, only to have it rejected.
When will my limit go up?|||Hello - I have a credit card from Capital One with a similar situation. I had limited credit history and was given a $500 limit. Id say it was 1 yr from opening the card that Cap One raised my credit limit to 2k without my even asking. You can request a credit increase from them, but the recording will tell you that you cannot request an increase - they do their own reviews of accounts and increase the limits at their choosing. So continue to make payments on time and try to pay the entire balance and you will receive the increase.|||I received my Capital One credit card in February 2011. My first statement was in March 2011. I received a letter from them in late October, 7 months later, offering me an increase to $2000.I also got an increase on another CC as well. Interestingly enough, all my CCs were nearly maxed.
|||CapitalOne doesn't like to give credit increases....They prefer to issue you more low -limit ($500) cards instead....that way if you're late, they can charge you a late fee twice.....|||They gave you the 500 dollars to play with because they want to see if you can handle it. Your credit must be sub-prime, meaning that you are going to have to handle this account VERY well before they will even consider raising it by a penny. Never miss a payment, and don't charge it up to its limit. Stay under a 250.00 balance and you should get a good limit within 1 year. Capital One was my first credit card with a 500 dollar limit, and now 2 years later my limit with them is 13,500 dollars. Handle your account well and you can say the same two years down the road. Good Luck!|||There must be some reason Capitol One only gave you such a low limit. Your best bet to increase that limit is to use the card and pay it in full every month. After about 6 months, they will start increasing the limit.
Of course, it could be they want to limit the rewards progam. Maybe you should look into some other reward card.|||You can call and ask for it immediately or use your online account to request an increase. They might deny it, but it won鈥檛 hurt you to ask.
With a different company, I found that after I requested one increase, they would atomatically up my limit every time I paid off the entire balance. Over two years, they increased my limit 7 fold.|||Good luck. Capital One is notoriously slow to raise anyone's credit limit especially if they have sketchy or bad credit in their past.|||Why do you need to charge so much? Pay cash!!!
Why would you want to constantly be $2,000 in debt?|||Well, it sounds like you have the same or a similar card that I have, and regardless Capital One has an program called Credit Steps that all new card holders are eligible for. In the program, once you make your first three payments on time they will automatically raise your credit limit by $200 or $250 by the 5th statement.(you should get a letter about it) If you keep your payments on time with them, I would say you are looking at about 18 months to 2 years until you get a $2000 limit. More than likely, the card that you have has a $3000 max period, so they will be quite stingy with raising your limit.
Also, I don't want to be out on a date, use the card, only to have it rejected.
When will my limit go up?|||Hello - I have a credit card from Capital One with a similar situation. I had limited credit history and was given a $500 limit. Id say it was 1 yr from opening the card that Cap One raised my credit limit to 2k without my even asking. You can request a credit increase from them, but the recording will tell you that you cannot request an increase - they do their own reviews of accounts and increase the limits at their choosing. So continue to make payments on time and try to pay the entire balance and you will receive the increase.|||I received my Capital One credit card in February 2011. My first statement was in March 2011. I received a letter from them in late October, 7 months later, offering me an increase to $2000.I also got an increase on another CC as well. Interestingly enough, all my CCs were nearly maxed.
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|||CapitalOne doesn't like to give credit increases....They prefer to issue you more low -limit ($500) cards instead....that way if you're late, they can charge you a late fee twice.....|||They gave you the 500 dollars to play with because they want to see if you can handle it. Your credit must be sub-prime, meaning that you are going to have to handle this account VERY well before they will even consider raising it by a penny. Never miss a payment, and don't charge it up to its limit. Stay under a 250.00 balance and you should get a good limit within 1 year. Capital One was my first credit card with a 500 dollar limit, and now 2 years later my limit with them is 13,500 dollars. Handle your account well and you can say the same two years down the road. Good Luck!|||There must be some reason Capitol One only gave you such a low limit. Your best bet to increase that limit is to use the card and pay it in full every month. After about 6 months, they will start increasing the limit.
Of course, it could be they want to limit the rewards progam. Maybe you should look into some other reward card.|||You can call and ask for it immediately or use your online account to request an increase. They might deny it, but it won鈥檛 hurt you to ask.
