topic Re: Question about over the limit in Credit Cards

Question about over the limit

Anonymous — Wed, 07 Oct 2015 15:21:22 GMT

My cap one card has 1100 limit. My Balance is 850 with things still pending but my available credit is 0. I know i hit my limit it over.

Question is if i pay tonight before the pending items show in Balance an i technically still "over my limit", statement doesn't cut till the 19th and will be paid in full.

Re: Question about over the limit

OmarGB9 — Wed, 07 Oct 2015 15:05:09 GMT

Yes if you charge beyond your limit it will be seen as such until you pay the balance you went over down, regardless of statement cut.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 15:21:01 GMT

@OmarGB9 wrote:
Yes if you charge beyond your limit it will be seen as such until you pay the balance you went over down, regardless of statement cut.

So even though I'm not "tecnically" over the limit yet because my balance is 850 and my CL is 1100 I'll still be charged if I make the payment tonight before the pending things post?

Re: Question about over the limit

OmarGB9 — Wed, 07 Oct 2015 15:27:10 GMT

Charged for what? Does you card charge an over the limit fee? If so then I would definitely make a large payment to ensure I don't go over limit and get slapped with that fee.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 15:48:13 GMT

@OmarGB9 wrote:
Charged for what? Does you card charge an over the limit fee? If so then I would definitely make a large payment to ensure I don't go over limit and get slapped with that fee.

Since the CARD Act, is is VERY unusual for a card to have an over-the-limit fee, you need to opt-in. If the charges have already been approved, you are OK and I wouldn't worry.

If you have somehow opted in, then I don't know how pending charges impact that. While pending charges reduce available credit, I doubt if they really could trigger an over the limit situation till they post.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 18:01:23 GMT

I remember that when my mother got her C1 card two months ago, that they allowed her to go over the limit with a fee, and if she didn't want to go over the limit, she could opt-out, but could not opt-in again--it was a permanent opt-out. I remember finding this on her account online.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 18:12:04 GMT

Basically I did it by accident last night, but I still have 7 pending transactions with a payment going through tonight.

Balance: 825.49

Available credit: 0.00

Credit limit: 1,100

So I guess i'm just curious if it's not considered "over the limit" if your balance isn't over your credit limit because of the pending transactions.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 18:27:52 GMT

Pay down to below your limit before statement cut, though ideally within the next few days, there's little to worry about. Don't sweat it.

High balance on your credit reports may show higher than your current limit, but generally doesn't seem to matter. Cap 1 wouldn't have approved those charges, if they felt you were too much of a credit risk. It's possible, especially if you make a decent size payment, Cap 1 will boost your limit sooner than later.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 18:32:40 GMT

@Anonymous wrote:
Pay down to below your limit before statement cut, though ideally within the next few days, there's little to worry about. Don't sweat it.

High balance on your credit reports may show higher than your current limit, but generally doesn't seem to matter. Cap 1 wouldn't have approved those charges, if they felt you were too much of a credit risk. It's possible, especially if you make a decent size payment, Cap 1 will boost your limit sooner than later.

Just happened last night and I have a payment going through tonight.

Sorry for all the confusion, just don't want cap seeing a risk if I went over and was hoping they wouldnt "see" or "know" if I paid before it showed LOL.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 18:35:28 GMT

I would probably pay a portion off just to be sure.

Available credit takes pending transactions into account for most cards.

Re: Question about over the limit

OmarGB9 — Wed, 07 Oct 2015 18:47:20 GMT

Lol oh they know alright. It's easy to know if you went over though. Just add up the pending transactions and add those to your current balance. If it's > 1,100, then yes you're over your limit, however it seems cap1 allowed it. They know. So just bring it down to under your limit and you should be fine.

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 19:00:39 GMT

Why don't you just call customer service?

Re: Question about over the limit

Anonymous — Wed, 07 Oct 2015 19:49:10 GMT

@OmarGB9 wrote:
Lol oh they know alright. It's easy to know if you went over though. Just add up the pending transactions and add those to your current balance. If it's > 1,100, then yes you're over your limit, however it seems cap1 allowed it. They know. So just bring it down to under your limit and you should be fine.

Yeah after adding the pending to my balance I'm over by $21. After tonight it will be back to normal then PIF or close to it next week. Really hoping this doesnt affect me getting another card with them or a CLI in the future. I'm new to this whole credit card thing (doing it the "right") way that is.

Re: Question about over the limit

UncleB — Thu, 08 Oct 2015 09:04:12 GMT

@Anonymous wrote:
@OmarGB9 wrote:
Lol oh they know alright. It's easy to know if you went over though. Just add up the pending transactions and add those to your current balance. If it's > 1,100, then yes you're over your limit, however itseemscap1 allowed it. They know. So just bring it down to under your limit and you should be fine.
Yeah after adding the pending to my balance I'm over by $21. After tonight it will be back to normal then PIF or close to it next week. Really hoping this doesnt affect me getting another card with them or a CLI in the future. I'm new to this whole credit card thing (doing it the "right") way that is.

Relax, you're fine.

While technically Capital One "sees all" with their own accounts, I doubt they'll be too concerned about your situation, and if anything it will lead to you getting a nice CLI. My own Capital One cards seemed 'stunted' until I started maxing it out and paying it in full multiple times per month.

If it's an over-the-limit fee you're concerned about, if your account has one (many don't) it won't apply until your pending transactions post. So even if your account terms do allow for a fee, as long as you promptly make a payment - like you mentioned you have - your payment should post before the transactions do and you're ledger balance won't ever 'technically' be over your credit line, so you'll have no fee. I stress this is only a concern if your account has a 'over-the-limit' fee, which many now don't.