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  • FIRST POST
    • LolaPear
    • By LolaPear 11th Jan 18, 7:54 PM
    • 14Posts
    • 1Thanks
    LolaPear
    Capital One - 70p Overlimit
    • #1
    • 11th Jan 18, 7:54 PM
    Capital One - 70p Overlimit 11th Jan 18 at 7:54 PM
    Made a purchase today which brought my available balance down to 20p - this wouldn't be a problem normally as my card is 0% but guess what... after it went through, it occurred to me that my statement is issued after midnight tonight and they are slapping on 90p cash interest!

    This will take my account overlimit by around 70 pence. 12th Jan will by my fourth statement since having the card + my last 3 statements since opening the account are clean (no late payment or overlimit)

    I did some search around the MSE forum... some have had the £12 default waived as it was under £1.00 in their case (like me) and others state that there is no mercy. All for the sake of 70 flaming pence!

    I am still developing my credit file and an over-limit mark will destroy all the hard work I have been building for months! I might not get accepted for a card for a year!

    I made a payment of £2.00 to my account via Capital One app with debit card.. it takes 2 days to apply to the balance apparently, which is deliberate because card payments these days are instant unlike wire transfers... I am clinging onto the hope that the system will acknowledge the £2 but doubt it will as the banks don't communicate after 17:00 pm.

    Anyone else have any advice about this?
    Last edited by LolaPear; 11-01-2018 at 7:57 PM.
Page 1
    • bazzyb
    • By bazzyb 11th Jan 18, 8:01 PM
    • 1,079 Posts
    • 3,210 Thanks
    bazzyb
    • #2
    • 11th Jan 18, 8:01 PM
    • #2
    • 11th Jan 18, 8:01 PM

    I am still developing my credit file and an over-limit mark will destroy all the hard work I have been building for months!
    Originally posted by LolaPear
    So will maxing out your card and being 20p away from the limit.
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 8:01 PM
    • 29,660 Posts
    • 17,617 Thanks
    YorkshireBoy
    • #3
    • 11th Jan 18, 8:01 PM
    • #3
    • 11th Jan 18, 8:01 PM
    I am still developing my credit file
    Originally posted by LolaPear
    If you were "developing" it you wouldn't be sailing so close to the wind! I mean, even I, when at my stoozing peak, never managed to get to within 20p of my limit!
    I made a payment of £2.00 to my account via Capital One app with debit card.. it takes 2 days to apply to the balance apparently, which is deliberate because card payments these days are instant unlike wire transfers... I am clinging onto the hope that the system will acknowledge the £2 but doubt it will as the banks don't communicate after 17:00 pm.
    That's incorrect.
    Anyone else have any advice about this?
    The fastest way to get a payment to your account is to use, er, faster payments!. Use the details provided on your statement.
    Last edited by YorkshireBoy; 11-01-2018 at 8:12 PM.
    • molerat
    • By molerat 11th Jan 18, 8:03 PM
    • 17,637 Posts
    • 11,907 Thanks
    molerat
    • #4
    • 11th Jan 18, 8:03 PM
    • #4
    • 11th Jan 18, 8:03 PM
    Get a FP set up from your bank account, the money is credited instantly then. And don't run so close to the limit. Not only does it lead to hiccups like this it does your credit history no good using too high % of your limit.
    www.helpforheroes.org.uk/donations.html
    • shortcrust
    • By shortcrust 11th Jan 18, 8:31 PM
    • 1,505 Posts
    • 1,972 Thanks
    shortcrust
    • #5
    • 11th Jan 18, 8:31 PM
    • #5
    • 11th Jan 18, 8:31 PM
    You should also be aware that you may lose your 0% rate by going over your limit. I'd give them a call and check.

    As others have said, it's crackers to get so close to your limit. For lots of reasons.
    • Gary_Dexter
    • By Gary_Dexter 11th Jan 18, 8:43 PM
    • 352 Posts
    • 194 Thanks
    Gary_Dexter
    • #6
    • 11th Jan 18, 8:43 PM
    • #6
    • 11th Jan 18, 8:43 PM
    Why would theg waiver the charge when it's a true and accurate representation of what's happened?

    And why oh why are you using up your limit - thats no way to build a good credit history
    • LolaPear
    • By LolaPear 11th Jan 18, 8:49 PM
    • 14 Posts
    • 1 Thanks
    LolaPear
    • #7
    • 11th Jan 18, 8:49 PM
    • #7
    • 11th Jan 18, 8:49 PM
    Why would theg waiver the charge when it's a true and accurate representation of what's happened?

    And why oh why are you using up your limit - thats no way to build a good credit history
    Originally posted by Gary_Dexter
    Why is everyone banging on about me using my limit - it is there for a reason. I am not in a hurry to get a new card, so if I have a high %, I couldn't give two hoots.

