£12 overlimit charge, will it a fact my credit?

edited 30 November -1 at 1:00AM in Credit Cards
15 replies 2.5K views
AG47AG47 Forumite
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edited 30 November -1 at 1:00AM in Credit Cards
I just. It iced on my statement that I had a £12 overlimit charge, I thought my credit limit on my card was higher than it was:(


I have now paid in enough to bring me back under my limit.

But I thought I was on track to raise my limit soon, I’m worried that this will affect my credit increase?

Will this affect my credit limit going higher?

What is the best way to increase the amount they will lend me? Is it to pay off larger amounts every month? What else can I do to increase the amount they will lend me?
Nothing has been fixed since 2008, it was just pushed into the future
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Replies

  • shortcrustshortcrust Forumite
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    I think they're very unlikely to give an increase if you're close to your limit. Going over the limit probably turns that unlikely to zero chance for at least the next few months. It might mean you never get an increase on this card.

    If you want an increase try to keep to under a third of your limit (so if the limit is 3000 don't borrow more than 1000), but keep in mind that lots of credit cards never have a limit increase. I've probably had increases on fewer than a third of my credit cards over the years.
  • photomephotome Forumite
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    I have had increases on a couple of my cards recently but I pay off in full every month .
  • VortigernVortigern Forumite
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    shortcrust wrote: »
    I think they're very unlikely to give an increase if you're close to your limit.
    TSB increased my limit on a card I've been running very close to max. It's 0% on purchases so I've been paying the minimum, then spending the same amount each month.
  • Robin9Robin9 Forumite
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    Your credit limit is not a target which you try to hit every month.

    Reaching it - or exceeeding it - may be an indication that you are living beyond your means.
    Never pay on an estimated bill
  • VortigernVortigern Forumite
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    Robin9 wrote: »
    Your credit limit is not a target which you try to hit every month.
    Although you didn't quote me, you seem to be replying to my post. The point of my post was simply to point out that running close to the limit does not mean that the card company will not give an increase.
    Reaching it - may be an indication that you are living beyond your means.
    Or it may indicate that I'm stoozing. ;)
  • chattychappychattychappy Forumite
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    Not much logic to credit limit increases IMHO.

    I had an increase from MBNA - something like £19K to £20K. For the preceding year it was unused and zero balance, except for a single transaction of £35 several months earlier.

    I also remember somebody on here who was always close to the limit and exceeded it a couple of times. When asking for the fee to be refunded, the operator suggested a limit increase which went through.
  • fworfwor Forumite
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    The last three limit increases on my main credit card have all been offered when I spent to within 10% or closer to the existing limit.

    Having said that, I have never gone over, and I always pay in full, which may influence the decision. [At present my credit limit on that card is 68% of my annual income!]
  • Blackbeard_of_PerranporthBlackbeard_of_Perranporth Forumite
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    AG47 wrote: »
    But I thought I was on track to raise my limit soon, I!!!8217;m worried that this will affect my credit increase?
    The twelve pound is the lesser worry! Chasing the limit and the next increase is!
  • T-G-CT-G-C Forumite
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    It can be reported to the CRAs, however some providers are kind enough to inhibit such if the overlimit amount is repaid within the same statement period.

    For companies like Capital One, a first offence will entail a waiver of the £12 charge and no impact on your credit file if you contact them.

    Repeated breaches I would imagine would entail a harsher stance, regardless of the lender. Some are more understanding than others.

    If you are overlimit on your statement date and the reported balance of your account exceeds the recorded account limit, this is an immediate red flag to any lender.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • AG47AG47 Forumite
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    T-G-C wrote: »
    It can be reported to the CRAs, however some providers are kind enough to inhibit such if the overlimit amount is repaid within the same statement period.

    For companies like Capital One, a first offence will entail a waiver of the £12 charge and no impact on your credit file if you contact them.

    Repeated breaches I would imagine would entail a harsher stance, regardless of the lender. Some are more understanding than others.

    If you are overlimit on your statement date and the reported balance of your account exceeds the recorded account limit, this is an immediate red flag to any lender.


    Thanks all,

    I’m repaying as much as I can to increase the limit in the future
    Nothing has been fixed since 2008, it was just pushed into the future
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