Over the limit with Cap1

**Clifton** · December 1st, 2007, 08:47 AM

I screwed up and went over the limit on my new Cap1 card by 8 dollars. I have two Visa cards with them at 300 dollar credit limits apiece. The card that I went overlimit on has an annual fee and I did not take that into account. I have only had this card no more than a month. I have however pif a total of 308 dollars to them this past week as soon as I saw on line that I went over. I hope that they don't rate jack me but I am more worried that they wont give me cli's on either of my cards after 90 days. My first card is up for an its first increase soon and I have not made any mistakes on my other 6 cc's. I have the backdoor number to Cap1 and I plan on giving them a call. I appreciate any thoughts and feelings that any of you might have. Also, they reported the due dute for my very first payment on the new account as being Jan 0001---I have heard of this happening to other customers before and I am wondering if this had an effect of some sort.

**Meya** · December 1st, 2007, 11:41 AM

Here are some good tips from Cap 1. I think you are in the clear buddie, jus make sure tha you stay on top of them from here on out. I beleive you can make one or two late payments/over the limit on them twice within 12 months. Here is the info

1. Do You Engage In Universal Default?
We do not engage in a practice known as "universal default." Universal default permits a credit card company to increase your APRs simply because you fail to make a payment on a loan with another lender or your credit history contains other negative information.

2. How Can I Get My Credit Line Increased?
In order to receive your credit line increase, you must activate your card and use it at least once in the first 90 days, don't go over your credit limit, and make your first three minimum monthly payments on time. The credit line increase will be applied to your account the following billing period after your third on-time payment is received.

3. ‡ Can You Increase My APRs?
Your variable APRs can go up or down as the Prime rate goes up or down. Your introductory APRs may expire and increase to your non-introductory APRs if your payment is received late (3 or more days after your payment due date). We may increase your APRs to the Default APRs disclosed above if your payment is received late twice within any 12 billing periods. If we increase your APRs to the Default APRs, we will return you to your non-introductory APRs if you make at least the minimum payment on time for 12 consecutive billing periods. In the future, we may increase your APRs if market conditions change. If we increase your APRs for any reason other than an increase in the Prime rate or if you paid late as disclosed above, we will notify you in writing of your options in advance, including the right to opt out.
http://www.capitalone.com/creditcard...2_T_ CP23303D

Depending on what type of card that you have, this information is for those who carries the "Capital One-Platinum Prestige

Looking For A Low Rate? We've Got You Covered

1. Rest easy with a low rate on purchases and transfers
2. Consolidate balances and save money when you transfer higher-rate balances
3. Your APR will not increase simply because you pay late only once or go over your credit limit
4. Just think, all this with no annual membership fee
http://www.capitalone.com/creditcard...01_T_CP279 05

Hope this helps!

**Clifton** · December 1st, 2007, 02:15 PM

I appreciate you taking out the time to give me the info, Meya. Thanks, this does help.

**Meya** · December 1st, 2007, 09:12 PM

Anytime, you know we have to stick together in here!

**Meya** · January 18th, 2008, 08:14 AM

Well guess what just happened to me? I financed a Sleep Number frm GEMB right? I was approved, got my bad boy 2 weeks later, can barely wake up in the morning (due to good nights sleep), and low & behold I received an alert from my credit watchers, saying, "You have a new derog!" I went crazy and took a look to see who it was, it was from GEMB saying my account is OVER THE LIMIT! Immediately I registerd my account online and paid the over limit of $-169.97. I called and called them all day yesterday, all I got was "We are experiencing high volumes of calls and can not take your's, please use our automated services...blah, blah, blah."

I could not sleep and my bed felt like cement all night. I got up this morning and called them received the same message but something said, dont hang up. Finally I got a hold of a rep who "claims" she understand what is going on and she see that I made the payment online. I was told that when they send in my next monthly report to the CB, they will request to remove the "Over the Limit" from my credit report, and to also dispute it with Exp if I want it to move a little faster because they have typed in info into my account in regards to what happened. But, this is going to take 30 days. I have back up from the guy who sold me the bed, so she also told me to go back to the store (as a back-up) and explain the situation with the salesman becasue he is the one who originally done this. He knew that I was over the limit when they approved me with only $2k. Well guess what? I looked at my sales receipt and his name happens to be "JUSTIN." Wait until I get a hold of him. I am going into the store, throw him across the same bed he sold me, and choke him out until he screams for mercy......nah just kiddin! He was real cool, and I know he got my back. I usually stop by to say hi every-now-and-then when I am in the mall.

I am making everyone aware of what we need to do in order to keep ourselves clear and free of debit. We have been through a lot trying to rebuild our credit and if something goes wrong down the line, we have learned enough from FG members to get ourselves back on track. Thanks to this site, members, and my credit monitors, I gained financial knowledge, learned how to stay on top of my credit, and demand nothing but respect in regards to MY creit report. If I do not play any creditors, DO NOT play me! Right Pamela2! I never seen the day that I would go crazy if I seen a negative item on my report, I used to go, "Oh well, get in line with the rest."

**Meya** · July 29th, 2008, 03:49 PM

Clifton, you had never kept us up to date with the incident. Where are you?

**KMoney** · July 29th, 2008, 05:14 PM

Originally Posted by Meya

Well guess what just happened to me? I financed a Sleep Number frm GEMB right? I was approved, got my bad boy 2 weeks later, can barely wake up in the morning (due to good nights sleep), and low & behold I received an alert from my credit watchers, saying, "You have a new derog!" I went crazy and took a look to see who it was, it was from GEMB saying my account is OVER THE LIMIT! Immediately I registerd my account online and paid the over limit of $-169.97. I called and called them all day yesterday, all I got was "We are experiencing high volumes of calls and can not take your's, please use our automated services...blah, blah, blah."

