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I don't go over the credit limit.
From my experience if you pay in full the balance every month and you spend around 80% of your budget, the cc company might raise your limit.
I was just curious to see if anyone here does that. The rep on the phone said it's done all the time. Some people do it every single month and she has told them this doesn't look good on your credit report. If you go to get a mortgage or other type of loan .....
I haven't gone over my credit limit, but I've made advanced payments several multiples over my credit limit, so that I could use the card for a really large transaction and get points.
It's typically with new cards, while waiting for them to approve a credit limit increase.
Sounds predatory. This card is a good one and they are not out to screw people over. They allow going over as a courtesy and there are no fees for it even.
No...people need to know the rules and policies of the credit card.
If a person goes over the limit for just a vacuum cleaner purchase -- perhaps they've been living above their means in the first place. One might argue that a person wants points for all their purchases? Well let's see...that still has nothing to do with that person not calling the recorded line -- and hearing what their available credit is for a given card.
If you go buy a vacuum cleaner, or whatever -- and you don't think you have enough credit limit left. Call and find out. It's the first thing the recorded update tells you: your last payment, your balance and your remaining credit limit.
Some people want to cry foul and call things predatory -- when THEY need to handle their business better and stay up on their finances and budgets.
No...people need to know the rules and policies of the credit card.
If a person goes over the limit for just a vacuum cleaner purchase -- perhaps they've been living above their means in the first place. One might argue that a person wants points for all their purchases? Well let's see...that still has nothing to do with that person not calling the recorded line -- and hearing what their available credit is for a given card.
If you go buy a vacuum cleaner, or whatever -- and you don't think you have enough credit limit left. Call and find out. It's the first thing the recorded update tells you: your last payment, your balance and your remaining credit limit.
Some people want to cry foul and call things predatory -- when THEY need to handle their business better and stay up on their finances and budgets.
Right. I was speaking to some specifics in another post when I used the term predatory.
No. I think my lowest card has a $7,000 limit. I don't make anywhere near enough money to be even thinking about charging $7,000 on a card every month. And that's just one card.
Likely the people going over the limit are the type of people credit card companies absolutely love. They pay their bills on time but are carrying a say a $6,500 balance month to month on a card with a $7,000 limit. So they put $2,000 of monthly purchases on the card and hit an $8,500 balance and then pay it back down to $6,5000 every month. The credit card company doesn't want to increase their limits because their credit utilization is so high but aren't really worried about them going over the limit as they have a strong history of paying their obligations.
No. Ive never ever even come close. I honestly have no clue what my limits are. My credit cards are paid in full every month and I have a cash emergency fund.
For me at least, I'm not too sure if they do or even would. I just graduated college last year and just got my first credit card this month, so I'm not really in a position to even ask, let alone wonder. I somehow got a high credit limit ($4,000) and per month I won't even come close to the high amount. I would probably (most likely) only have $200 max that I would be charging on the card. That's if I end up having a lot to get. This month I know would me at max $60-100. Only because I don't have lots of money yet, so my monthly credit card bills would barely have anything on it yet. I am guessing for a while too, so lets see how it goes.
Plus I guess someone can say I'm new to credit cards and that's something I wouldn't even know if it's possible to do yet, which is true too (I think).
Also, I guess credit card companies love the people who can't pay back their purchases because they charge more than they can afford, etc. They make a ton of money on the interest they charge, which is high. I know for my credit card its somewhere between 20-22%. I guess its similar no matter what card you get.
No, I pay all my cards in full every month and they all have 5 figure credit limits anyway. I can't imagine a scenario where I could possibly go over the limit unless I suddenly got the idea to take a whitewater rafting trip to Brazil - but then I'd just pay cash for any difference between the total and the credit limit if needed.
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