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Going over credit limit?

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Valued Contributor

Re: Going over credit limit?

@Remedios    Yes it is definitely not something to be careless about, if you catch it went over pay extra on it immediately to get it down, don't keep going over on purporse and don't let it report to statements your balance being over your CL (so balance do X amount OVER CL) you do not want that 










Message 11 of 14
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Member

Re: Going over credit limit?

@UpperNwGuy Yes, I have had it go over the limit by 100 in the past. Hoping it will not hurt my chances of a new card or increase. its paid down to 1k as of today out of 11,100 CL

Message 12 of 14
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Valued Contributor

Re: Going over credit limit?


@Remedios wrote:

@CardNut wrote:

If you have a strong profile, maxing out a card or going over the limit often leads to a CLI in the future. I've done it a few times with a 0%. If you do it long term, not sure what will happen with a strong profile, I've never done it past a 0 as I don't pay interest on my cards.


 

What difference does it make if card is not in 0% promo if one is paying statement balance? 

 

Besides, quite a few lenders show highest balance present at any point in cycle, not just highest statement balance, Chase, US Bank, Capital One etc to name just a few. 

 

When times change, some adaptation on the part of consumer is required, also. 

Having cards closed or similar form of potential AA is a really poor experiment to determine if one has "strong profile" or not. 

 


OP was asking about exceeding CL. CCCs know people take advantage promos to buy things they need or want usually with the intent of paying a large portion or all of it back by the end of the promo. Maybe they max out the card. Maybe they won't be able to PIF at the end of the promo and the CCC can earn interest at a much higher rate.

 

But they'll start to wonder if a cardholder is still maxed out and paying 20% for months with little indication of  paying it down.

 

I agree it's a poor experiment. That's why I said, "If you do it long term, not sure what will happen with a strong profile". I bet with a weak profile, AA is a good bet.

Scores, HPs/24 mos. (updated 10/09/20):
    Experian FICO Score 8 = 825, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 819, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 13 of 14
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Valued Contributor

Re: Going over credit limit?


@chantheman1 wrote:

@UpperNwGuy Yes, I have had it go over the limit by 100 in the past. Hoping it will not hurt my chances of a new card or increase. its paid down to 1k as of today out of 11,100 CL


How long did it take you to go from 11,100 down to 1K?

Scores, HPs/24 mos. (updated 10/09/20):
    Experian FICO Score 8 = 825, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 819, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 14 of 14
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