Requesting Balance Update?

[reneasworld]

So, I am contemplating purchasing a  new car in the next couple of weeks. I have a credit card which I paid the minimum on just to make sure that I did not receive a late payment fee wit the intention to pay if full before the statement cut like I usually do. It slipped my mind and it was after the cut off time for the payment to reflect same day. The interest took my card $5 over the limit and I know previously when this happened to me my score dropped between 10 to 12 points depending on the agency. I believe they frown upon reporting over your limit. I remember years back when I was purchasing a house my broker wanted to proceed with the best score quickly and had me make payments and then did a dispute the balance which made the CC companies update with the current balance and not the one that was necessarily on the statement. I was considering this or just waiting until the next statement cuts because I am not sure if the CC issuer frown upon this or will they just update accordingly without it looking bad on me as their customer?

[NRB525]

What is the limit on this card that had $5 where interest was enough, immediately, to be able to take you over the limit after you had paid the minimum payment due (which is usually at bare minimum $15) and previously pay prior to statement cut? This does not compute.

?

Lots and lots of questions about what is in your file.

[reneasworld]

I use the card for everyday purchases, all the time, I used it for gas which took it over the limit. My minimum payment was actually 40.00 dollars and I think I paid a little more than that so I paid more than the minimum, the interest took me back over the the limit by 5.05. It has not posted to my credit file but I have seen previously when a CC posts over the limit the score drops even when utilization is low on other cards. My currently scores are 660, 639 and 647.  I do not have large limits on my cc since I am rebuilding. I think my largest limit is $1,000 but most of my new credit has been built within the last 6 to 9 months. I am not quite sure about my AAoa because each report tells me something different but fico says my AAoA is 4 years. I have three medical collections that total about $1100 from a 2011 and back. I have on time payments for almost everything else and my on-time payments is always mentioned on my reports as the reason for my score. There is no auto loan but I have MANY, MANY student loans. I have noticed that I have been getting that as a negative on my recent report. It has stated something like you other type of loan is to high. I was thinking about maybe doing a cross payment even though the loans are not currently due just so that the balance on the student loans are not at 100%. I do pay the interest on the loans so that when payments start I will not have to worry about that compounding and plan on starting making payment on the principal.

[NRB525]

That makes more sense. so you have a fairly low limit on this card. I am all in favor of using a low limit card up to the max, however, one has to watch that limit like a hawk to prevent going over it, because it is so low. PIF is also advised on the low limit cards, because you should only be putting amounts on the card that are regular daily spend, not carrying a balance that is not paid in full by the due date following the statement being issued. As you are seeing, adding interest charges (usually at a very high APR) to this card makes it difficult to know how close to your limit you are.

Which CC is this?

[reneasworld]

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@NRB525 wrote:

That makes more sense. so you have a fairly low limit on this card. I am all in favor of using a low limit card up to the max, however, one has to watch that limit like a hawk to prevent going over it, because it is so low. PIF is also advised on the low limit cards, because you should only be putting amounts on the card that are regular daily spend, not carrying a balance that is not paid in full by the due date following the statement being issued. As you are seeing, adding interest charges (usually at a very high APR) to this card makes it difficult to know how close to your limit you are.

Which CC is this?

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Yeah, I used to have a 0% APR and honestly forget that it expired because I was paying in full. I had just forgotten to go back and PIF before the statement cut. It is the CapOne QS I get the rewards from the card so I use it for everyday use. So, should I just wait to see how it affects the score, wait until next month for the statement or do a balance change request with the bureaus if it is 10 or more points?

[NRB525]

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@reneasworld wrote:

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@NRB525 wrote:

That makes more sense. so you have a fairly low limit on this card. I am all in favor of using a low limit card up to the max, however, one has to watch that limit like a hawk to prevent going over it, because it is so low. PIF is also advised on the low limit cards, because you should only be putting amounts on the card that are regular daily spend, not carrying a balance that is not paid in full by the due date following the statement being issued. As you are seeing, adding interest charges (usually at a very high APR) to this card makes it difficult to know how close to your limit you are.

Which CC is this?

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Yeah, I used to have a 0% APR and honestly forget that it expired because I was paying in full. I had just forgotten to go back and PIF before the statement cut. It is the CapOne QS I get the rewards from the card so I use it for everyday use. So, should I just wait to see how it affects the score, wait until next month for the statement or do a balance change request with the bureaus if it is 10 or more points?

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The balance as reported to the bureaus is not going to be a long term issue. A prior balance is not interesting to FICO scoring, regardless how much it may have gone over the at-the-moment credit limit. I have cards that went through CLD, and so the "highest balance" is more than the current CL, and it takes some real close tracking to see that the CL at the time was always more than those high balances. Other banks and FICO don't care about how the balance relates to the CL, unless CapOne reports that you aren't paying according to terms, which is not the case, so, no issue.

Your first concern is getting the open amount below the CL, depending on how CapOne will respond, which may not be more than a fee, and possibly not even that. Since you are frequently charging to the limit and paying in full, you should probably look for the Luv button (Request a Credit LIne Increase) in your online CapOne account. It's a SP inquiry, and you may get a nice CL bump to make it easier to use for your daily spend. Capital One likes big spenders, as long as they are also fast payers.