Capital One gone over credit limit!

mrecuk

I have a capital one credit card which I have used for a long time now with no issues. The other day I paid for fuel using a pay @ pump machine forgetting that payments at these machines take a couple of days to come out of your account. Oblivious to what I had done, I carried on using the card like normal. After checking my statement on the app the next day I realised my mistake.

As I was nearing my credit limit, I knew that when the payment for the fuel cleared, it would take me over the limit. I immediately made a payment for well over what would have been needed to make sure I didn't exceed the credit limit just to be sure but it still isn't showing as credited to my account even though I made the payment over 24 hours before I knew the fuel balance would clear. Low and behold, midnight comes around and now I'm over my credit limit. It does say on the app that any payments may take up to 2 days to show on your statement but I was under the impression that although it may not show up for 2 days, the money would be credited to my account instantly.

My question is, what happens now? Has anyone else had a similar situation? It seems I have been charged some form of fee but I feel it's a bit unfair. I know it's probably ultimately me at fault but I feel a bit cheated that the payment i made didn't credit my account when I paid it. I've never experienced this problem before in all my time with Capital One.

adindas

It it not uncommon in the credit-card the credit card the payment appear on your statement after a few days.

If this is the first time happen try to call them and explain it nicely. They might refund the fee.

mrecuk wrote: »

I have a capital one credit card which I have used for a long time now with no issues. The other day I paid for fuel using a pay @ pump machine forgetting that payments at these machines take a couple of days to come out of your account. Oblivious to what I had done, I carried on using the card like normal. After checking my statement on the app the next day I realised my mistake.

As I was nearing my credit limit, I knew that when the payment for the fuel cleared, it would take me over the limit. I immediately made a payment for well over what would have been needed to make sure I didn't exceed the credit limit just to be sure but it still isn't showing as credited to my account even though I made the payment over 24 hours before I knew the fuel balance would clear. Low and behold, midnight comes around and now I'm over my credit limit. It does say on the app that any payments may take up to 2 days to show on your statement but I was under the impression that although it may not show up for 2 days, the money would be credited to my account instantly.

My question is, what happens now? Has anyone else had a similar situation? It seems I have been charged some form of fee but I feel it's a bit unfair. I know it's probably ultimately me at fault but I feel a bit cheated that the payment i made didn't credit my account when I paid it. I've never experienced this problem before in all my time with Capital One.

mrecuk

I think I might just do that. It's not really the fee I'm bothered about, it's the affect it will have on my credit rating.

Superscrooge

mrecuk wrote: »

It does say on the app that any payments may take up to 2 days to show on your statement but I was under the impression that although it may not show up for 2 days, the money would be credited to my account instantly.

I think you will be fine. It's my experience, as in your comment above, that credit card payments can take a couple of days to show on the account. The situation should resolve itself by tomorrow.

Dobbibill

Is your 'available credit' showing a different figure?
If they have received but haven't posted it to your statement yet, your available would show you have funds to spend if you have paid plenty over to cover it. In my experience this shows sooner than the main balance figure.

Candyapple

You've already been offered good advice of asking for any over limit fees to be refunded. In future perhaps you might want to write down in your phone/notepad your daily expenditure to save you getting in this situation again.

And to go one further, given that you seem to be quite close to your credit limit and it's a Cap One card, a card which should only be used to build your credit and not keep a balance on due to the insane APR, why don't you head on over to the Debt Free Wannabee boards and post up a statement of affairs where the peeps over there will be able to advise you better on how to budget better and also clear your debts.

mrecuk

Dobbibill wrote: »

Is your 'available credit' showing a different figure?
If they have received but haven't posted it to your statement yet, your available would show you have funds to spend if you have paid plenty over to cover it. In my experience this shows sooner than the main balance figure.

My available credit just says £0.00. It says on the payment section that my debit card payment was accepted but it's just not showing up anywhere.

mrecuk

Candyapple wrote: »

You've already been offered good advice of asking for any over limit fees to be refunded. In future perhaps you might want to write down in your phone/notepad your daily expenditure to save you getting in this situation again.

And to go one further, given that you seem to be quite close to your credit limit and it's a Cap One card, a card which should only be used to build your credit and not keep a balance on due to the insane APR, why don't you head on over to the Debt Free Wannabee boards and post up a statement of affairs where the peeps over there will be able to advise you better on how to budget better and also clear your debts.

The reason I was close to my credit limit is because I have kept my credit limit really low over the years as I only use it for emergencies and to build up my credit rating. It's not that I can't budget or anything, it was purely that when I used the pay @ pump machine, I realised I only had my credit card with me and because I filled up the tank on a van, it ended up costing a fair bit which would take me over my small credit limit once it cleared. I always pay off the card in full. It's just this time it seems my payment wasn't credited to my account straight away for some reason.

Candyapple

Fair enough. You mention keeping your limit low 'over the years' - have you held the card for a long time? It might be an idea to call Cap One and ask them for an increase?

Or perhaps you don't even need subprime cards anymore if you've held it for a couple of years. Have you tried applying for any mainstream cards?

If you sign up with Noddle and ClearScore and keep an eye on your monthly credit reports, that will be the only for sure to see if they added a '1' for missed payment. I think you will be ok though as most card companies allow for 1-2 days leeway before applying any credit markers to be reported back to the CRA's.

Dobbibill

mrecuk wrote: »

My available credit just says £0.00. It says on the payment section that my debit card payment was accepted but it's just not showing up anywhere.

Ah right, a debit card payment will take longer to credit than a FP from your bank account. I assumed you had made a FP......my bad

mrecuk

Candyapple wrote: »

Fair enough. You mention keeping your limit low 'over the years' - have you held the card for a long time? It might be an idea to call Cap One and ask them for an increase?

Or perhaps you don't even need subprime cards anymore if you've held it for a couple of years. Have you tried applying for any mainstream cards?

If you sign up with Noddle and ClearScore and keep an eye on your monthly credit reports, that will be the only for sure to see if they added a '1' for missed payment. I think you will be ok though as most card companies allow for 1-2 days leeway before applying any credit markers to be reported back to the CRA's.

I've had the card for 4 or 5 years I think it is now. I've deliberately rejected credit increases as like I previously said, I only really use the card for small things to improve my credit rating and in case of emergencies. I do use Noddle and so far nothing has come up about a late payment so fingers crossed it stays that way!