Hi all,
Does not apply to me but have always been curious about what happens in this scenario but can't seem to find a conclusive answer… Are there any credit rating implications if you were to exceed your credit limit for an extended period of time eg 1 month but minimum credit card repayments are still always met?
Thanks.
Imagin you on a date and your CC limit is exceeded, bank is just trying to save you ass. Lol
Imagine you're on a date and can't afford to be on a date.
That be like every young person these days lol
@boomramada: ( Unless your on the receiving end of the goodies),
OZBargainers paying for both shares of the meal on a date?
Hang your heads.
They do … it's just that they give you a "courtesy extended limit", around $500 - $1,000 in my experience, before they cut you off cold.
Totally agree. This would also protect from unauthorised transactions. Just a few days ago not on my credit card but a debit card i rarely use just $40 sitting there now(originally used for my ebay and paypal transactions). Paypal tried to take out $90 but transaction declined. Contacted Paypal they have acknowledged it as a unauthorised attempt but haven't given any more detail as to who tried to get money out or how my details may have been used.
So I think you are suggesting it doesnt ???
Its not like you have missed a monthly payment or anything like that
It's in the wording, it's a Limit. You can't exceed it? It'll just decline.
Incorrect.
Internally at that bank, I’d say for sure, yes
Yeah definitely but I was more curious about the external credit score ie outside of the bank that owns the card
Nah, people going over their credit limit happens any number of times every single day. It's whether you bring your account back into order in the stipulated timeframe that determines your standing with that (or any) bank.
AFAIK a report to external agencies would only be generated upon a missed payment. Missing a payment with an exceeded limit would probably not be a good idea & every card I have ever had the next due payment would bring me back under the stated limit anyway.
I've only done it once and the card was declined.
I thought it was a hard limit.
The faster you fix it and the more assets that bank knows about you the more impact will be very positive.
Tight arses are no friend of banks.
Yep, I think 'take no prisoners' is the banking mantra
It won't impact your credit score - banks only report overdue / missed repayments so if you bring it back into order soonish you'll be fine.
It IS possible to exceed the limit if your transaction is under the shop's floor limit, usually $100 as these don't generally report back to the bank immediately.
Hope not as I regularly exceed my 'limit', only ever for day or two until the payment clears. Card always paid in full each month and no fees for going over. Never had any trouble with changing card providers or any other issues with credit (plenty of income and assets though).
Hope not as I regularly exceed my 'limit', only ever for day or two until the payment clears. Card always paid in full each month and no fees for going over. Never had any trouble with changing card providers or any other issues with credit (plenty of income and assets though).
Depending on institution you might not even allowed to do that. Amex and big bank issued cards you might have chance, the usual card no chance.
unfortunately it depends.
some decline it
others let you do it and hit you with fees and penalties
mine is ok if i make a payment the same day (no fees or penalties)
Not sure of your particular answer but I've never understood why banks allow exceeding limits. Just decline the transaction. (Obviously the banks want the fees)