I could not sleep and my bed felt like cement all night. I got up this morning and called them received the same message but something said, dont hang up. Finally I got a hold of a rep who "claims" she understand what is going on and she see that I made the payment online. I was told that when they send in my next monthly report to the CB, they will request to remove the "Over the Limit" from my credit report, and to also dispute it with Exp if I want it to move a little faster because they have typed in info into my account in regards to what happened. But, this is going to take 30 days. I have back up from the guy who sold me the bed, so she also told me to go back to the store (as a back-up) and explain the situation with the salesman becasue he is the one who originally done this. He knew that I was over the limit when they approved me with only $2k. Well guess what? I looked at my sales receipt and his name happens to be "JUSTIN." Wait until I get a hold of him. I am going into the store, throw him across the same bed he sold me, and choke him out until he screams for mercy......nah just kiddin! He was real cool, and I know he got my back. I usually stop by to say hi every-now-and-then when I am in the mall.

I am making everyone aware of what we need to do in order to keep ourselves clear and free of debit. We have been through a lot trying to rebuild our credit and if something goes wrong down the line, we have learned enough from FG members to get ourselves back on track. Thanks to this site, members, and my credit monitors, I gained financial knowledge, learned how to stay on top of my credit, and demand nothing but respect in regards to MY creit report. If I do not play any creditors, DO NOT play me! Right Pamela2! I never seen the day that I would go crazy if I seen a negative item on my report, I used to go, "Oh well, get in line with the rest."

Dang Meya I am so sorry that this happened to you

**Meya** · July 29th, 2008, 08:19 PM

ohhhh yes, you must watch GEMB, they are quick to give you credit but they will mess you over at the same time. I have all of that cleared up, I went smooth off on them and had the store sales man to back me up. He was sitting there looking nervous anyway when my husband walked in. I was not going to let him say anything anyway because that is my credit and my problem. He just better smoke his cigs in the garage like the rule I put down. If this bed gets burned like my last one, I will need you all to call the SFPD and help me post bail. I am going to turn into Farrah Foset on "The Burning Bed"

**KMoney** · July 30th, 2008, 09:17 AM

Originally Posted by Meya

ohhhh yes, you must watch GEMB, they are quick to give you credit but they will mess you over at the same time. I have all of that cleared up, I went smooth off on them and had the store sales man to back me up. He was sitting there looking nervous anyway when my husband walked in. I was not going to let him say anything anyway because that is my credit and my problem. He just better smoke his cigs in the garage like the rule I put down. If this bed gets burned like my last one, I will need you all to call the SFPD and help me post bail. I am going to turn into Farrah Foset on "The Burning Bed"

Now Meya I have told you I don't have NO BAIL MONEY. LOLLLLLLL!!!!!

**Meya** · July 30th, 2008, 12:15 PM

**KIEJON9** · September 8th, 2008, 09:24 PM

An Explanation of Your Credit Limit

Your credit card came with a maximum limit that you can charge without receiving a penalty. This is called your credit limit. Even though the credit card company has told you not to go over the credit limit, they won’t stop you from going over.
Most people think their credit card will be denied when they make a purchase that will put them over their credit limit. Unfortunately, this isn’t the case. Any purchases over your credit limit will go through as if they were under the limit, causing you to incur an over-the-limit fee.
When you get your next statement in the mail, it will include a minimum payment that is just enough to put you under the credit limit. If you send in this payment, you’ll see that the balance on your next statement is also over the limit. You’ll be stuck in a continuous loop of over the limit charges until you do something about it.
Why Do You Keep Getting Over the Limit Fees?

Let’s say your credit limit is $1,000 and you went over the credit limit by $25 and got charged a $39 over-the-limit fee making your balance $1,025. Your billing statement included a $69 minimum payment which would bring your balance to $995.
Even though you didn’t make any new purchases with the credit card, your next statement has a new balance that is also over the credit limit. Why?
After you made the $69 payment, you got charged a $12.81 finance charge (assuming your interest rate is 15.9% and your card uses the average daily balance method). That brought your balance to $1007.81 which is again over the credit limit. You’ll also get another $39 fee.
So, you see, even though you made a minimum payment that put you below your credit limit, the finance charge applied during the billing cycle put your balance back over the limit.
How to Get out of the Fee Trap

Putting an end to those continuous over the limit charges is easier than you thought. All you have to do is make a payment that’s higher than the minimum.
The payment you make needs to be high enough to cover the finance charge you’ll get charged during the billing cycle. Using the example above, you could have made an $82 payment and kept your balance below the credit limit, even after the finance charge was applied.
If you have a balance that’s over the credit limit, it’s another reason to make a payment that’s more than the minimum. Otherwise, you’ll find yourself paying over the limit fees every month until you finally pay the balance down far enough negate finance charges

**smcc** · September 9th, 2008, 04:58 AM

Can this also be avoided by having a card with no pre set spending limit?

**KIEJON9** · September 9th, 2008, 07:05 AM

Can this also be avoided by having a card with no pre set spending limit?

I well Look Into that give me sometime

**hjm331** · September 9th, 2008, 10:30 AM

Yes, it can be avoided since you are supposed to pay the difference between your limit and your balance before the statement cuts. It's always a good idea to check on your available balance everyday to remind yourself of how much you can charge on your credit card. I always leave at least $200 worth of available credit to prevent myself from going over my limit and it hasn't failed me yet.

**KMoney** · September 10th, 2008, 11:48 AM

This is really interesting and I bet if a number of people understood this factor they would not even attempt to go over their limit. I know what my cc limits are and I won't even go to the tip of the limit.