My credit limit is $5,000. If I send $10,000 to my credit card, can I charge more than $5,000 to my credit card without incurring any additional fees or charges?
I know there's going to be someone on here that says something to the effect of, "y dont u jst snd 500 dolars 2 th ppl u r goin 2 pay w/ ur cc? lolzorz". The answer is because I'm going to do no-interest balance transfers to my credit card, and I can't directly access that money without incurring fees.
Personal experience would be preferred, but anyone that knows for certain would be great to hear from.
Thanks!
2007-06-06 04:54:36 · 9 answers · asked by JordTeic 3 in Business & Finance ➔ Credit
I am doing the same thing you are, and you WILL get charged over the limit fees and it could possibly increase your so called 0% APR for going over the limit, watch out! Read the fine print, all offers are different.
2007-06-06 05:02:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes - the credit limit means how high your balance can go, but if you have a credit balance going into the month, then you could charge up to your credit limit plus the credit balance without your balance going over the limit to incur extra fees.
An easier way might be to call them and ask them to raise your limit - if you have a good record with them, they probably will. If this is a new card, then they probably wouldn't. But if you have the money to send to the new card, you could just send some of it to the old card company instead of transferring that balance. It really does work out the same - do the math.
2007-06-06 05:25:04 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Even if they did allow this (which I cannot say if they will or not) it will hurt your credit score...anytime you go over 50% of your available credit (the $10,000 would not actually increase your credit line) your score takes a big hit. So I would suggest just paying the debts with the cash you have, why put it on a card if you have the money, it makes no sense!
2007-06-06 05:09:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Have you called the credit card company to request a credit line increase? That would probably be the best way to go. I think even if you send them extra, if you go over your limit, they will still charge you an over limit fee. Best to call them to find out.
2007-06-06 06:18:42 · answer #4 · answered by Spirish_1 5 · 0⤊ 0⤋
It depends on the card company.
I've had some cards where they just kept the money (and my credit limit stayed the same), but they applied all future charges as a credits.
I've had other cards, where once they applied the current charges, they sent me the overage amount back!
Each card is different.
2007-06-06 05:00:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You will also see a drop in credit score. One your credit reeport the balance and high limit is reported. Anytime you go over the hiogh limit your score plummets! Get 2 $5000 credit cards instead!
2007-06-06 05:07:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
those money owed have been positively bought to series companies. those money owed are in all probability nevertheless interior the Statute of barriers (SOL), the time physique to hold lawsuit. extra series companies are pursuing smaller quantities in court docket. those derogatory products will additionally stay on your credit rfile for 7-a million/2 years from the date of first deficiency. so as that they are going to be there for a while yet. Settling those previous money owed won't strengthen your credit. the wear and tear is already executed. besides the fact that, paid previous debt seems plenty extra effectual than unpaid previous debt. lenders look on the entire credit rfile, no longer basically your score. you may desire to negotiate settlement for under the full stability. at the two or 3 365 days factor, according to possibility an grant of 40% to 60% could be regular. Lump sum gets the suited bargains. fee plans could desire to be short term. Get any settlement settlement in writing and shop a replica alongside along with your fee receipt constantly. do no longer provide them direct get entry to on your financial enterprise account. you will get a 1099 for the forgiven factor of the debt and could desire to contain it on your earnings taxes.
2016-11-26 19:21:26 · answer #7 · answered by ? 4 · 0⤊ 0⤋
They cannot keep your money. They will send the excess money right back to you.
The best thing to do is to call the credit card company and know for sure.
2007-06-06 05:50:55 · answer #8 · answered by kenneth h 6 · 0⤊ 0⤋
why dont you just discontinue blowing money with credit cards and use western union debit card instead? do you just enjoy blowing money?
2007-06-06 05:16:02 · answer #9 · answered by Anonymous · 0⤊ 2⤋