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Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
0

Going over credit limit?

I know Visa Signature cards say you can go over your limit but has anyone actually done this before? I'm planning on making a purchase and would rather put it on my Visa instead of American Express because of the higher cashback.

 

I could prepay the card I guess but I am actually curious to see what would happen. PNC said I could do it but I do not want any adverse action because of this. I have read threads about that happening when people do cash advances even though banks encourage it. So, anyone have any experience with this?

Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Going over credit limit?

I've done this once before and it worked just fine. I simply called in ahead of time saying that I wanted to push through a 24k charge even through my CL was 18200. They asked me a few questions about my purchase and then said it was fine. I made the purchase the next day with no issues. If I didn't call in beforehand though it might have been a different story.
FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
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J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
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Re: Going over credit limit?

Wow that is a lot. I was only goign over by about $800, my limit is $5200, they did okay the purchase. I just know that even though they may say something they may do another. I wonder just how high they would let one go over.

Valued Contributor
trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: Going over credit limit?


navigatethis12 wrote:

Wow that is a lot. I was only goign over by about $800, my limit is $5200, they did okay the purchase. I just know that even though they may say something they may do another. I wonder just how high they would let one go over.


That is up to lender to decide. You have to PIF on any amount that is over the CL.

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Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
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Re: Going over credit limit?

If you called and they gave the ok, I wouldn't worry about it.  The card is designed to be used that way.  The only way I would worry about this is if you were in a bad position where you had fallen behind on a bunch of other accounts, and the one account that hadn't taken AA against you was this one.  In that circumstance, I wouldn't want to be drawing attention to myself.  But in normal circumstances, I wouldn't be concerned about this.


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Creditaddict
Posts: 22,045
Registered: ‎10-23-2007
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Re: Going over credit limit?

It was back in like 2005 I did it with the Nordstrom Visa Signature, They let me go over by about a grand I guess and when the bill came I owed the normal $400ish plus the $1k I went over... I paid the minimum, month or so later when I tried to make a purchase that went over the CL by less then $100 they declined it... I assume that if they are going to allow you to make use of going over CL they are looking for you to pay it off or VERY large payments towards regular balance within the cl or else you just look in trouble... but I wouldn't worry about it if they have okayed it and you can pay a lot back on first month.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Going over credit limit?


navigatethis12 wrote:

Wow that is a lot. I was only goign over by about $800, my limit is $5200, they did okay the purchase. I just know that even though they may say something they may do another. I wonder just how high they would let one go over.


I can't speak for anyone else, but I have a feeling that if I asked for more they still would have been ok with it. They could easily look into my checking account and see that I had the money already there to cover it. If your checking/savings/investment accounts are with a different bank then your CC, it might be another story.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Going over credit limit?


CreditScholar wrote:
I've done this once before and it worked just fine. I simply called in ahead of time saying that I wanted to push through a 24k charge even through my CL was 18200. They asked me a few questions about my purchase and then said it was fine. I made the purchase the next day with no issues. If I didn't call in beforehand though it might have been a different story.

+1 on calling in beforehand.




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Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
0

Re: Going over credit limit?

My other accounts are fine, this is actually the one I use the most. I always pay before the statement closes. I wouldn't want the other creditors doing a check up and see that I am over the limit on a card. They are my main bank and at a time I kept most of my money there but I have moved most of it elsewhere to earn 4% instead of zero from them. I do keep a good amount in PNC though so I guess that would keep them at ease. I prefer to have a checking account with the credit card for ease of payment, only exception is Chase since they do not service here anymore :smileysad:.

 

So I guess I will just go ahead and do it. It was most likely be a one time occurence. Maybe they will even give me an increase afterwards.

Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
0

Re: Going over credit limit?

My understanding of the Visa Signature is that one can go over double the hard limit, but whatever is over the limit must be PIF'ed by the due date bringing the balance to under the hard limit.  I'm under the impression that should I opt to utilize this feature, neither the issuer's permission nor advance notice is required.

 

 

 

 


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