Gone over limit!

smj43

I have just found out one of my CC's is over limit by 75p

It's the first time I've made a mistake like this so not sure what will happen. The charge that took it over is for £99 but it's just an authorisation, it should be returned in a couple of days, the merchant aren't going to settle it.

Hence my 'available credit' is -0.75 but my balance is under the limit.

Will I get charged for this? And my credit score trashed? Should I immediately make a payment just in case, or would that not help?

unimaginative_user_name

I would ring the company to explain and other to pay an amount to bring it back to under your limit. They are probably within their rights to charge you a fee but as it's only for 75p they might waive it if you make the first move.

exel1966

What do you mean by "it's just an authorisation, it should be returned in a couple of days, the merchant aren't going to settle it"

If the £99 is not added to the account then it won't have gone over and you shouldn't have a problem. If it's added and then refunded you will be over and charged £12 and possibly have it noted on your credit report, but if it's a first time 'offence' you should be able to get that refunded.

chattychappy

Yep.. clarification needed.

If there is a risk it will go through, you could try asking for a small limit raise. If that goes through before it hits, you're home and dry!

smj43

What I mean is a company has authorised my card for £99, thus placing the funds on hold and bringing down my 'available credit', however they haven't actually made a claim for the cash and it hasn't been posted to my account. The hold will be released in a couple of days since the company will not be taking the money.

I'm not sure if just my 'available credit' being in the red would warrant an over limit fee and negative CRA entry? Or would that only apply if the transaction was posted?

exel1966

You're still not making it clear. Is it a purchase ? Why is the company not going claim the cash ? Why are you sure it will not go through ?

You really need to elaborate or just ask the card company concerned what they'll do and what the status of the £99 actually is.

opinions4u

Send a Faster Payment.

Then see what happens.

smj43

The company is Vodafone, the £99 is for a purchase. It's an upfront fee for a contract phone which they are unable to deliver for 2 weeks. They put the auth on it when I ordered but have told me that they won't take the money until its despatched.

So yes, there is a small chance they could take the money and they may have lied. I guess the safest thing is to send a payment now just in case.

But just to confirm, if it doesnt go through, I won't be charged and it won't count as being over?

samtoby

I don't think you will. I imagine if you put some money on it fast then it won't matter. It depends if it's charged to the statement surely?

mankarni

Hope you have already made the faster payment of a couple of pounds to bring the limit under control by the end of the day at least when the charge / authorization went through. Best thing to do is call the company and ask them what your options are explaining the situation. I guess if it was only authorization there should not be any issue of going over limit. But you couldn't be sure whether vodaphone really did an auth or a full charge which will appear on statement in a couple of days.

smj43

Ok, so I made a £5 faster payment which has reached my account so the available credit is now £4.25. The Vodafone charge has not hit the statement so my balance was never over the limit.

Am I safe? Don't want to be charged and a black mark on my credit.