Gutted - gone over my Capital One credit limit by £3

Stuckon100forever

I can't believe the mistake i've made. :wall: :wall:

I only got my new capital one last month with a £100 limit and i've just realised i've gone over by £3. I've just checked my online account and it won't show my recent transactions.

I'm gonna pay the £3+ using my debit card in the morning but I would like to know what my chances are now of getting a credit increase on my 4th statement?

(The account shows no default fee yet, just the £3 i'm over and my next statement date being october with min payment of £5!)
Am I likely to be stuck on £100 forever more....? :doh:

Dr_Cuckoo3

Stuckon100forever wrote: »

I'm gonna pay the £3+ using my debit card in the morning :doh:

Capital One accept Faster Payments the sort code is on it's website - much quicker than debit card

Mrs_Ryan

Its not impossible - I didnt get my limit increase cos they mucked up and I kicked up such a stink they put my limit up...

Stuckon100forever

Mrs_Ryan wrote: »

Its not impossible - I didnt get my limit increase cos they mucked up and I kicked up such a stink they put my limit up...

How did you kick off a fuss? Did you call them or write?

This was a genuine accident which I realised yesterday and my statement was produced today!. I paid for something with a voucher, but the delivery charge was added on first and then credited later but it meant I went over and too late once the interest was charged. As I haven't had the card for a full month yet I didn't know when my statement date would be and hoped I would have had enough time to bring the balance under but now my account shows its too late. I know its my fault but shows how useless a £100 limit is when charges happen.

A £100 limit for the next year is no use to me as I wanted to hire a car next Summer.... I'm thinking of maybe paying the full balance back, closing the account and re-applying in January and starting again?

chattychappy

I don't think it makes a big difference when you go over your limit or whether it's particularly significant if you bring it back down by statement generation.

I'm afraid if you run things so close, stuff does happen. You can make a mistake, a merchant can make a mistake, the CC company can make a mistake. OK, so if it's not your fault you can argue about it - but it's still a hassle getting stuff reversed.

You're only paying £3 by debit card? So what happens if they apply a default fee £12? Suggest you pay a bit more to create a buffer. If they do charge you £12 for going over by £3 you might be able to argue that it's disproportionate and get a refund/part refund.

I don't think this single aberration will wreck your chances of getting a limit rise and I certainly wouldn't close the account. Just don't run it so close to the limit paying only the minimum. Then you do look distressed.

Curt.

Stuckon100forever wrote: »

How did you kick off a fuss? Did you call them or write?

Unfortunately Capital One have just about every call center in India too, so they are the worst to try and get something worked out with over the phone too...unfortunately they are one of the worst lenders to end up in a situation like this with. Even though its not a huge mess, they are not the type to be helpful about anything.

Go with what Chatty Chappy advised, and try not to run it so close, because as he said, when you do, things like this can tend to happen unfortunately.

Hope it resolves ammicably for you.

woody01

Kicking up a 'stink' won't help get a credit limit increase...they do not do it over the phone anymore.

Stuckon100forever

Update: Bad news guys, just found an old thread from Feb 2008. Basically someone did what I did put overspent his limit by £1 (he didn't get charged a default fee either) yet despite paying it back immediately he did Not get an increase on his 4th statement.

He tried calling the call centre, yet has Curt suggested he got nowhere. I would be interested to learn more about how exactly Mrs_Ryan was able to get her increase? For example did she write in to the UK address? However at the moment the way I look at it I have 3 options...

What does everyone think I should do?

A) Pay off the balance immediately, run my account well for 4 months then wait and see what happens in November?

Pay of the balance immediately, close the account this week and then re-apply and start again in January 2011, so I can get an auto-increase in June 2011?

C) Pay of the balance immediately, close the account and try Aqua or Vanquis?

This is my first credit card after years of having non. I understand that this mistake is my fault but I really would like a credit card in the future that has more than a £100 limit. It seems Capital One's systems don't normally give a credit rise after the first one (4 months, then perhaps 18 months later) so don't want to waste my time with this card and be stuck on £100 forever.

chattychappy

(A)

After a few months if CapOne don't give you what you want, then apply elsewhere. But don't close it.

Really I don't think there is much else you can do - as you say this the first credit card you've had, it's a relatively low limit and despite that you've "messed up". I doubt whether you can "massage" the position with CapOne in any way - and really on an account this size they aren't making much money so there really isn't much incentive for them to give it special attention.

If you close it, you might not get one again and you're back to square one.

chexum

I would:
- Bring the balance safely below the limit *now*, even in the case of additional charges, and keep the card open/used, making sure you don't get close to the limit again.

Are you intentionally using most of the limit? With CAIS in place, any interested lender will see your complete spend/payment history, and they may get the impression you are unable to keep up even with this lowly limit - so they won't be inclined to offer higher.

Even if they shouldn't be able to tell the identity of other lenders, the low credit limit, and the repayment amounts (compared to the limit) will be an easy way to tell it's subprime.

At least if you can keep the card used, there will be one more account that they can see you're (well trying to) keeping in order. After 6 months, one (one!) other subprime may give you higher limits, with possible increases, even if capital one doesn't.

Closing the account won't show even the impression of stability...:money:

Fiddlestick

chexum wrote: »

Are you intentionally using most of the limit? With CAIS in place, any interested lender will see your complete spend/payment history, and they may get the impression you are unable to keep up even with this lowly limit - so they won't be inclined to offer higher.

Even if they shouldn't be able to tell the identity of other lenders, the low credit limit, and the repayment amounts (compared to the limit) will be an easy way to tell it's subprime.

I can confirm that on a monthly basis Capital One report:

a) Your credit limit
b) Your balance
c) If you have made a cash withdrawal
d) If you only made the minimum payment

This information is available to lenders and Virgin Money/MBNA were able to view this and discuss it with me when I last made an application with them.