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Chase allowed Over-The-Limit when opted out

New Contributor

Chase allowed Over-The-Limit when opted out

I stupidly went over my credit limit with Chase. It was entirely my fault, The freedom card currently offers 5% back on gas so I loaded up once too many time among other purchases ( amazon 5% back ) and went over by $7 although I was opted out. I emailed them about this and they informed me that there would be no fee and that nothing negative would become of it. Didn't make sense to allow me to exceed my credit limit with no fee, penalties or derogatory marks on my credit report.. makes a credit line pointless doesn't it?  Next day my credit report showed a "potentially negative remark" that I went over my limit. I emailed them back with a reply, basically just letting my aggression out, knowing that banks rarely retract their remarks towards CRA. To my surprise they responded back saying they have sent notice to all 3 CRA about this error and that it will be changed... It was to my belief that the new Federal law only made it illegal to charge over the limit fees, does this mean it also covers negative reporting to CRA?...

USBank - Cash+ 9k, Harley Visa 5k, Perks+ 6k, Cash Rewards, 1k, Flex 5k ** Cap One - Quiksilver 3k
Chase - United 5k, Amazon 1k, Freedom 2k
AMEX - Blue 6k, Everyday 6700 ** Discover - 9k
CITI - Div 5k, Forward 6k, Diamond 4k ** Wells Fargo - 3k
BOA - Better Rewards 1k, 321 Rewards 9k ** 5/3 - 1k
Store Cards - Amazon 4k, Lowes 6k, Walmart 1k
Message 1 of 5
4 REPLIES
Senior Contributor

Re: Chase allowed Over-The-Limit when opted out

If it was when you bought gas I do not think they know how much gas you are getting til its done so there was no way to stop you in this case they just assumed they you would stop the pump before going over your limit

IMHO no laws were broken

Message 2 of 5
Super Contributor

Re: Chase allowed Over-The-Limit when opted out


anybodii wrote:

I stupidly went over my credit limit with Chase. It was entirely my fault, The freedom card currently offers 5% back on gas so I loaded up once too many time among other purchases ( amazon 5% back ) and went over by $7 although I was opted out. I emailed them about this and they informed me that there would be no fee and that nothing negative would become of it. Didn't make sense to allow me to exceed my credit limit with no fee, penalties or derogatory marks on my credit report.. makes a credit line pointless doesn't it?  Next day my credit report showed a "potentially negative remark" that I went over my limit. I emailed them back with a reply, basically just letting my aggression out, knowing that banks rarely retract their remarks towards CRA. To my surprise they responded back saying they have sent notice to all 3 CRA about this error and that it will be changed... It was to my belief that the new Federal law only made it illegal to charge over the limit fees, does this mean it also covers negative reporting to CRA?...


Hey, I think it's great if Chase actually doesn't penalize you for a minor slip~up like that.   When purchasing gas at the pump, you have to very closely monitor your CC balance if you are close to the limit, becuase your card will usually get pre~authorized for $1 or some small amount, and then a few days later the actual purchase amount will post to your card.

 

FICO will ding you for having the card maxed out, as well as for having increased overall utilization.   I don't think that there is an additional ding for being over the limit.

 

Unless you pay your balance down, Chase will report your card as being over the limit when the next statment cuts.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 5
Established Contributor

Re: Chase allowed Over-The-Limit when opted out

I went $6 over my limit on my CU visa in May.  To this day it is still on my credit report that my limit was xxx and my how balance was xx6 bucks over, but it doesn't affect my score.  If it did I never noticed it and it didn't stop them from increasing that limit to the thousands.

 

Hope this helps, but if notSmiley Wink toss


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

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Message 4 of 5
New Contributor

Re: Chase allowed Over-The-Limit when opted out

Thanks for your guy's replies, I always wondered about the gas thing because of the $1 auth.  And hopefully it doesn't affect my score, I using Experian's credit monitoring so its not a FICO, but it didn't go down... the reason I worried was because it alerted me something had changed and when I viewed the alert it said:

 

Payment Status:BANK CARD / CREDIT CARD OVER CREDIT LIMIT

 

Chase seemed eager to have this changed, not sure if they're changing the high balance or if they just wanted me to feel better lol

USBank - Cash+ 9k, Harley Visa 5k, Perks+ 6k, Cash Rewards, 1k, Flex 5k ** Cap One - Quiksilver 3k
Chase - United 5k, Amazon 1k, Freedom 2k
AMEX - Blue 6k, Everyday 6700 ** Discover - 9k
CITI - Div 5k, Forward 6k, Diamond 4k ** Wells Fargo - 3k
BOA - Better Rewards 1k, 321 Rewards 9k ** 5/3 - 1k
Store Cards - Amazon 4k, Lowes 6k, Walmart 1k
Message 5 of 5