If i have a $500 limit and charge something that's $6000 what would happen?
2006-12-21 04:56:42 · 10 answers · asked by keith d 2 in Business & Finance ➔ Credit
The charge would probably be refused.
If the bank choose to allow it, the can either increase your credit limit and you can pay it off over time or, more likely, demand immediate payment of the overcharge in addition to penalties.
2006-12-21 05:01:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First of all, do you have a revolving credit line or not.. if yes...you would have to make sure to pay off everything over the 500 limit at your next pay cycle.
If you have a regular card, either the charge will not be authorized, or you will get hit with hefty over the limit fees for every month you do not pay it off...
I would seriously avoid that.. it could hurt your credit score.
2006-12-21 05:05:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Probably would be denied. Also all credit companies charge an over the limit charge- if your serious about the question.
2006-12-21 05:00:39 · answer #3 · answered by ARTmom 7 · 0⤊ 0⤋
It will be declined. If it was something close to your limit, it might go through with a fee for going over the limit.
2006-12-21 04:59:35 · answer #4 · answered by Jordan K 3 · 0⤊ 0⤋
It could go through. The idea of a credit card is to get you in debt so that you will pay them the rest of your natural life.
2006-12-21 05:07:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The charge will fail to go through. You'll look embarassed at the store.
2006-12-21 05:05:55 · answer #6 · answered by ROBERT L O 4 · 0⤊ 0⤋
They would reject your credit card, and the purchase would not go through.
2006-12-21 07:17:15 · answer #7 · answered by Travis R 3 · 0⤊ 0⤋
It would not be approved. This would surely bounce back to the vendor and you would be liable for the damages.
2006-12-21 05:01:10 · answer #8 · answered by loanman46 2 · 0⤊ 0⤋
it would be declined and come up as insufficient funds. everyone standing behind you in line would eye ball you and all be staring because you are holding up the line.
2006-12-21 05:04:39 · answer #9 · answered by chrissys08 2 · 0⤊ 0⤋
zip nada nothing
2006-12-21 04:59:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