@EaglesFan2006 wrote:
Congrats again...
Maybe I'm just confused but I always thought that Signature Cards had no real spending limit. Is the CL you got just what they report to the bureaus? I suppose you could go over (not that you would), but than the bureaus would show that your over the limit. I don't know, signature cards are still confusing to me...all I know is that I want want in good time.
It is quite confusing so I will try to explain it to you as best I can!
The Visa Signature and World MC have no pre-set spending limits; however, they do have a credit line. You can go over your credit limit, due to the bank's discretion. So, for example, say your limit is the base $5k and you want to buy something that puts you over your $5k limit. The bank will most likely contact you when the transaction is going through because it can come up as a flag. In order to prevent this, you can call Chase and have them put a note on the account that you will be going over your credit limit and no one will contact you.
As far as reporting, it would show that you're over the limit, so it is best to pay it off ASAP! However, it can also not be that big of deal if you have say-3 other $5k limit cards that reported zero. Your utilization would be at 30% if you went over $1k on the initial card. (6,000/20,000)
Hope this helps!
