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Negative credit balance to purchase $3000 on $2000 credit limit

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Anonymous
Not applicable

Re: Negative credit balance to purchase $3000 on $2000 credit limit

Maybe I'm misunderstanding something obvious here and if so, please let me know.  You have a $2000 limit card and are able to overpay or pay down your balance to -$1000.  You then make a purchase for $3000, maxing out your $2000 limit card.  This purchase doesn't constitute using "over" your limit.

Message 11 of 18
Ghost117
Established Member

Re: Negative credit balance to purchase $3000 on $2000 credit limit

From what I know of NFCU when you over pay they take the payment and apply it to available balance of a limited time allowing you to pay for an item that is the same as your available balance not your credit limit so if you need to buy something for more then what your credit limit allows you to do this will help

Current Cards (in order of approval)
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Message 12 of 18
Remedios
Credit Mentor

Re: Negative credit balance to purchase $3000 on $2000 credit limit

I'm surprised your overpayment didn't get applied towards cash advance 

 

 

Message 13 of 18
noobody
Established Contributor

Re: Negative credit balance to purchase $3000 on $2000 credit limit

The process is like this:

You have a an credit card account with 2000 limit and negative 1000 balance.

You made a purchase of 200 today, they would put an authorization of 200 on the card, thus reduce the available credit to 1800.

In couple of days, when the charge is settled, they would apply the negative balance towards the new charge, you would have a negative 800 balance with 2000 available credit again.

If you try to make a charge of 2500, they would compare it to you available credit line which is 2000, most likely will be declined.

Every bank could handle it differently, best bet is to call CSR more than once to find out exactly what's their policy is, as I think it very likely front line CSR make mistake on this matter also.

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
Message 14 of 18
jonnyc
Regular Contributor

Re: Negative credit balance to purchase $3000 on $2000 credit limit

I have done this many many times with my NFCU secured card. I've never had an issue. I make the payment from my NFCU checking account, Close the app to refresh to see the payment and then can charge any amount needed. I've called CS to inquire about this and was always told different answers from sure its not a problem to its not possible. From doing it so many times personally, I can confirm you can do that without issue. Side note, only the first payment of the day will post instantly so if you make another payment to put another purchase on, you'll have to call in to have them push the payment through manually.

Bk Chp. 7 Discharged 04/13/2018
Date of filing: 01/11/2018
Message 15 of 18
Anonymous
Not applicable

Re: Negative credit balance to purchase $3000 on $2000 credit limit

Very interesting. I over paid my navy secured by 750, then my statement cut. I think it was like, -725.00. I thought I was out thinking the credit bureau's, wrong, it was reported 0.00 balance and I took a 15 point hit.😔 well I'm going to try it on my flagship card. Over payment. See if it adds credit past my limit. So this is what I might do then, my secured card graduates, take the 5k from it, add it to my flagship card, 25k cl, it then turns into 30k, then I ask for a cli after 91/3, navy gives me the 4K, (because of virus), now it goes to 34k, or I confuse navy and they give me 34k cl, when it should be 29k. What do you guys think. Lol 😂 

Message 16 of 18
Anonymous
Not applicable

Re: Negative credit balance to purchase $3000 on $2000 credit limit

M_smart007    So you have overpaid your flagship card? And it added on to your cl?? 

Message 17 of 18
Ghost117
Established Member

Re: Negative credit balance to purchase $3000 on $2000 credit limit

So when you over pay your NFCU CC It applies to your available balance not your credit limit they are different credit limit is from 0-100% limit were as a available balance is your purchase power. So when you over pay you add purchase power not increaseing your limit.

 

To put it in a situation  if I owe $0 on my 2k CL cc and over pay by 1k my purchase power is 3k but my limit is 2k. This only works for a limited time when NFCU posts the overpayment you will be unable to purchase 3k so they say you need to purchase asap after you overpay hoppfully I explained that better.

Current Cards (in order of approval)
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Message 18 of 18
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