Credit Card Limit

[Deleted User]

Credit scores and ratings here are made up by the CRA’s; lenders and financial institutions do not use these made up figures to judge your credit worthiness

Sncjw

If your spending near your limit then I would question your own spending. It!!!8217;s not the banks fault you went over your limit. Also the banks will have t and c saying they will charge you for going over the limit.

If your spending near the limit it!!!8217;s your responsibility to check if you can pay for an item on credit card not the card company.

I!!!8217;ve seen many people on here not taking responsibility for things when it!!!8217;s their own fault.

PixelPound

Lebene wrote: »

I know I have a high credit score because it has been checked for me so I can access other financial services. Thank you for your wisdom.

Who told you this, the person trying to sell you financial services! It's not unheard of that sales people exaggerate things. You best check it yourself, and not just the score but the report (it can be done for free)

Lebene wrote: »

The first time it happened this year for the first time in 8 years since I got the card, I didn't know that British banks just let you go over a limit - as I had never gone over the limit before. Also, another country I lived in very recently and where I had reached a limit, does not have this nonsense. Thank you for your wisdom.

Four days ago I paid in money to offset going over the limit and was £10 off (I'd like to have an extra £5 under the limit) because my balance was not showing at all correctly after I had a refund from a shopping market. Thank you for your wisdom.

I will just move to a bank that can display balances more accurately after 3 days, rather than waiting a week. It is conveniently fast when I'm nowhere near my limit (that I know of since there's usually a 2 days display lag - not a week as it was this time). Thanks again for your unending wisdom.

Also - I've just looked it up and America has this service, so it's not even like I'm asking for anything grande. It's just a common sense option for people to have.

But thanks for all the rude snark from the dinosaurs.

If you are using cards from the UK, then its about time you got acquainted with how they work, first of all you are assuming they are operating cards in your best interest rather than theirs. You are a good customer for them, since you occasionally go over your limit and so get charged late fees. It does not cost the bank £12 to send you a letter or do anything associated with being over limit, so doing so occasionally is good for profits when credit cards can have low profit margins. It sounds like you are mostly hovering around your limit, so again a good customer for them because you are paying interest.

Compare this to many on here who take out 0% deals, squirrel the money away in an interest bearing savings account and paying it off before the 0% ends. The CC co has to administer their account the same but gets no money back from interest and charges.

If you have a very low limit like £500, have you requested a limit increase? If your score is high have you thought about applying for another card. If you had a card with a higher limit like a thousand or three, would you be able to stay within that limit or would it be too much of a temptation to max it out?

John_Jones

Lebene wrote: »

If two countries have it, and I go to a thread asking if this country has it - you know, trying to find out. Am I also wrong? For trying to find out? Alright matey.

£500 credit card limit is not high. I will ask for a higher limit and make sure that their online services are adequate, I will only need £510.

Thanks again for your unending wisdom.

You are mocking others for their wisdom, but you seem unable yourself to do basic arithmetic.

It is very easy to not go over your limit, you add up what you spend. You are oooking to blame others here for you having chosen not to take responsibility for your actions.

You are possibly young, and not used to the adult concept of taking responsibility, but this is one of the grown-up occasions where you need to do so. Most people are capable of not going over their limit. If you try really really hard, I bet that you can too.

Dobbibill

Don't pay any attention to the scores someone has told you about. Check all 3 main CRAs. If it's for a mortgage product etc you will have been told how that particular lender scored you, not all lenders.

MSE Credit Club (Experian report)
Clearscore (Equifax report)
Noddle (Call Credit report)
Again, don't pay attention to the scores - they will be different for each CRA, check the data held.

Utilising 100% of your limit is likely to appear negatively to other lenders, coupled with occasionally going over will paint a bleak picture if it continues to happen.

Look at having a DD set up to collect the payment in full - to do this, because of the timing of statement and due dates, never use more than 40% of your credit limit so the maximum used is normally around 75-80% by the time the payment is taken.

Making a mistake is human nature, learning from and dealing with it is what defines you.

msallen

Its a good job some posters are exhibiting wisdom here as there's at least one who's exhibiting the polar opposite.

Puddylove

My wisdom to share is;
1. Try to keep a decent buffer of credit unused. If your limit is £500, then try to never spend more than £400.
2. Watch those receipts - if you plan to walk the tightrope on the edge of the credit limit, without slipping to the charges side.
3. Always be polite to people who take the time to answer your questions, or they may not help you next time.

No need to thank me!

