Saaws,
Technically there is no spending limit on a no pre set spending limit IE a credit limit on this account. In a sense you cannot go over that limit. With this type of account you have what some people call a shadow credit limit. This is used to calculating the monthly payment if your shadow credit limit is $5000 say and you balance is 5700. You payment for that month would be 700 + a minimum monthly payment. While these type s of account(s) seem nice I do not like them. Search no preset spending limit and FIco scoring and you find some interesting articles. I had two no pre set spending limit accounts I have closed one and am thinking about doing the same with the other. In my opinion this type account hurts your score more than it helps.
FIC Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 807 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 14,100, State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25 Walmart One 5000 12/04/25
Banking: Lafayette FCU Fortera FCU State Department FCU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO US Bank Wells Fargo
