I was $.50 over my limit with Cap One, and they charged me a $29.00 over limit fee. FOR 50 FREAKIN CENTS!!!! Geez, doesn't anyone get a 50 cent break anymore?
Ask them to waive the fee. I hear that Cap One will waive the first overlimit fee that your account gets. Although your chance at getting a cl increase may be shot for 6 months. Trevor
Breeze, I did, and I paid the $29.50 about 2 seconds after I noticed the fee. Mr. Cooke said that after 3 months of ontime payments, he'd raise my $300 limit to $500. I got the card in October, so this month is the 3rd payment. They didn't give me a limit increase. I'm so Peeved!!!
A overlimit fee for $0.50 over is a bit harsh. The T&C for some accounts let you go over by 5% before fees are imposed. (Do not remember which card.) Although I think Cap One is a pretty good sub prime lender overall. Trevor
This situation is exactly the kind to avoid bringing to Mr. Cooke. Chances are a .50 cents over the limit situation is accidental at best, especially with such a low limit. The best move in your exact situation is to review the charges for the immediate prior 10 days and see if any of them is the $6 or other fee that CapOne imposes. Even if there is no such fee and just a lot of charges you made, call the customer service number on the back of your card and simply tell the agent that you closely calculate your account and the .50 over was completely accidental. They will waive the $29 fee and (same thing happened to me a few months ago) if you go over any other time in that billing period it won't count against you. Just a word to the wise: If your goal is to rapidly increase your score, you should never charge more than 35% of your limit. When my CapOne account had a $300 limit early last year, I never charged over $100. I desperately wanted to charge more but I held on. I got other subprime cards and did the same. In no time, my score began to jump up and then CapOne raised my limit to $600. Last month Mr. Cooke raised it to $1500. And my score continues to climb. But the more accounts you have, the more complicated the whole score thing becomes. Good luck.
Just an FYI, I didn't call mr cook about the 50 cents, I spoke with him in October, thank you. My post wasn't about raising my limits or improving my scores, it was about an overlimit fee for 50 cents over. Until you know why I charge close to the limit, don't comment. I found your post rude, and you didn't offer me anything that wasn't already said.
Superadman is right - a good principle to live (credit-wise, that is) by: Make 50% of the limit your "hard limit" and never, EVER, NEVEREVER exceed it. Make 35% of the limit your "target limit" and try like hell to never exceed it. I know it sucks when the limits are small, but it's temporary and will get you more in the end. I had a $2 overlimit with Cap1 years ago - killed any chance of a limit increase for 12 months (they were stricter in the early 90s, if you can believe that!). I would bet you the $29 that they'll waive it for you the 1st time. Good luck, mj
Erica, I understand the reason why you are upset. And these other people simply comment on not using ovre 35%-50% of your limit. What they fail to see is that Cap1 does not report LIMITS! If you use only 35-50%, they you have no where near an accurate reflection of your true limit. I would again call and try to get it reversed. I understand your fustration and I am only trying to help. Good Luck, and keep us posted.
I would NOT suggest that you MAX OUT YOUR CARD EVERY MONTH...BUT if you NEVER...not even once in five years, MAX it out...they MIGHT JUST LOWER YOUR LIMIT... JC PENNEYS DID THAT!!!
NEVER EVER MAX IT OUT...I DON'T THINK SO!!! BUT THAT'S ME... My TWO 0.00% accounts are both MAXED 100%...It's ILLOGICAL TO NOT MAX THEM OUT... Even the 2.99% account!!! I have other cards 100% un-used to COMPENSATE...
Erica, When my cap 1 acct. was about 3 months old I made an online payment late on a Thursday night. My payment was due that Sunday. They didn't post it til sometime late Monday and I went over limit also because of the delayed posting of my payment. I called them later that week and they reversed the overlimit charge as a "1 time courtesy". It also did not prevent me from getting an increase which I got about 2 months later. Give them a call, they'll remove the charge.
If the interest rate is >9.99%...I wouldn't MAX it out even on a dare...unless it was PAID-IN-FULL every month, and I got points, mileage, or cash back.
Thanks Reshod, George and LKH. I appreciate your comments. I will call about the fee tomorrow and ask that they raise my limit the $200 promised by Mr. Cooke almost 4 months ago. As many of you know, I recently moved. I haven't gotten any mail in over a month, so no bills. Thank Gosh for online payments. Since the move, I had to take time off of work, and just recently went back. I got my first paycheck on Friday. During the time I had off, I had to live on my CC's. I knew that once I got back to work, I could pay them off without a problem. I miscalculated by 50 measly cents. It's hard when you have no cash, and no prospects of cash for 5 days, even though you know that you are going to get it. SO before others get on their high horses, maybe you should have asked WHY I was at the limit before giving me advice on how to only charge 30% of your limit.
"1 time courtesy". ------------------------------------------------------------------------------------- I would have said "AS A ONE TIME COURTESY, I WILL USE THE CARD AGAIN, BUT IF I PAY ON TIME AND YOU DELAY PAYMENT AGAIN CAUSING A LATE FEE, I WILL STICK IT IN THE SOCK DRAWER"
George ROTFL That is exactly what I told Radioshack--(Hurly State Bank) on Wednesday! A few choice words were added. I made a EFT payment and the credited my account 2 days after the due date Hit me with a late fee I called and as a one time courtesy they would waive the fee. Wrong thing to say I don't think they will pull that crap no more.
