2007-06-28 09:20:55 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
You should never go over your credit limit.
If you do, you could suddenly find - your interest rate has risen sky high, your existing credit limit decreased or even possible closure of the account.
If there is a good reason why you are thinking of going over your credit limit - air fare, car rental, etc. then you might call the credit card company and explain that you are wanting to use the card for that reason but your current limit will not allow it. Then ask them to raise your credit limit.
If you are planning on going over your limit to "live" off of the card, you should do as much as you can to find the money elsewhere - small signature loan, have a garage sale, cut down on needless spending (cable, high speed internet, dining out.) etc., etc., etc.
2007-06-28 09:40:04 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Pay your overdraft stuff first, NOW! Chip away at your credit card debt as much as you can. When I say when you can, that doesn't mean when it is convenient, it means when you have the money. Otherwise, it is going to keep compounding interest and get more and more expensive. Don't go out and buy stuff because you think you need it or whatever. Buy what you need to to get by so you can clear this up. To build good credit you need to have this paid off as soon as possible, because the highest balance is reported on your credit report (which affects the interest rate you get when you want to buy a car or a house etc). Set a goal to contribute a certain portion of your income a month toward your credit card bill and have it paid off within the set time limit that you made for yourself. Do NOT buy anything in the meantime because it negates all of that hard work you did. WHEN you get yourself debt free, call your credit card company and ask for a better rate. They aren't just going to give you one, you have to ask for it. Try to be reasonable in your expectations though, however, be prepared to cancel the card and move your "business" elsewhere if denied. To build good credit buy what you can afford with the intention of paying it off when you get home. For example, buy a tank of gas or a new shirt (60 pounds) something that is reasonable and do this over a period of time to lower your interest rate.
2016-05-22 00:30:34 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You should not be able to overdraft a credit card. Your number has a built in limit. Once you hit that limit, that's it. Some credit cards have special programs for businesses, but you'll need to inquire with them what the qualifying terms and conditions are.
2007-06-28 09:28:52 · answer #3 · answered by amysgetaways 3 · 0⤊ 0⤋
it depends if you have overdraft protection and if so it depends on your overdraft protection limit....call your bank.
2007-06-28 09:27:06 · answer #4 · answered by leslie c 2 · 0⤊ 0⤋
I would not Advise it. If you dont have it dont spend it! thats all there is too it. Nice grammer by the way
2007-06-28 09:27:38 · answer #5 · answered by Mike b 1 · 0⤊ 1⤋