topic Chase Reported an Over the Limit to Experian in Credit Cards

Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 11:23:50 GMT

Hello,

I have a Chase Sapphire Preferred with $5,000 spending limit.

Today, I received an interest charge that drove my limit over by $15.

It has now has become apparent that on the same day, they have reported this to Experian as "Bank/Credit Card Over Credit Limit"

I never received any sort of email or notice from Chase regarding this, only from my credit monitoring service.

I immediately called the CSR and a paid a good amount on my credit card. I asked about the reporting and the lady said that that's between me and Experian.

Is is there anything I can do at this point? How negatively will this impact me? I've had flawless credit from day 1, so this has me quite upset.

Thank you for reading!

Re: Chase Reported an Over the Limit to Experian

takeshi74 — Thu, 11 Jun 2015 13:01:54 GMT

Impact is all going to be from revolving utilization and the standard advice is do not exceed 30% though lower is generally better as long as you don't have all 0 balances reporting.

However, if this is a one-time thing it's no big deal. Your scores will recover when your balances update on the next cycle. Short term high utilization generally isn't an issue. It's prolonged high utilization that can lead to AA.

If you've been carrying a balance and exceeded your limit then your credit isn't flawless. Revolving utilization falls under Amounts Owed, the second biggest factor.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

If you've been carrying it for a while then, yes, you could be in trouble but it won't be just from going over the limit like this. Keep in mind that not only does high utilization incur a hit but having a maxed (over 90%) card incurs an additional hit.

Regardless of which applies to you, all you can do is get that utilization down and back under 30% as quickly as you can and then paid off and always pay in full from them on. You're not only going into debt and paying interest by carrying a balance but killing any rewards. If you're going to carry a balance you should use a 0% offer or (if you have to) a low interest card versus a rewards card with a high interest rate like the CSP. Even with the 0% offer you need to keep revolving utilization in mind.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 14:09:44 GMT

@Anonymous wrote:
Hello,

I have a Chase Sapphire Preferred with $5,000 spending limit.

Today, I received an interest charge that drove my limit over by $15.

It has now has become apparent that on the same day, they have reported this to Experian as "Bank/Credit Card Over Credit Limit"

I never received any sort of email or notice from Chase regarding this, only from my credit monitoring service.

I immediately called the CSR and a paid a good amount on my credit card. I asked about the reporting and the lady said that that's between me and Experian.

Is is there anything I can do at this point? How negatively will this impact me? I've had flawless credit from day 1, so this has me quite upset.

Thank you for reading!

Welcome to MYFICO and thanks for sharing this as this is a very important data. The CSP is marketed as a "Flexible Spending Account" so it is interesting to know you were $15 over and it reported as over the limit.

You have every right to be upset. If you have the money, what I'd do in your shoes it pay the card off. The reason why I say this is because if you pay it all off, Chase will immediately update all CRAs of a 0 balance repairing any damage done thus if any occured when the overage was reported.

Once the card is paid to 0 and updated, just coninue using and don't go over again.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 14:58:34 GMT

Thanks for getting back to me!

As you said this is a "Flexible Spending Account" so I'm confused as well.

I can get the card paid off to about 30% remaining by the end of the month, but what options do I have at that point? Is this something that Chase will even consider removing based on the circumstances?

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 15:07:00 GMT

@Anonymous wrote:
Thanks for getting back to me!

As you said this is a "Flexible Spending Account" so I'm confused as well.

I can get the card paid off to about 30% remaining by the end of the month, but what options do I have at that point? Is this something that Chase will even consider removing based on the circumstances?

It really is interesting they reported it $15 over and probably showing on your report as "maxed out then". If you pay it down to 30%, all you can do is wait for the next statement to cut to reflect your current usage.

At this point, calling Chase and asking them to update probably won't get you anywhere but you can certainly try. Your best bet is wait for the next statement to cut as the damage has already been done.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 15:07:18 GMT

How many points did you lose?

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 15:14:54 GMT

interesting!

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 15:22:02 GMT

So when you are charging things be wary of the interest and leave that amount available so you don't have to worry about overages

Re: Chase Reported an Over the Limit to Experian

Imperfectfuture — Thu, 11 Jun 2015 15:46:15 GMT

Aviator/US Airways is same, flexible spending limit on report. This must be an Experian glitch. They do record the limit of the card. In my case, will never reach my limit, since I always pay new charges in full. Am carrying a 0% interest balance transfer, thus increasing my payment by the amount I wish to pay down. Carrying balance past due date on travel cards big no.

You could call experian, and ask why they reported over the limit with flexible spending account. Chase just reported the balance, they don't code. Now, if your report doesn't show flexible spending limit, then that is another thing.

Re: Chase Reported an Over the Limit to Experian

Imperfectfuture — Thu, 11 Jun 2015 15:50:30 GMT

Quick follow up. Checked my reports, and only experian reports as normal revolving. The other two report as flexible spending. So I would call experian.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 16:26:08 GMT

Flexible Spending account != Charge card. You went over the limit, Chase allowed you over the limit. As far as I know, Chase makes no promises about not REPORTING that you're over the limit. Perhaps EX has an algorithm in place which automatically flags accounts as over the limit.

