Reply
Established Contributor
Posts: 1,056
Registered: ‎07-03-2007
0

cap one option to go over credit line?

i received a call from capital one saying i could opt in or keep the option to go over my credit line for $19 fee instead of $39 fee. they said that if i did not opt in any charge over the credit line would be denied with the new law going into effect next year. has anyone else that has gotten the call been able to clarify how much you can go over your limit by? is it 10%? 20%?
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: cap one option to go over credit line?


CreditDrama85 wrote:
i received a call from capital one saying i could opt in or keep the option to go over my credit line for $19 fee instead of $39 fee. they said that if i did not opt in any charge over the credit line would be denied with the new law going into effect next year. has anyone else that has gotten the call been able to clarify how much you can go over your limit by? is it 10%? 20%?

 

Yes, others have gotten this call. You have to opt in so they can charge you an O/L fee, otherwise they cannot impose the fee under any circumstancesThis is not an extension of your CL and I doubt it goes any further than one or two minor charges past the CL. It is just their way of "inviting" you to waive some of the consumer protections included in the Credit CARD Act of 2009.
Regular Contributor
Posts: 128
Registered: ‎12-21-2008
0

Re: cap one option to go over credit line?

The way I understand it is that if you "opt in", they will allow a charge that takes you over your credit limit to go through, and will impose a fee.  If you "opt out", any charge that takes you over your limit will be declined.

 

I opted in, simply because in case of an emergency, I'd like to have the flexibility.


Starting Score: 527
Current Score: 679
Goal Score: 800


Take the myFICO Fitness Challenge
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: cap one option to go over credit line?


QueenBean wrote:

The way I understand it is that if you "opt in", they will allow a charge that takes you over your credit limit to go through, and will impose a fee.  If you "opt out", any charge that takes you over your limit will be declined.

 

I opted in, simply because in case of an emergency, I'd like to have the flexibility.


 

You only have to opt in. The default situation is that no fee may be imposed for going overlimit. Many issuers have totally removed OL fees from the picture. (DFS mainly comes to mind.) The issuers that are calling you to get you to opt in are attempting to persuade you to give up your rights. They are not granting you the privilege of going OL. (Each charge you make will be individually scrutinized and approved/declined if it will make you go OL.) You are granting them the privilege of charging you a fee if their finance charges put you over your CL. If you do not opt in an issuer can never charge you an OL fee for any reason. Why give up a right in exchange for nothing?
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: cap one option to go over credit line?

[ Edited ]
Why opt in to be allowed to use more than the line of credit offered?  It may not cost the cardholder fees after the new law take it's course, but that doesn't mean the creditor won't close the account.  Just use another card if one is close to maximization. 
Message Edited by DI on 12-27-2009 11:05 PM
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: cap one option to go over credit line?

There is nothing to be gained by opt in other than future headaches.
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
0

Re: cap one option to go over credit line?

& there's nothing to lose by opting in if you are responsible with your credit.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: cap one option to go over credit line?


laz98 wrote:
& there's nothing to lose by opting in if you are responsible with your credit.

 

Yup. That's what the man always says when he asks you to give up your rights. Just say no!
Established Contributor
Posts: 832
Registered: ‎03-20-2008
0

Re: cap one option to go over credit line?


creditwherecreditisdue wrote:
There is nothing to be gained by opt in other than future headaches.

And the choir said AMEN!

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: cap one option to go over credit line?


laz98 wrote:
& there's nothing to lose by opting in if you are responsible with your credit.

Some do not think about tomorrow.  Some are addicted to credit cards and spending.  Some find a need to shop because it's a sunny and warm day.  Some need to relieve stress so they continue to shop. Unfortunately,  that same 'some' continue to shop with credit and cannot repay in all back in one lump sum.  Those "some" have everything to lose.  They give up their rights and will continue to be succumb by the banks.  The govt stepped in and it's time to stop the cycle.  I'm just saying.  

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.