topic Re: Over the limit, any hits to score? in Credit Cards

Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 12:38:32 GMT

Anyone know if going over the limit directly effects your score?

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 12:54:57 GMT

Going over the limit during your billing period or being over the limit when the statement cuts and reports to the CRA?

Re: Over the limit, any hits to score?

fishbjc — Thu, 28 Aug 2008 14:04:31 GMT

I believe so....I went otl by just $50, it reported and I was hit with approx. 10 pts.

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 14:42:46 GMT

YEAH, it's like being late. Cause then they look at it like you don't know how to manage yourself.

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 16:41:43 GMT

Does this also apply to the cld Amex did to me? Had 1 cl, used 75%, pif, then they lowered my cl. How long does it take to recoup the points?

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 17:15:08 GMT

Shouldn't this ding reverse once your payment reports bringing it back down below the limit?

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 20:49:51 GMT

To add another question then, if the card gets a CLI, how would anyone know the card was over the limit? PS - it was crap 1

(this was a friend asking me and I didn't think it would effect anything, since the cl is now higher then the line that states "highest balance" )

Message Edited by chiwiseguy on 08-28-2008 01:49 PM

Re: Over the limit, any hits to score?

Anonymous — Thu, 28 Aug 2008 20:41:03 GMT

bump

Re: Over the limit, any hits to score?

fused — Fri, 29 Aug 2008 00:29:19 GMT

fishbjc wrote:

I believe so....I went otl by just $50, it reported and I was hit with approx. 10 pts.

Consider yourself VERY fortunate. For some, having a single revolving account reporting an OTL balance can have same the reslut as a serious derog hitting your reports. It's possible to lose well over 60 or 80 points when an OTL account reports.

Re: Over the limit, any hits to score?

haulingthescoreup — Fri, 29 Aug 2008 11:22:38 GMT

@Anonymous wrote:

To add another question then, if the card gets a CLI, how would anyone know the card was over the limit? PS - it was crap 1

(this was a friend asking me and I didn't think it would effect anything, since the cl is now higher then the line that states "highest balance" )

On a full credit report, your credit limits for various time periods are listed. So if a lender wanted to look at your highest balance, and compare it to what your credit limit was at the time, they could tell. But I did once have an intrracycle balance that was OTL (no penalty, this was USAA, God bless 'em), and I've never had any negative feedback about it from other lenders, even though it's there if you know how to look for it.

Re: Over the limit, any hits to score?

llecs — Fri, 29 Aug 2008 12:35:28 GMT

fused wrote:

fishbjc wrote:
I believe so....I went otl by just $50, it reported and I was hit with approx. 10 pts.

Consider yourself VERY fortunate. For some, having a single revolving account reporting an OTL balance can have same the reslut as a serious derog hitting your reports. It's possible to lose well over 60 or 80 points when an OTL account reports.

The same just happened with my HSBC and lost 16 points, or something like that. This has happened once before if I remember and I lost around 25 then.

Re: Over the limit, any hits to score?

Anonymous — Fri, 29 Aug 2008 17:03:36 GMT

Right now, I am overlimit on my HSBC Cash or Fly MC (not doing what I was supposed to do and I really should be since I have been on this site for awhile) by about 22 dollars. I called them and told them to note on the account that I will be making a 600 dollar payment next week after Labor Day. Should I call them and ask them if they plan to rate jack me??? I am wondering how this will effect the next CLI I might get with them; I am pretty sure it will. I went overlimit once on one of my Cap1 cards and still received a CLI from them (maybe because I PIF to get the balance down to 0).