With a different company, I found that after I requested one increase, they would atomatically up my limit every time I paid off the entire balance. Over two years, they increased my limit 7 fold.|||Good luck. Capital One is notoriously slow to raise anyone's credit limit especially if they have sketchy or bad credit in their past.|||Why do you need to charge so much? Pay cash!!!
Why would you want to constantly be $2,000 in debt?|||Well, it sounds like you have the same or a similar card that I have, and regardless Capital One has an program called Credit Steps that all new card holders are eligible for. In the program, once you make your first three payments on time they will automatically raise your credit limit by $200 or $250 by the 5th statement.(you should get a letter about it) If you keep your payments on time with them, I would say you are looking at about 18 months to 2 years until you get a $2000 limit. More than likely, the card that you have has a $3000 max period, so they will be quite stingy with raising your limit.
What is an average credit limit for someone?
1. What is a good credit limit for someone who is 23 and has "excellent" credit?
2. What credit card company has the best features? Amex, Visa or Mastercard?|||Credit limit is relevant to the income .
Some 23 year olds are journeyman electricians making $80K a year ,
Some 23 year olds are just getting out of school , have no job and tons of student loan debt .
Make the limit 25% of your annual income .
%26gt;|||23th year old credit limit if doing job that 30% his income.
Visa is the best credit card company.|||it depends on your income . this is why we have a mortage mess in this country ,people didnt set a limit on their borrowing.|||Just stay away from the DeeJay...you don't need them.
2. What credit card company has the best features? Amex, Visa or Mastercard?|||Credit limit is relevant to the income .
Some 23 year olds are journeyman electricians making $80K a year ,
Some 23 year olds are just getting out of school , have no job and tons of student loan debt .
Make the limit 25% of your annual income .
%26gt;|||23th year old credit limit if doing job that 30% his income.
Visa is the best credit card company.|||it depends on your income . this is why we have a mortage mess in this country ,people didnt set a limit on their borrowing.|||Just stay away from the DeeJay...you don't need them.
Other than the obvious, what are the advantages of extending your credit limit?
The bank has just offered me the opportunity to extend my credit limit beyond ten thousand dollars.
I would never get myself into that much debt as the interest is just phenomenal, so how does it benefit me if I accept?|||Michelle,
Extending your credit limit is only a good idea, if you do not have any credit card debt.
If you carry credit card debt every month, then you need to pay that off, because those interest rates are way to high, and extending your debt in that situation is dangerous, because you could quickly get yourself in years worth of trouble.
However if you do not carry credit card debt and you pay your balance every month, then having a high credit limit is very advantageous.
As you get older, your need for credit goes up, unknow events can occur with jobs, family and emergencies... So a large credit limit will help you if you can keep the slate clean.
If you know you don't have the discipline to pay off your debt each month, then don't touch it..
But if you have been good, then you can accept the new limit and perhaps in a few years, it will come in handy.
Money or access to money gives you flexibility... and that is a good thing if you manage it correctly..
best of luck|||better debt/available debt ratio|||Well, you will have more pre-approved credit ready if for some reason you need it, but that's the "obvious" part. Other than that, there are no benefits to you.|||If you don't need it, then don't extend. It could hurt you on future credit requests.
Potential debt (if you maxed out all your cards) are considered when granting credit.|||It could benefit your credit score by showing that you are not maxing out your credit cards and that you do not "live beyond your means" If you dont plan on maxing it out go for it. It is nice to always have the security blanket in case of emergencies. If you feel like using it and dont know what to buy...I'll take a Playstation 3!!!
I would never get myself into that much debt as the interest is just phenomenal, so how does it benefit me if I accept?|||Michelle,
Extending your credit limit is only a good idea, if you do not have any credit card debt.
If you carry credit card debt every month, then you need to pay that off, because those interest rates are way to high, and extending your debt in that situation is dangerous, because you could quickly get yourself in years worth of trouble.
However if you do not carry credit card debt and you pay your balance every month, then having a high credit limit is very advantageous.