    It is more the pathetic £12 charge for 70p and pathetic mark left by the subprime lender that I am more concerned about here.

    And yes.. I signed a credit agreement... but we all make mistakes... I am sure Capital One have made enough of them over the years.
    • LolaPear
    • By LolaPear 11th Jan 18, 8:52 PM
    • 14 Posts
    • 1 Thanks
    LolaPear
    • #8
    • 11th Jan 18, 8:52 PM
    • #8
    • 11th Jan 18, 8:52 PM
    If you were "developing" it you wouldn't be sailing so close to the wind! I mean, even I, when at my stoozing peak, never managed to get to within 20p of my limit! That's incorrect.The fastest way to get a payment to your account is to use, er, faster payments!. Use the details provided on your statement.
    Originally posted by YorkshireBoy
    They state it doesn't work after 5:30 pm. No better to me right now than using a debit card to make the £2 payment.
    • zx81
    • By zx81 11th Jan 18, 9:00 PM
    • 14,813 Posts
    • 15,651 Thanks
    zx81
    • #9
    • 11th Jan 18, 9:00 PM
    • #9
    • 11th Jan 18, 9:00 PM
    Why is everyone banging on about me using my limit - it is there for a reason.
    Originally posted by LolaPear
    Because you say you have been developing your credit file, so people assumed you may want to know how to make it better.

    Maxing your limit sends the wrong signals to lenders.

    If you're not worried about your credit file, then it's fine to max it out. And also fine to go overlimit
    • molerat
    • By molerat 11th Jan 18, 9:02 PM
    • 17,637 Posts
    • 11,907 Thanks
    molerat
    I am still developing my credit file and an over-limit mark will destroy all the hard work I have been building for months! I might not get accepted for a card for a year!
    Originally posted by LolaPear
    Why is everyone banging on about me using my limit - it is there for a reason. I am not in a hurry to get a new card, so if I have a high %, I couldn't give two hoots.
    Originally posted by LolaPear
    Two very contradictory statements there. It is a limit, not a target. Running at anything more than around 50% of your limit is possibly not considered good for"developing" your credit file.
    www.helpforheroes.org.uk/donations.html
    • LolaPear
    • By LolaPear 11th Jan 18, 9:07 PM
    • 14 Posts
    • 1 Thanks
    LolaPear
    Just spoke to them.

    They told me that if I make a faster payments now... it won't go over-limit in the morning. I doubt this is true since statements are generated at midnight and interest applied instantly. This is unless they allow a waiver period before they slap on their silly punishments.

    He was indian in a call center so not sure whether to trust the advice.. but if it turns out to be wrong advice, I now have some legroom to file a complaint about being misinformed by their agents and seek reversal of any punishments :P
    • zx81
    • By zx81 11th Jan 18, 9:10 PM
    • 14,813 Posts
    • 15,651 Thanks
    zx81

    He was indian so not sure whether to trust the advice
    Originally posted by LolaPear
    Are Indians one of the more untrustworthy nationalities?
    • LolaPear
    • By LolaPear 11th Jan 18, 9:11 PM
    • 14 Posts
    • 1 Thanks
    LolaPear
    Are Indians one of the more untrustworthy nationalities?
    Originally posted by zx81
    its not about the nationality... its just i have been lied to on numerous occasions by people of this particular demographic on the telephone who are subcontracted to these companies.
    • Chrysalis
    • By Chrysalis 11th Jan 18, 9:14 PM
    • 2,113 Posts
    • 970 Thanks
    Chrysalis
    Getting around 100% utilisation on your credit facilities is not good for credit file building. So in affect you have sort of dug your own grave here.

    With that said I dont think a single overlimit will have any meaningful bearing, certainly not the same impact as been consistently around 90-100%. Just dont make the same mistake again.

    Also if its a first time offense, and you stay polite they may waive the fee.

    I have had fee's waived every time I have requested.

    The most recent was 2 months ago on my tesco card I had a missed payment, this was due to no direct debit which I am sure I setup, but somehow it was missing, it wasnt realised for several months as I had been sending lots of manual payments. They waived the fee no problem.

    Another was when I let my sister use a old £500 capital one card and also had changed the direct debit to her account, the DD bounced one month, I got that fee waived also.
    Last edited by Chrysalis; 11-01-2018 at 9:18 PM.
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 9:17 PM
    • 29,660 Posts
    • 17,617 Thanks
    YorkshireBoy
    but we all make mistakes
    Originally posted by LolaPear
    You've made two in a month though...that's good going! Couple this with the maxed out balances on your other cards until very recently and the undesirable financial associate (from your other thread) and you're not developing your file at all...you're wrecking it!

