best buy store card

Woolfman · ‎08-02-2013

Just wanted to see if anyone has experienced this before . My wife has had her eye on a fridge for a while and decided today was the day to get it. She was in the store they rang it up and she swiped her card with the full expectations that she would have to cover some of the charge with another card. But the charge went through. She comes home and mentions it to me. I log in and this is what i see.

Available credit: -$324.06

So i call them to ask them the how and why and they tell me that when we got the card we agreed to let it charge more than the limit? That they do not charge fees for it. Not that it is a big deal . I will just pay it down some next week. But i just can't help but wonder what it would do to my credit if it reports that we are over the limit and to top it off, They will let me charge more than my limit (2800) like that. But would not give me an CLI .. I did not expect them to just because i went from 1900 to 2800 in may. Just thought it was weird for them to allow you to charge more than your limit.

bman86 · ‎08-02-2013

@Woolfman wrote:
Just wanted to see if anyone has experienced this before . My wife has had her eye on a fridge for a while and decided today was the day to get it. She was in the store they rang it up and she swiped her card with the full expectations that she would have to cover some of the charge with another card. But the charge went through. She comes home and mentions it to me. I log in and this is what i see.

Available credit: -$324.06

So i call them to ask them the how and why and they tell me that when we got the card we agreed to let it charge more than the limit? That they do not charge fees for it. Not that it is a big deal . I will just pay it down some next week. But i just can't help but wonder what it would do to my credit if it reports that we are over the limit and to top it off, They will let me charge more than my limit (2800) like that. But would not give me an CLI .. I did not expect them to just because i went from 1900 to 2800 in may. Just thought it was weird for them to allow you to charge more than your limit.

I'm not too sure what exactly this will do to you credit score. What does your overall util look like?

As a former best buy manager it was always a rule of thumb that you could go over about 10-15% of your available credit limit on the best buy card.

azguy13 · ‎08-02-2013

I have heard about this a few times. As a matter of fact, it happened to me in 2010 when I was buying things for my new home. I think I went over by $200. It shows up on my CR that my high balance is higher than what my CL is. I don't think it is affecting my score at all though. I should just request a CLI to make my CL higher .

Woolfman · ‎08-03-2013

@bman86 wrote:
@Woolfman wrote:
Just wanted to see if anyone has experienced this before . My wife has had her eye on a fridge for a while and decided today was the day to get it. She was in the store they rang it up and she swiped her card with the full expectations that she would have to cover some of the charge with another card. But the charge went through. She comes home and mentions it to me. I log in and this is what I see.

Available credit: -$324.06

So I call them to ask them the how and why and they tell me that when we got the card we agreed to let it charge more than the limit? That they do not charge fees for it. Not that it is a big deal . I will just pay it down some next week. But I just can't help but wonder what it would do to my credit if it reports that we are over the limit and to top it off, They will let me charge more than my limit (2800) like that. But would not give me an CLI .. I did not expect them to just because I went from 1900 to 2800 in may. Just thought it was weird for them to allow you to charge more than your limit.

I'm not too sure what exactly this will do to you credit score. What does your overall util look like?

As a former best buy manager it was always a rule of thumb that you could go over about 10-15% of your available credit limit on the best buy card.

My wife is Also a General Manager for best buy but a fairly new one. She did not know about it. Over all util currently is 7%. (10k of 148k I will be paying it down below CL as soon as the charge posts. Which hopefully is before they report. But my fear was they report the balance quickly showing we are over our CL. We have been actively in reduce debt mode and this will only be on the card a few months. But I could not put her off any longer on this purchase since they came up with a 30% accommodation.

RushXTC · ‎08-03-2013

It shouldn't be a problem, My first creditor does that on the first purchase. I was given a $400 credit limit on my very FIRST credit line at the start of my pursuit to good credit 4 years ago (18) and I made a purchase of $1,500 paid it off super slow too, Did nothing but help my credit. So I wouldn't worry.