As you get older, your need for credit goes up, unknow events can occur with jobs, family and emergencies... So a large credit limit will help you if you can keep the slate clean.
If you know you don't have the discipline to pay off your debt each month, then don't touch it..
But if you have been good, then you can accept the new limit and perhaps in a few years, it will come in handy.
Money or access to money gives you flexibility... and that is a good thing if you manage it correctly..
best of luck|||better debt/available debt ratio|||Well, you will have more pre-approved credit ready if for some reason you need it, but that's the "obvious" part. Other than that, there are no benefits to you.|||If you don't need it, then don't extend. It could hurt you on future credit requests.
Potential debt (if you maxed out all your cards) are considered when granting credit.|||It could benefit your credit score by showing that you are not maxing out your credit cards and that you do not "live beyond your means" If you dont plan on maxing it out go for it. It is nice to always have the security blanket in case of emergencies. If you feel like using it and dont know what to buy...I'll take a Playstation 3!!!
How to get an increase in your credit limit?
My bank is Bank of America and its currently at 500. I need a limit up to $1000. Does anyone know how to do this? And if I can't what's a good credit card for a kid right out of college. Cheers|||Have you tried talking with BOA? Sometimes they are willing to raise your limit if you ask, and if your payment history has been satisfactory.|||All you do is call up the company and ask for an increase. So long as you have enough available credit, you should be fine.|||Depends on how much of an increase and whether the debt/income ratio justifies a credit increase. With the other card in collections, any increase could be small or even denied.
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http://www.bestcreditrates.net|||hi. i started with 250 couple yrs ago and mine is 12.300.00 now. try to pay your bills or grocery shopping with your credit card up to 250$ and pay it back at the end of the month for 3 or 4 months. and call the BOA to increase your credit limit. they will increase for certain. but usually they keep you with 500 for a yr. then it goes up really quick. about the credit card for a kid? right out of college? by then you will have lots of knowledge about this thing...good luck with your BOA credit card ..|||Easiest way is to call them up and ask. As for a credit card for a kid out of college - DON'T! They should live within their means - meaning they should spend less than they earn and even try to save. If they can't - then they're living a lifestyle that is unsupportable. If you need something that bad - save up for it. And by that time, you might not even want it ;)|||capitol one is good ..But the main way to increase your limit is to pay on time consistently and never,Never be late and they will do the increases over time. Or just call BOA directly to see if you can get an increase.
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http://www.bestcreditrates.net|||hi. i started with 250 couple yrs ago and mine is 12.300.00 now. try to pay your bills or grocery shopping with your credit card up to 250$ and pay it back at the end of the month for 3 or 4 months. and call the BOA to increase your credit limit. they will increase for certain. but usually they keep you with 500 for a yr. then it goes up really quick. about the credit card for a kid? right out of college? by then you will have lots of knowledge about this thing...good luck with your BOA credit card ..|||Easiest way is to call them up and ask. As for a credit card for a kid out of college - DON'T! They should live within their means - meaning they should spend less than they earn and even try to save. If they can't - then they're living a lifestyle that is unsupportable. If you need something that bad - save up for it. And by that time, you might not even want it ;)|||capitol one is good ..But the main way to increase your limit is to pay on time consistently and never,Never be late and they will do the increases over time. Or just call BOA directly to see if you can get an increase.
Will my credit score be affected by going over the limit?
I have never missed a credit card payment. I have one credit card, but unfortunately I recently went over my credit limit, still not missing actual payments. I am about to pay the balance off in full. Will going over the limit on my card negatively affect my credit score?|||It depends. If you go over your credit limit and pay the balance down before the billing cycle that you exceeded your limit in is over, then no, your credit score will not be affected. However, if you let a balance that is over the your credit limit sit, without paying it down, the activity will be reported to the three major credit bureaus after 30 days, and your credit will be negatively affected. While your credit may or may not be affected if you exceed your credit limit, the one thing that will always happen is that you will assessed an over the limit fee, which can be as much as $39 dollars.|||Not if you pay on time and have no other issues.|||Not usually, a credit card company will usually give you the benefit of the doubt for one slip up. They generally only start reporting stuff when you've missed more then one or two payments or are constanly paying late and incurring fees.
