First Credit Card Question

MoneySaver999

Hi,

I just got my first credit card today and have a question.

What happens if I try to buy something over my credit limit? Will it go through? And does it lower my credit rating?

Thanks

CLAPTON

It may or may not go through, depends upon the lender.
However, its a good way of incurring charges, having your credit limit lowered or having the CC withdrawn.

noah271007

MoneySaver999 wrote: »

Hi,

I just got my first credit card today and have a question.

What happens if I try to buy something over my credit limit? Will it go through? And does it lower my credit rating?

Thanks

Also if you do go over the limit, then that will be noted and your lender will record a 1 late payment marker to CRAs! Even if you get a refund on default charge, it will affect your credit rating. I know because it happened to me with Nationwide and i am still paying my mistakes almost 3 years later! Experian will keep last late payment record on active accounts for 3 years and Equifax four years!! Always pay on time and never go over the limit with CC!!

MoneySaver999

Ye I thought so.

Thanks guys.

NewbieMoneySaver**

This is not a good idea. You could always phone the lender and explain to them the situation. They may increase the limit or you could offer to pay part of the payment upfront onto the card and go into credit. Not all companies do this but most do. You then have the chance of using the card for the purchase and having the backup insurance of the card.

Cheers