Credit Question

filmismymedium

filmismymedium

Well-known member
I applied for a new credit card in order to get a new computer setup. After I had been approved they said that my credit line was about 500 below the price of the computer I had planned on getting. I had planned on paying the card off in full before the cycle completed and they state in their agreement that going over your limit will cost you a 39 dollar fee. I'm ok with paying the fee but worry what this might do to my credit. Any thoughts??
 
I'm pretty sure that only the late fees count against you. But at the same time, I seriously doubt the credit card company will allow you to go 500 more than your limit. Most likely, you'll just be denied the purchase authorization.
 
filmismymedium said:
I applied for a new credit card in order to get a new computer setup. After I had been approved they said that my credit line was about 500 below the price of the computer I had planned on getting. I had planned on paying the card off in full before the cycle completed and they state in their agreement that going over your limit will cost you a 39 dollar fee. I'm ok with paying the fee but worry what this might do to my credit. Any thoughts??
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if you're going to pay it off in full before the cycle completes (a month i'm guessing?) then why even deal with the credit card company? why not just wait a few weeks? they're a bunch of bastards anyway.
 
Try giving them a call and stating your case. They may bump your limit up to a certain amount. Worked for me when I applied for a Amex Blue card.
 
mjjason said:
Try giving them a call and stating your case. They may bump your limit up to a certain amount. Worked for me when I applied for a Amex Blue card.
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agreed. this is your best option. you never want to overcharge.
 
slimchrisp said:
if you're going to pay it off in full before the cycle completes (a month i'm guessing?) then why even deal with the credit card company? why not just wait a few weeks? they're a bunch of bastards anyway.
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I had planned on paying it off with the money I will receive for a gig that I'm buying the computer for. Need to have portability. Normally that wouldn't give me enough time to pay it off but the first purchase on the card is given a 90 day (vs. 30) leeway to pay it off.

Which is worse, canceling a card right after you get it or going over your credit limit?

ps. I believe they will let me go over because they describe specific fees for how much you go over. ie. $39 for <$1000 over and a larger fee for >$1000.
 
filmismymedium said:
Which is worse, canceling a card right after you get it or going over your credit limit?
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They are both bad options.
As far as which is worse - I don't really know.

Listen to the advice most have given you here.
Your best course of action is to call and see if you can get the limit raised.
A "fee" is not really an option...it's a penalty.
Going over your limit will impact your credit score (as Sad Max said) and so will closing a credit account shortly after you got it.

My two cents - guard your credit closely, because like it or not it will probably have a huge impact on many of the decisions you make in the future.
 
I suppose my best option to avoid either problem is to split the amount onto my other credit card. Kind of a pain but would avoid any credit damage.

and yes Chris they are bastards.


EDIT: or heck, I'll just pay the remainder in cash. Can't believe I didn't think of that either.
 
sorry if i came across as preachy. i just hate those blood suckers. i left the credit card world behind a few years back. everyone from the random person i have a conversation with all the way to my parents say i have to have a credit card, but what can i say, i'm hard headed and do things my way. as luis said above, decisions you make with credit today will affect you for a long time. living debt free has opened up a lot of opportunities i would not have had with debt or credit problems.

anyway, i'm preaching again. i hope the gig works out for you. good luck.
 
yea, I think thats what I'm going to do. Thanks a bunch for the help guys. Gotta love a place that you can talk filmmaking all day and yet if you have another problem people will help you solve it in less than an hour. Amazing.
 
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