What is the best card for a person with limited credit, with a decent credit limit? experienced answers please?
I want to now get a credit card to increase my credit history. What would be the best card for me?...With a credit limit higher than 200, 250 dollars?|||I've been searching for a while now for a credit card for limited credit. There are many "Secured" Credit cards, meaning you put down a minimum which is usually 200 USD, and once you put the 200 dollars down you get a 200 dollar credit line. This is used to build your credit.
Other then that, I have been searching for about a week now and have found nothing.
For the secured cards you can try the larger bank sites like Citi, Capital One, Charter One etc etc.
Other then that, I have been searching for about a week now and have found nothing.
For the secured cards you can try the larger bank sites like Citi, Capital One, Charter One etc etc.
What happens if i go over my credit limit?
If i have a credit card with a limit (say 10,000) and i go out and make a purchase of like 11,000 what happens...|||If the charge was accepted (would likely be rejected), you would owe an overlimit fee every month until you brought your balance (including interest) below your limit. Or that would happen if you made a total of small purchases that were not checked that thoroughly or interest when close to your limit pushed you over your limit.
And if you did not immediately bring it below your limit, they may raise your interest rate causing everything to snowball.
So like another answer says more simply, you would end up paying much more than $11,000.|||There is going to be a fine of approx $39. But that might differ with respect your terms and conditions.
Your APR(annual percentage rate) is gonna go up a very high value. Sometimes its as high as 39%.
So you will end up paying a lot more than you would have had to in the first place.|||There will be an over the limit fee, usually around $40. And they can raise your interest rate.|||you're going to be paying back a lot more than 11,000
And if you did not immediately bring it below your limit, they may raise your interest rate causing everything to snowball.
So like another answer says more simply, you would end up paying much more than $11,000.|||There is going to be a fine of approx $39. But that might differ with respect your terms and conditions.
Your APR(annual percentage rate) is gonna go up a very high value. Sometimes its as high as 39%.
So you will end up paying a lot more than you would have had to in the first place.|||There will be an over the limit fee, usually around $40. And they can raise your interest rate.|||you're going to be paying back a lot more than 11,000
What does credit limit mean in my Virgin Mobile account?
It says I have a credit limit of 100 so what does that mean?
It also says 'you're in credit by: 2.69', and what does that mean? Before it said 14.60 so why has it changed?
Lol I don't know much about this phone stuff. Thanks in advance for your answers.|||It means you are limited to how much you can spend making calls, downloading stuff and so on. I'm guessing you send a lot of texts or something.
It also says 'you're in credit by: 2.69', and what does that mean? Before it said 14.60 so why has it changed?
Lol I don't know much about this phone stuff. Thanks in advance for your answers.|||It means you are limited to how much you can spend making calls, downloading stuff and so on. I'm guessing you send a lot of texts or something.
Does going over your credit card limit affect your credit score?
I graduated college in December and just started a job. I went over on my credit card by 150 dollars. I should be getting paid this weekend, so I was going to pay it off when I get paid. Will going over on my credit limit affect my credit score? I've had such good credit so I'm really nervous. Any help would be appreciated!|||Yes it will anytime people exceed 30% usage their score takes a hit, another when you exceed 50% and a third when you exceed 90%.|||You will be fine, make sure you pay it on time! If you have great credit with a high balance on the card then you are fine, just get it below the max credit limit! If you want better credit get it below 50% or 30%, this will help your debt to income, this only accounts for around 10% of your score so it is not end of world! I recommend though that you keep your credit cards down, credit card companies love to charge huge late fees and will add on other fees if possible. Your $150 over your limit could cost you an extra $50, no fun! Good luck!|||Probably not if you pay it off within 30 days of going over. Banks %26amp; CC companies will use any method and excuse to raise your credit risk (lower FICO score) to justify higher interest rates. In my opinion it shouldn't as you are already paying a penalty for going over the limit.|||Yes going over your credit limit will lower your score
Can I continue to make deposits on a Citibank secured credit card certificate of deposit to increase the limit?