    So, 2 bits of advice (which is, after all, what you asked for):

    Don't withdraw cash, and
    Don't sail close to the wind.
    No better to me right now than using a debit card
    OK, you know best.
    They told me that if I make a faster payments now... it won't go over-limit in the morning.
    No, wait, you don't actually!

    The best way to develop your file, after what you've done to it recently, is to put one or two purchases on the card each month and settle the bill in full...nothing else...just that. But somehow I don't think you will. Prove us wrong?
    • redux
    • By redux 11th Jan 18, 9:23 PM
    • 17,776 Posts
    • 22,888 Thanks
    redux
    its not about the nationality... its just i have been lied to on numerous occasions by people of this particular demographic on the telephone who are subcontracted to these companies.
    Originally posted by LolaPear
    Just set up a new bill payment from a bank and send some money now, without discussing it any more.
    Last edited by redux; 11-01-2018 at 9:26 PM.
    • LolaPear
    • By LolaPear 11th Jan 18, 9:25 PM
    • 14 Posts
    • 1 Thanks
    LolaPear
    You've made two in a month though...that's good going! Couple this with the maxed out balances on your other cards until very recently and the undesirable financial associate (from your other thread) and you're not developing your file at all...you're wrecking it!

    So, 2 bits of advice (which is, after all, what you asked for):

    Don't withdraw cash, and
    Don't sail close to the wind.OK, you know best.No, wait, you don't actually!

    The best way to develop your file, after what you've done to it recently, is to put one or two purchases on the card each month and settle the bill in full...nothing else...just that. But somehow I don't think you will. Prove us wrong?
    Originally posted by YorkshireBoy
    I've sent £2 to Capital One's bank account via Faster Payments. This small sum is enough to cover the 70p cash interest they're slapping on tomorrow - which would prevent overlimit.

    Nothing is showing on my account so far, I pray the man on the phone is right. You said "no wait you don't actually"" does this mean you're vouching for the agent's advice? Its understandable for me to doubt it given they say after 17:30 it won't apply till the next day + system generates statement after midnight on the date.
    • Gary_Dexter
    • By Gary_Dexter 11th Jan 18, 10:20 PM
    • 352 Posts
    • 194 Thanks
    Gary_Dexter
    You're right. You did sign a credit agreement and in that is all the info on charges and interests.

    And as others have said developing a credit file won't happen if you utilise your limits to the max and go over as well.

    Good luck...
    • chattychappy
    • By chattychappy 12th Jan 18, 1:20 AM
    • 6,529 Posts
    • 3,455 Thanks
    chattychappy
    Why would theg waiver the charge when it's a true and accurate representation of what's happened?
    Originally posted by Gary_Dexter
    You're right. You did sign a credit agreement and in that is all the info on charges and interests.
    Originally posted by Gary_Dexter
    They often do waive such fees. I'm guessing it is for a combination of:

    1) Retaining customers. It's worth losing £12 for the sake of keeping a customer - especially one that might "mess up" from time-to-time but is otherwise a good credit risk.

    2) Hassle factor. Customers will often demand to speak to supervisors, fire off official complaints, escalate to the ombudsman. Cheaper to lose the £12 than pay for all that extra work.

    3) The fees are legally dubious anyway. Penalty charges are meant to be no more than a fair estimate of the cost of the breach. Many will remember the days of £25 or more being being charged, and that was in the T+Cs too. The OFT said that anything above £12 they would presume to be unfair, so £12 became a de-facto standard. They stressed that over £12 might be OK, and that less than £12 might be unenforceable - it would depend on circumstances. £12 was never meant to be a standard. And those were the days when typically they'd send a letter or even call you up. Nowadays it's just a note on the next statement which might be online anyway.
    • TheBanker
    • By TheBanker 12th Jan 18, 6:01 AM
    • 534 Posts
    • 1,443 Thanks
    TheBanker
    Made a purchase today which brought my available balance down to 20p - this wouldn't be a problem normally as my card is 0% but guess what... after it went through, it occurred to me that my statement is issued after midnight tonight and they are slapping on 90p cash interest!
    .....
    I am still developing my credit file and an over-limit mark will destroy all the hard work I have been building for months! I might not get accepted for a card for a year!
    Originally posted by LolaPear
    As others have said, a single over-limit charge is unlikely to have a huge impact on your ability to get other credit if this is the only "blip" on your file. What will have a bigger impact in your case is that you are utilising 100% of your available credit limit and making cash withdrawals on a credit card.

    I hope the 70p issue is resolved, and given the advice you received you do seem to have grounds for a complaint if you incur fees. But if your aim is to develop your credit file you might want to consider not using this card as much and certainly not drawing cash unless it is an absolute emergency with no other option. If you are concerned that you might not get accepted for a card for a year, this is advice to consider. If you are not in a hurry to get a new card then none of this matters (including the over-limit marker).
    Make £10 a day challenge: Jan-18: £99.74 / £310
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