topic Re: Over limit reported in Credit Cards

Over limit reported

MikeB4 — Sun, 17 Nov 2024 22:59:05 GMT

On Creditkarma it shows as 168% over limit so my QS secured card was at $336 over the $200 limit. I paid the entire balance off it's a secured card so likey to be a bucket card but what does that leave me down the road going forward without any other issues?

Re: Over limit reported

GZG — Sun, 17 Nov 2024 23:22:56 GMT

@MikeB4 wrote:
On Creditkarma it shows as 168% over limit so my QS secured card was at $336 over the $200 limit. I paid the entire balance off it's a secured card so likey to be a bucket card but what does that leave me down the road going forward without any other issues?

it's not ideal to have an overlimit reporting and it can linger around as a denial reason

they may also decide to not graduate you for X number of months because of it

capital one does have a feature where they do allow you to go over the limit, so they might not mind too much, but again, not ideal to let it report to your credit

Re: Over limit reported

FicoMike0 — Mon, 18 Nov 2024 00:04:28 GMT

Don't do that! The whole point to a secured card is to demonstrate you can handle credit. You just showed them you cant. I think you should keep util under 29% and pif every month. That should lead to graduation to unsecure as quickly as possible.

Then again, what do I know? I can't get Capone to cli my card over $3200. My more recent bce is at $27,000, no 3X cli from capone like amex does.

Re: Over limit reported

Utilization1 — Mon, 18 Nov 2024 21:01:47 GMT

What is the utilization on any of the other 3 bureaus aside from CK ? Are you focused on paying this balance down prior to statement close date this should be your goal. I also wouldn't push that 30% utilization rule on this low limit card possibly a focus of 20% would help your credit build . Also see if you can pull in a stronger credit builder card credit unions have pretty good starter cards . This will sound silly however can you add maybe Netflix subscription, myfico monthly charge , and maybe limit the spend to something more fixed that you can control ?

Re: Over limit reported

MikeB4 — Mon, 18 Nov 2024 22:22:08 GMT

I'm trying to figure out the due date and the statement date.. I assume the statement date being passed is what caused the high utilization? As the payment was made before the due date.

Re: Over limit reported

MikeB4 — Mon, 18 Nov 2024 22:32:08 GMT

I understand what you're saying, it's just you have people here saying max it out and PIF which is what I've been trying to do and credit cycling last statement was around $450 in payments I feel if the way with that would end up getting the account restricted given the amount I get paid a week.

The only recurring charge I put on it is the google storage charge around $2.99 a month

Re: Over limit reported

pizzadude — Mon, 18 Nov 2024 22:50:14 GMT

Moved to Credit Cards

Re: Over limit reported

FicoMike0 — Tue, 19 Nov 2024 01:25:17 GMT

You should find your billing, or post, date on your statement. Just for you, I looked mine up. Log into the app, select the credit card. Scroll down to "statements and documents", select "view all" there are all of your statements, listed by date. If you have one titled "November card statement November 9, 2024" ,like I do, your billing date is November 9. I notice the previous one is dated October 10. When I open the statement, I see that my payment is due December 4. In the fine print it says it's a 30 day period. The date moved a day because October has 31 days. My statement date is always the 9th or 10th, except feburary, it was 8th. My due date is always the 4th.

I never let my savor card post nonzero, so I always pay the bill before the 8th.

Re: Over limit reported

FicoMike0 — Tue, 19 Nov 2024 01:42:13 GMT

That credit cycling stuff, charging it up, paying it off frequently, is intended to get them to raise your credit limit. It doesn't help your score. I wouldn't mess with it on a secured card, you're stuck with your deposit amount. You first need it to graduate to unsecured. The main thing for you is to get the utilization under 9%, not zero, before the statement date, then pif before the due date. Charge something every statement period. That will max your score and make you look like a responsible credit user. Once you get unsecured, you can try cycling to get a higher limit.

I've found Capone will approve a cli request every six months. I haven't done well there, but I don't use the card much. I'm usually putting spend on another new card for a sign up bonus. I'm sub crazy! Right now everything is going on navy flagship visa for a $400 sub.

Re: Over limit reported

saltlakere — Tue, 19 Nov 2024 03:16:53 GMT

You've absolutely nailed it. Going over a credit limit is very bad for credit scores. But, they'll recover if that balance gets paid down. For a low limit card like that, it should never report more than 10%.

As far as C1 goes, the best thing I ever did was close those accounts and get ones that could grow. Their history will stay on your credit report for 10 years, so close away!

Re: Over limit reported

Debt-is-a-Scam — Tue, 19 Nov 2024 08:42:32 GMT

I had a similar situation in which there was an issue with a charge on one of my cards and there was an $18,000 balance with a $10,000 limit. Yeah it sucked and it was a lot of money to pay down, but on the bright side it kind of saved my ass and my credit union would essentially just decline any new purchases. Now that card only has a $5,000 balance and everything is pretty much back to normal. Essentially I think I just proved to them that I can handle a $20,000 limit. Haha

But in your case, I would look into adding more money to your card's deposit account in order to raise its limit. Maybe add about 500 to 800 dollars and definitely don't let it happen again.

Re: Over limit reported

MikeB4 — Wed, 20 Nov 2024 23:32:22 GMT

How soon can I ask for a CLI? I mean even putting a full tank of gas is just pushing it I know CP1 is not the greatest in giving CLI normally they just release the secured amount so now my limit is $400 then the card no longer going to get increases? It seems it's hard to know at what level a bucketed card stops at.

Re: Over limit reported

FicoMike0 — Thu, 21 Nov 2024 01:48:23 GMT

As I said, I've had little luck with Capone and clis. Right now, with a secured card, you just want to build your score. Once the card graduates, putting spend on it should help. You could try for a second card, but if Capone will only go secured, other banks will likely be the same. I know disco and usb offer secured cards. Then there's the credit union world. If your elgible, everyone loves navy!

https://www.navyfederal.org/

I would stick with preapproval cards, no point in getting hard pulls to be disapproved.

Do you have an installment loan? If not, the ssl trick is an option.