I know that when you first apply you send anywhere from 200 bucks on up to 5,000 dollars. Citi Bank takes that money, does opens up a certificate of deposit and that defines the credit limit of the secured card. But my question is say I want to increase my credit limit, can I add more money to the certificate of deposit?|||Are you trying to build credit?
There is really no need to increase your credit limit for those top scores.
Just follow these rules:
Never use more than 30% of your available credit limit
Ex: $500 limit, never use more than $150 at any time during the month
And pay that credit card in full each month.
Never dare carry balances - it brings absolutely no benefit to credit scores
Once you open a cd, you cannot put more money into it.
You have to open a new cd.
Money cannot be "added" to cd's (generally)
There is really no need to increase your credit limit for those top scores.
Just follow these rules:
Never use more than 30% of your available credit limit
Ex: $500 limit, never use more than $150 at any time during the month
And pay that credit card in full each month.
Never dare carry balances - it brings absolutely no benefit to credit scores
Once you open a cd, you cannot put more money into it.
You have to open a new cd.
Money cannot be "added" to cd's (generally)
What does it mean when a credit card co. decreases my credit limit?
My husband and I have a credit card through our joint bank account. Recently, we transferred a balance onto this card because there was a 15month 0% interest rate on balance transfers. I have excellent credit and my husband has okay credit. Never missed a payment and never late on a payment. We have been paying well over the minimum on our bank cc for the past several months in order to have it paid off by the time the 0% interest expires. Anyways we just got a letter that says they are decreasing our credit limit because of the following:
"Amount owed on revolving accs is too high"
"Proportion of balances to credit limits is too high on revolving accts"
"Length of time accts have been established"
I pay my cards off in full every month and have minimal (less than $1000 cc debt that is on another 0% interest card). My husband has higher balances but pays at least the min every month. Our balance is still less than our new credit limit, I dont want this to impact buying a house.|||Check into cash is basically a very fast loan that doesn't require credit checks or background checks. However, check into cash services should really only be used when you literally have no other options available to you. Check into cash advances are not supposed to be used frequently; rather, check into cash should be utilized as a one time or merely occasional transaction designed to get you or your family out of a tight spot.
If you find yourself relying on check into cash services, this could signal a more pressing problem with your budget keeping. And if your check into cash transaction ends with a bounced check, you'll end up owing more money than you would have if you'd just been able to wait for your regular paycheck to arrive. Get all information about credit card problem at: http://www.credit-card-gallery.com/artic鈥?/a>|||First off, available credit does not equal debt, plus nowhere in the reasons for the decrease is it mentioned that the credit limits are to high or income to low.
Do not start closing cards. You would only hurt your scores in doing that by lowering your total utilization. Which could lead to more credit limit increases, rate jacking or closures of accounts by other credit card lenders.
On the first and second reasons in the listing they sent you, they are saying your balances are to high compared to your credit limits.
If the utilization is at 30%-50% or higher on each card, the one card of yours and on your husbands cards - that may be the reason.
I would do as the first poster recommended and call them about it. See if they will work with you on re-instating your original credit limit.
If they won't, pay off what you owe on it and throw it into a sock drawer until they start raising your limit back up.
Generally when someone gets a credit limit decrease and that person works on correcting the reason why, like in your case paying down your balances, you may see your limits start to rise back up within about 6 months.|||It sounds like the one of you who is only paying the minimum is affecting the credit card balance. Please, wait and just get the balance owed down, considerably. That will help with your credit card credit limit at that time, to be better. It sure looks like what they want you to do.The minimum payment per month, doesn't really pay off that much even towards the interest let alone the principal owed. Even though you have good credit, and pay every month a payment, it is best to get the credit card balance owed down, and keep it down. That is what will help for getting a house. I am to the point in my life where yes, credit cards are nice, and they have a purpose, however, I like the idea of having everything paid off, and one credit card-basically for emergency only. Honest. It is best to pay with a debit card, or check, or money orders. Besides, wouldn't you rather get these cards paid down, even paid off, and have that extra cash per month to do other things than just pay the bills? I wish you the best. Take care.|||Call them.|||Well, a credit card company will periodicaly pull your credit report and if they feel you have a large amount of revolving credit accounts they can do that. I had one do that to me as well and I call them and within a month they reaised it back. It is just a precautionary measure on their part. I would not get concerned with it!
