So my credit card limit is 500 bucks. Bank of America. Let's say I use up 500 bucks in one week, and I pay off my balance right away. Does that mean I will get 500 bucks limit again as soon as I pay the balance off, or do I have to wait for another month for me to get 500 dollar credit limit?
So basically I want to spend 3000 bucks in one month with my credit card even though my credit limit is 500 bucks. I am thinking I can just use it and pay it off right away, and use it and pay it off right away, like that.
But maybe the rule is that i only get 500 bucks credit limit per month.
please help.
2006-09-29 04:21:06 · 20 answers · asked by Anonymous in Business & Finance ➔ Credit
The funds should be available as soon as they're posted -- meaning, once the payment clears, you can spend another 500 bucks.
The best way to do that is to set up your CC account on-line so you can make electronic payments.
If you're doing this in an effort to get better credit, I don't think that spending habit will make a difference. I think you'll get the same result by only spending the 500.00 on the card per month and just paying cash (if possible) for the rest of your needs.
2006-09-29 04:27:34 · answer #1 · answered by Scank B 2 · 1⤊ 0⤋
If you close a credit card account, make sure that you request a notation that it was closed at your request....otherwise, your credit can be damaged. Your credit score is based on the percentage of available credit you are currently using, so you can lower your credit score by closing accounts. However, you can balance this by doing the following: 1) any account you close, ask for the notation- closed by customer request. 2) don't charge any account up to or beyond the limit...try to keep a 20-50% available credit on any account...if you can, pay off the balance each month. I make double payments on all my credit cards where I carry a balance (two payments a month instead of one). This ensures that I am always paying down the balance as well as covering the minimum.
2016-03-26 22:39:33 · answer #2 · answered by Amy 4 · 0⤊ 0⤋
A credit card limit is just that...$500 limit. Once you reach it, you will need to pay it in order to bring your balance to $0, which leaves you again with a $500 available balance. If you wish to do this, you will need to pay your statement online (most have that option). Even this typically takes a couple of days to post, but you will have immediate access to available balance as soon as it posts.
2006-09-29 04:32:39 · answer #3 · answered by Tangled Web 5 · 0⤊ 0⤋
It might be possible. I have the same credit card, but with a higher limit.
You might want to just call them and ask them "If you use the $500 limit" and pay it off right away, can I use another $500? I dont think there is anything wrong with you asking them that question.
I would just call. No one on here would really know that question and will probably lead you in the wrong direction.
Good luck
2006-09-29 04:25:27 · answer #4 · answered by Deb 3 · 0⤊ 0⤋
The limit is not per month-- it's TOTAL.
It can take about a week for your payment to post, more or less- so you pay off the $500 but you have to wait for it to show as paid on your card before using it again.
2006-09-29 05:03:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A credit limit does not mean that you cannot spend more than your limit. You can charge a lot more than your $500 limit, but your card issuer will charge you fees for going over the limit. Pay off your debt in a month and they will raise your limit. Before you know it, you'll have some ridiculous limit like $45,000!
2006-09-29 04:29:59 · answer #6 · answered by nido_tr3s 5 · 0⤊ 0⤋
If you continually pay off your balance and it is credited by the credit card company you should be able to use the card in the manner you would like. I don't understand, though, why you would want to do this. Would it not be better to ask the credit card company to raise your limit or save the money and pay cash for your items (seems like you have cash available)?
2006-09-29 04:28:14 · answer #7 · answered by ellikat21114 2 · 0⤊ 0⤋
No, you can't. Even if you paid your full $500 dollar on your spend.
Once they give $500 dollars limit, that means you only allow to use $500. And if you over use, then you have to pay addition charges and which is not good , because it wills affect your credit history.
2006-09-29 04:28:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i don't think the credit limit is per month. as long as you pay off your bill, your credit limit would be restored. just take into account that if you are mailing in your payment, there will be a lag from the time you mail it til they get it and sometimes again from when they receive it until they process the payment. you may reach a faster result if you pay the bill online or through the telephone with an electronic check.
2006-09-29 04:25:29 · answer #9 · answered by island3girl 6 · 1⤊ 0⤋
Your limit for purchases is $500.
If I were you I would prepay $3000 and just charge $500 at a time, after one month they weill see your are ok and raise your limit to $5000. Also get another Credit Card, Capitol One is very good! American Express from BOA.
2006-09-29 04:23:18 · answer #10 · answered by god knows and sees else Yahoo 6 · 0⤊ 1⤋