I have no credit but was issued a credit card through my work (I'm a cashier at a department store) in order to receive my 20% discount on the merchandise I buy. My credit limit is $100 and I went over by $3.94 this month. Will this hurt my credit and will there be a fee? Also how long do I have to wait to request that my credit limit be increased? $100 is such a small amount and with the paychecks I earn, I can surely afford to spend more than that.
2007-08-02 10:04:38 · 9 answers · asked by Desiree 5 in Business & Finance ➔ Credit
I get paid tomorrow and plan on paying the bill in full ASAP.
2007-08-02 10:11:43 · update #1
mangamaniaciam: Paying my bill off in 3 montly payments would result in hefty interest charges. My current balance is $103.94 and the interest rate is 24.45%, so I'm definitely paying it off in full. If they choose to drop me from their credit company then good for them, I won't shop in their store, regardless of whether I work there or not.
2007-08-02 10:26:00 · update #2
The phamplet I got with my credit card states that there is $0 overlimit fee, so I suppose this is a good thing.
2007-08-02 10:45:30 · update #3
The credit card terms vary but most will charge an overlimit fee ($29 to $39). Pay the account down before you get the statement or due date won't help.
Going over your limit won't be reported to the credit bureau so isn't what hurts your score. The ratio of debt to available credit is a big part of your credit score. Anything over 50% debt, kills your score. With a $100 limit, it won't take much to go over.
The best way to increase that credit limit is to pay the account in full and on time every month. Be sure not to go over you limit again. It might take 6 months to a year before they increase your limit.
2007-08-02 10:35:11 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
1. Use the credit card only when absolutely essential. Pay your regular expenses by cash or a debit card. This will help you budget and not go overboard with credit card debt.
2. Follow repayment schedules like religion. Don't miss out and invite late payment fees, increased APR rates and blocked reward programs.
3. Don't stick to the monthly minimum payment. Pay the maximum you can afford and get that outstanding debt cleared as fast as possible. By just paying the monthly minimum the credit card companies reap the maximum rewards while, as a consumer you pay the maximum interest.
4. Get rid of multiple credit cards. Although this might sound difficult, but if you are struggling to repay on time and, juggling with the repayment dates is causing you to default- it's time to think. If there is a genuine need to keep multiple credit cards, then try to automate their monthly payments. This will ensure that you don't default unwillingly and face the negative consequences. Read more from: http://www.credit-card-gallery.com/article/264,5_not_to_miss_things_for_a_good_credit_score
2007-08-03 00:02:08 · answer #2 · answered by brady ewart 3 · 1⤊ 0⤋
Pay down the balance when you get paid prior to the due date. Overlimit only matters if the balance shows up post the billing date.
2007-08-02 10:07:28 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
2007-08-02 11:03:47 · answer #4 · answered by twv23512652 2 · 1⤊ 0⤋
the least difficult area of do is to pay down a number of your card to under 50% of the shrink. The FICO score will take approximately 3 months to advance once you do this. Alternately, you ought to ask the financial organisation to strengthen your credit line, yet it particularly is an risky physique of ideas to your guy or woman funds. mastercard debt is extremely undesirable till you come across a nil% stability pass grant.
2016-11-11 01:23:43 · answer #5 · answered by ? 4 · 0⤊ 0⤋
try making a payment before it's due...maybe that will help you avoid overage charges and keep it from showing on your credit. i would wait a few months and then request a credit increase....that way they can see you have a good payment history and are a good customer.
2007-08-02 10:07:52 · answer #6 · answered by IndependentMocha 2 · 1⤊ 0⤋
Please let me fill you in on some credit card company little-known facts if I may. Paying off a bill in one shot(good for you by the way) lets the company know that they aren't going to get money from you thanks to the interest rates they charge you for on those minimum payments. Which in turn means they may just drop you from their credit accounts(yes, they CAN do that legally too!!!). As for going over the limit, they will charge you for it IF it happens often, although they may not this time as this is your first credit card(but don't count on that though.). As to hurting your credit, it shouldn't hurt it so long as the bill is paid off in a timely manner. As for asking for a credit limit increase, let me ask you this: ARE YOU ABSOLUTELY CRAZY!?!?!?!?!? Please do yourself AND your credit a favor: #1 Pay the bill off in three monthly payments. #2 Save your money and get a ATM/Debit card through your bank/credit union. #3 Learn to budget your money wisely so you can buy a good house in a few years. Believe me, you won't regret THAT choice.
2007-08-02 10:19:13 · answer #7 · answered by mangamaniaciam 5 · 0⤊ 3⤋
pay a part of it off and if you are lucky your payment will go in before the charge goes in.
most stores charge you in 2-3 days or later. if you pay it online or via wire/draft, the money should go to ur card company asap.
maybe you can just call them and explain them and they will increase your limit.
2007-08-02 10:08:32 · answer #8 · answered by callsahil 1 · 1⤊ 1⤋
aslong has u pay before the due date, u should be fine
2007-08-02 10:09:12 · answer #9 · answered by shorty21 5 · 1⤊ 0⤋