Lebene

nic_c wrote: »

Who told you this, the person trying to sell you financial services! It's not unheard of that sales people exaggerate things. You best check it yourself, and not just the score but the report (it can be done for free)

If you are using cards from the UK, then its about time you got acquainted with how they work, first of all you are assuming they are operating cards in your best interest rather than theirs. You are a good customer for them, since you occasionally go over your limit and so get charged late fees. It does not cost the bank £12 to send you a letter or do anything associated with being over limit, so doing so occasionally is good for profits when credit cards can have low profit margins. It sounds like you are mostly hovering around your limit, so again a good customer for them because you are paying interest.

Compare this to many on here who take out 0% deals, squirrel the money away in an interest bearing savings account and paying it off before the 0% ends. The CC co has to administer their account the same but gets no money back from interest and charges.

If you have a very low limit like £500, have you requested a limit increase? If your score is high have you thought about applying for another card. If you had a card with a higher limit like a thousand or three, would you be able to stay within that limit or would it be too much of a temptation to max it out?

Experian told me, or should I use another free service?

Am I not now asking on this thread what the rules for this country are because I have found out this year after 8 years of not ever going over the limit that it's different? The only interest I have ever paid is the student finance they think I'm ever going to pay back. So nice theorising. (I suppose when I wrote shopping, you automatically think Gucci, rather than some groceries).

What is wrong with some of you? Absolutely no reading comprehension.

I do not want thousands, I want £600 at most since I doubt anyone would give me £510.

Also, I do not see why it is too much to ask that a bank in 2018 can update someone's bank information sooner than a week's time. Why can they charge me on a day they won't let me pay?

Anyway, in the next few decades, younger people with no responsibilities will force banks to be more efficient and ethical, and hopefully, follow the footsteps of China and the US. For now, I'll stay irresponsible and look for a new credit card company - and until then, overpay my credit card into some debit to safehold this happening again. Fool me once, shame on you. Fool me twice, shame on me. Won't be a third time.

Lebene

chattychappy wrote: »

I doubt whether any card anywhere in the world can guarantee not to let you go over the limit - unless the same territories ban offline transactions.

No doubt different countries have different kinds of consumer protection and rules about charges. Here there is a "de-facto" maximum charge of £12 and, subject to provisos, S75 protection on purchases. I can well believe China/the US are different. Certainly different rules apply in Taiwan where I have lived, but no issue with offline transactions.

If you're in the UK spending on a UK card, then this is the system we have.

I was completely spoiled by China. And in China, as soon as you run out of money, you're barred. I experienced it once and I tested it recently with Alipay and WePay because I usually leave some money in my Chinese bank accounts just in case.

I withdrew incremental amounts until it barred me right down to the kuai. It is much better than the UK and I use paper only when I need to. I just trade in some privacy.

I knew about the charge because of what happened in March, all I wanted to know is if there was an opt-in for what is mandatory in China and is an option in America (which I now know there's not because I'm an irresponsible, young, silly person like the Chineses and Yanks). The second time it happened this weekend, it was because the app was just completely wrong, not even like "some purchases will take a few days" which is usually just 2-3 days but a whole week!

I was suspicious so paid some extra money in (I scheduled a payment for the first time just to see how efficient it is but usually I pay 'Send Now' 1-2 weeks ahead) but it was off by £5, I called credit card services and they said if I did it on the app and not in the bank, they can't transfer it to 'Send Now'. If they can't deliver a steady service, they shouldn't market the app as a way to track payments. This is offending people that I think this.

So I track payments with the expected 2-3 days by using the app 2-3 times a week (more if I've done significant spending) and I have text alerts every Sunday for my debit card. I have used this app for years now so I know how it usually works, the updates for travel are usually the same day-end day or the next day, meanwhile, other things can take 1-3 days to appear on the app. Not a week!

Lebene

Krisko wrote: »

If you!!!8217;ve had your £500 limit card for eight years and there!!!8217;s nothing negative on your credit reports you should indeed apply for a new card.

You should be able to get a starting limit of at least a few thousand pounds from most mainstream lenders.

I!!!8217;d check my reports first though, and use eligibility checkers to see which cards you!!!8217;re likely to be approved for.

I don't want such a higher limit even if I won't use it (I won't, I don't use my credit card unless I have wages coming in). But I'll learn if there's even such a thing as a card between 500 and 1000...

I used Experian because that's what friends who were buying houses and getting financial services in the past recommended I use. I will take Dobbibill's advice as well.