Good Luck!|||It isn't about how much you currently owe on your credit cards, it about how much you COULD owe if you were to max out all your cards. You need to close out all but two or three so you don't have as much credit available, then your available balances will be better matched to your income.|||I think this is related to your income vs. all your credit. If your debts are increasing and your income stays the same, you will be more likely to default on your credit card debt. Plus, paying the minimum doesn't really amount to really good credit; paying the entire balance does. Paying the minimum sort of indicated that the minimum is the only amount you could afford to pay. If you still have this credit card debt and you are planning to buy a house, you better be sure that you can afford all of that.
To increase your credit limit, perhaps you can update your income records with your credit card issuer. If they know that you're earning more now than when you applied, they might increase your credit limit.|||The reason codes are generic, and the person you talk to won't have your credit report to look at. They will only have the reasons on your list to read back to you. The first 2 are saying that compared to your Credit Limits your balances are too high, usually %26gt;50%. The last reason is saying that your accounts are too young. These reason codes are very generic, and computer generated. It is very unlikely the CC company will increase your Credit Limit back to where it was. They will require a Credit Report pulled and an Inquiry and lower your Credit Score. When they perform this check if the information that sponsered the lowering is still there, nothing will be done. Even if you pay off your card each month, if the Statement balance is above 50% of the Credit Limit that can be interpreted as too high balances. This decrease of the Credit Limit shouldn't affect your ability to get a home loan. Credit Cards require much higher credit score than a Home Loan, because if you default on a Home Loan the Bank gets the Home back. If you default on a Credit Card they get nothing, Credit Cards are much higher risk for the lender. You can go to a Bank and talk to Loan Officer, and they will be able to tell you much more about this, many times without having to pull your credit, and a lot of banks will do this for free. So, you have nothing to lose.|||His credit and yours are now the same. When you apply for a card they will check BOTH of your credit. If your limit was reduced they took his debt into consideration and they probably consider him a risk for not paying them off. I would get it paid off as soon as possible-all of them and close as many as possible. Keep one or two just for reservations or emergencies. I would get the balances paid off before I went for a house.|||If you rely on credit cards for most of your purchases and then pay the balance in full (like using a card for just cash back bonuses), it can report month after month that you are carring a balance. If you get a bill every month that says you owe something, that gets reported to the credit bureaus as carrying a balance every month. Only after a month with a zero balance witll the credit bureau report a zero account balance (could actually upto 3 months). It is also possible that any of your husbands accounts that you are an authorized user for could also go against your utilized credit lines.|||The decrease relates to the credit limit on your card.
Do take heed though: Start looking for ways to increase your income so your reliance on credit is eliminated. Interest will bleed you.
"Amount owed on revolving accs is too high"
"Proportion of balances to credit limits is too high on revolving accts"
"Length of time accts have been established"
I pay my cards off in full every month and have minimal (less than $1000 cc debt that is on another 0% interest card). My husband has higher balances but pays at least the min every month. Our balance is still less than our new credit limit, I dont want this to impact buying a house.|||Check into cash is basically a very fast loan that doesn't require credit checks or background checks. However, check into cash services should really only be used when you literally have no other options available to you. Check into cash advances are not supposed to be used frequently; rather, check into cash should be utilized as a one time or merely occasional transaction designed to get you or your family out of a tight spot.
If you find yourself relying on check into cash services, this could signal a more pressing problem with your budget keeping. And if your check into cash transaction ends with a bounced check, you'll end up owing more money than you would have if you'd just been able to wait for your regular paycheck to arrive. Get all information about credit card problem at: http://www.credit-card-gallery.com/artic鈥?/a>|||First off, available credit does not equal debt, plus nowhere in the reasons for the decrease is it mentioned that the credit limits are to high or income to low.
Do not start closing cards. You would only hurt your scores in doing that by lowering your total utilization. Which could lead to more credit limit increases, rate jacking or closures of accounts by other credit card lenders.
On the first and second reasons in the listing they sent you, they are saying your balances are to high compared to your credit limits.