As pissed off at Chase as I am (see Freedom new accounts in 2 years data), this is not their fault.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 20:20:22 GMT

To follow up and I received the following information from Chase:

If I ensure my balance is under the limit for 3 billing cycles, then this report will be completely removed as if it never happened.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 21:39:43 GMT

Exactly what the other members said. Pay it down etc.

Two things to add:

When you pay it down and it comes time for your account review and CLI, it may be a good factor to giving you a nice raise since clearly 5K paid down was not enough.
Once you do get that CLI, the report will not matter to those that even take a close look, it will saying "highest balance $5015" and if you CL is 10K by then it will not matter.

Listen to the other members and try to keep it below 30% and good luck!

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 23:12:27 GMT

@Anonymous wrote:
To follow up and I received the following information from Chase:

If I ensure my balance is under the limit for 3 billing cycles, then this report will be completely removed as if it never happened.

That is interesting. Now, no idea if what you were told was true but if so this is an a negative different from normal utilzation issues, which would go away the next month. Still, if three clean cycles make it disappear, not a biggie.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Thu, 11 Jun 2015 23:17:35 GMT

No worries. You'll be fine within a month or two once you've made a payment to reduce this balance. Don't get too wrapped up in watching your numbers on a daily basis. It will drive you crazy. I was doing just that and changing my spending/payment habits to the point that it got ridiculous. I was afraid to carry any balance, even a 10.00 charge, as I told myself: "I only want one card reporting, blah, blah, blah". While I try to keep it this way, I'm done worrying about a second or third CC reporting a small balance because the charge posted the same night as my statement closing. I'm trying to relax and not worry about these 5 - 10 point credit score swings.

Re: Chase Reported an Over the Limit to Experian

taxi818 — Thu, 11 Jun 2015 23:41:24 GMT

@Anonymous wrote:
No worries. You'll be fine within a month or two once you've made a payment to reduce this balance. Don't get too wrapped up in watching your numbers on a daily basis. It will drive you crazy. I was doing just that and changing my spending/payment habits to the point that it got ridiculous. I was afraid to carry any balance, even a 10.00 charge, as I told myself: "I only want one card reporting, blah, blah, blah". While I try to keep it this way, I'm done worrying about a second or third CC reporting a small balance because the charge posted the same night as my statement closing. I'm trying to relax and not worry about these 5 - 10 point credit score swings.

flexible' more worried its maxed out than otl.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Fri, 12 Jun 2015 09:11:01 GMT

The same thing happened to me today, but with Discover. I have their secured card with $200 credit limit. I spent $229 and was planning to pay it back in full before the due date. I already paid in full 2 days ago. I received a notification yesterday saying that I went over the limit and my score went down 16 points.

I thought the banks only do one report a month and I thought they only report what's on your statement. I guess I was wrong.

Re: Chase Reported an Over the Limit to Experian

taxi818 — Fri, 12 Jun 2015 09:19:44 GMT

Normally they do. But many times they report if some exceptional happens. In ops case he has a signature card which allows you you go over the limit. Discover is not take kind of card. No way should you ever even get close to maxing it out. Especially a secured card. They may never graduate you. My goodness. The key is just using very minimally as it iis secured. I just don't understand. It's only 200. Why go over. And why not simply pay cash. And treat that card as untouchable. Good luck anyway.

Re: Chase Reported an Over the Limit to Experian

Anonymous — Fri, 12 Jun 2015 21:40:55 GMT

@taxi818 wrote:
Normally they do. But many times they report if some exceptional happens. In ops case he has a signature card which allows you you go over the limit. Discover is not take kind of card. No way should you ever even get close to maxing it out. Especially a secured card. They may never graduate you. My goodness. The key is just using very minimally as it iis secured. I just don't understand. It's only 200. Why go over. And why not simply pay cash. And treat that card as untouchable. Good luck anyway.

Ok so the next day, my score went back up to what it was originally. Discover reported that my balance was $0 now. This is the first time I've seen a bank reports two days in a row.

Re: Chase Reported an Over the Limit to Experian

taxi818 — Fri, 12 Jun 2015 21:45:43 GMT

@Anonymous wrote:
@taxi818 wrote:
Normally they do. But many times they report if some exceptional happens. In ops case he has a signature card which allows you you go over the limit. Discover is not take kind of card. No way should you ever even get close to maxing it out. Especially a secured card. They may never graduate you. My goodness. The key is just using very minimally as it iis secured. I just don't understand. It's only 200. Why go over. And why not simply pay cash. And treat that card as untouchable. Good luck anyway.
Ok so the next day, my score went back up to what it was originally. Discover reported that my balance was $0 now. This is the first time I've seen a bank reports two days in a row.

It may be your first time seeing that. But not many of ours. Anytime you want chase to report. Just pay down to 0. Any part of the month. And they will report next day. Regardless when they did it last. I guess you keep trying and learning. Eventually you will see it all. But regardless what discover reports. If you are using secured. Your aim is trying to get it yo graduate. And going over the limit will never get you there. Good luck.