If the utilization is at 30%-50% or higher on each card, the one card of yours and on your husbands cards - that may be the reason.
I would do as the first poster recommended and call them about it. See if they will work with you on re-instating your original credit limit.
If they won't, pay off what you owe on it and throw it into a sock drawer until they start raising your limit back up.
Generally when someone gets a credit limit decrease and that person works on correcting the reason why, like in your case paying down your balances, you may see your limits start to rise back up within about 6 months.|||It sounds like the one of you who is only paying the minimum is affecting the credit card balance. Please, wait and just get the balance owed down, considerably. That will help with your credit card credit limit at that time, to be better. It sure looks like what they want you to do.The minimum payment per month, doesn't really pay off that much even towards the interest let alone the principal owed. Even though you have good credit, and pay every month a payment, it is best to get the credit card balance owed down, and keep it down. That is what will help for getting a house. I am to the point in my life where yes, credit cards are nice, and they have a purpose, however, I like the idea of having everything paid off, and one credit card-basically for emergency only. Honest. It is best to pay with a debit card, or check, or money orders. Besides, wouldn't you rather get these cards paid down, even paid off, and have that extra cash per month to do other things than just pay the bills? I wish you the best. Take care.|||Call them.|||Well, a credit card company will periodicaly pull your credit report and if they feel you have a large amount of revolving credit accounts they can do that. I had one do that to me as well and I call them and within a month they reaised it back. It is just a precautionary measure on their part. I would not get concerned with it!
Good Luck!|||It isn't about how much you currently owe on your credit cards, it about how much you COULD owe if you were to max out all your cards. You need to close out all but two or three so you don't have as much credit available, then your available balances will be better matched to your income.|||I think this is related to your income vs. all your credit. If your debts are increasing and your income stays the same, you will be more likely to default on your credit card debt. Plus, paying the minimum doesn't really amount to really good credit; paying the entire balance does. Paying the minimum sort of indicated that the minimum is the only amount you could afford to pay. If you still have this credit card debt and you are planning to buy a house, you better be sure that you can afford all of that.
To increase your credit limit, perhaps you can update your income records with your credit card issuer. If they know that you're earning more now than when you applied, they might increase your credit limit.|||The reason codes are generic, and the person you talk to won't have your credit report to look at. They will only have the reasons on your list to read back to you. The first 2 are saying that compared to your Credit Limits your balances are too high, usually %26gt;50%. The last reason is saying that your accounts are too young. These reason codes are very generic, and computer generated. It is very unlikely the CC company will increase your Credit Limit back to where it was. They will require a Credit Report pulled and an Inquiry and lower your Credit Score. When they perform this check if the information that sponsered the lowering is still there, nothing will be done. Even if you pay off your card each month, if the Statement balance is above 50% of the Credit Limit that can be interpreted as too high balances. This decrease of the Credit Limit shouldn't affect your ability to get a home loan. Credit Cards require much higher credit score than a Home Loan, because if you default on a Home Loan the Bank gets the Home back. If you default on a Credit Card they get nothing, Credit Cards are much higher risk for the lender. You can go to a Bank and talk to Loan Officer, and they will be able to tell you much more about this, many times without having to pull your credit, and a lot of banks will do this for free. So, you have nothing to lose.|||His credit and yours are now the same. When you apply for a card they will check BOTH of your credit. If your limit was reduced they took his debt into consideration and they probably consider him a risk for not paying them off. I would get it paid off as soon as possible-all of them and close as many as possible. Keep one or two just for reservations or emergencies. I would get the balances paid off before I went for a house.|||If you rely on credit cards for most of your purchases and then pay the balance in full (like using a card for just cash back bonuses), it can report month after month that you are carring a balance. If you get a bill every month that says you owe something, that gets reported to the credit bureaus as carrying a balance every month. Only after a month with a zero balance witll the credit bureau report a zero account balance (could actually upto 3 months). It is also possible that any of your husbands accounts that you are an authorized user for could also go against your utilized credit lines.|||The decrease relates to the credit limit on your card.
Do take heed though: Start looking for ways to increase your income so your reliance on credit is eliminated. Interest will bleed you.
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