Credit Card question. Calling Rossman!

[GoingUp]

So I have a starter Visa card. I am trying to build up credit by charging everything. It has a $500 limit on the card.

First month, I max it out. Then I pay the entire bill off 2 weeks early. Now here in the second month, it shows that my balance is $513 and I have $61 more in available credit. WTH? Did the credit card company raise my limit because I paid so quickly? Just curious....

Is it a problem that I am over my limit by $13 at the moment?

Edit: Everything is solved. Thanks to Rossman and Luvly for the help.

 

[bleeb]

my guess is that you overcharged by 13 bucks and the check you sent in hasn't been credited to your account yet.

 

[dxkj]

Originally posted by: Gobadgrs
So I have a starter Visa card. I am trying to build up credit by charging everything. It has a $500 limit on the card.

First month, I max it out. Then I pay the entire bill off 2 weeks early. Now here in the second month, it shows that my balance is $513 and I have $61 more in available credit. WTH? Did the credit card company raise my limit because I paid so quickly? Just curious....

Is it a problem that I am over my limit by $13 at the moment?

Well Im not Ross, and barely a man, but going over is not a good idea. Depending on your card you could have penalties, etc. Did you check to see if there were any temp authorizations? If so you may have 61 in credit left BEFORe the temps actually go through. Which would mean the temps are probably $74 in total, which would put you over by 13.

 

[edro]

Ahh.... nothing like maxxing out your first CC.

 

[Zombie]

I am not RossMan but Maxing out your credit card to build your credit doesn't sound right. I would use it regularly to pay cellphone bills and stuff and then pay it off at the end of the month instead of maxing it out.

 

[GoingUp]

next months bill will post on fri, so thats when I will go in and pay it off.

 

[RossMAN]

Which credit card company/bank?

 

[FeathersMcGraw]

Charging a lot and paying it off doesn't build credit quickly. Paying off your balance over a long period of time builds credit.

Then again, I'm not really sure there is any way to build credit quickly. There are ways to keep your score from dropping, but that's about it.

 

[GoingUp]

Originally posted by: RossMAN
Which credit card company/bank?

FinanB. Its a CC Visa card.

 

[MegaloManiaK]

Originally posted by: edro13
Ahh.... nothing like maxxing out your first CC.

The memories.... You should take :camera:'s so you can remember it forever.

That and theres nothing like that feeling of immenent doom in your gut when you realize you're finances depend on a check winning in the race against charges.

 

[RossMAN]

Well since none of us works for FinanB and don't have access to your credit card account, I have 1 suggestion.

Contact FinanB and ask them WTF?

Does this bank have a web site?

 

[GoingUp]

Originally posted by: MegaloManiaK

Originally posted by: edro13
Ahh.... nothing like maxxing out your first CC.

The memories.... You should take :camera:'s so you can remember it forever.

That and theres nothing like that feeling of immenent doom in your gut when you realize you're finances depend on a check winning in the race against charges.

I have all the cash right now to pay off the card. I just have been charging things instead of paying with cash.

 

GeeeeeeeeZ! Gobadgrs, that's not the way to build your credit. Don't feel the need to max your credit out. Lord! You're setting yourself up for failure. I feel sorry for your significant other who has to teach you finance if she has a sense of it; or who has to deal with your weakness if she's just as well weak in finance.

You could easily make mistakes if you don't take your time. You could go overlimit in the process, for instance. Well, it already happened to you. Even a $13 overlimit is bad, but you can get someone to talk to and remove it.

Take your time. Buy everything you would really like to buy or feel the need to buy with your credit card, instead of cash or cheque. Then when the time comes for payment you pay. Credit card could also help you if you are broke but know money is coming in soon. If you have a necessity to buy some items, you could buy them. Then by the time your bills are due, you may have enough money to pay everything. If not, at least you would have money to pay the minimum amount. Just don't buy things for the purpose of maxxing out your credit account! GeeeeeeeeeeeeZ!

 

[MegaloManiaK]

Originally posted by: Gobadgrs

Originally posted by: MegaloManiaK

Originally posted by: edro13
Ahh.... nothing like maxxing out your first CC.

The memories.... You should take :camera:'s so you can remember it forever.

That and theres nothing like that feeling of immenent doom in your gut when you realize you're finances depend on a check winning in the race against charges.

I have all the cash right now to pay off the card. I just have been charging things instead of paying with cash.

It doesn't matter, even if you have the cash and talk to them about it, if it goes over the limit you won't be able to get them the cash before they charge you fees for being over.

Its good you have the money and aren't spending more than you have. Still credit companies are just like everyone else. They look to take the most of your money while doing the least amount of work.

 

Call and talk to them, Gobadgrs.

You have put yourself in bad position, since this appears to be your first mark. You gave a bad first time impression. If you had previous records, it would be easy to persuade them that it was just a mistake and you had the money for it.

However, don't give up. Pick up the phone, call them and speak to them. Tell them you have the money all set. You can even claim that you did a return on and item an thought it was posted by then. It never hurts to try! But you must pick up the phone and speak to them!

Hopefully you've learned your lesson. Always call to find out your balance; or check your balance via the internet. As you get used to it, you'll no longer need to do this.

 

[RossMAN]

Originally posted by: Gobadgrs
So I have a starter Visa card. I am trying to build up credit by charging everything. It has a $500 limit on the card.

First month, I max it out. Then I pay the entire bill off 2 weeks early. Now here in the second month, it shows that my balance is $513 and I have $61 more in available credit. WTH? Did the credit card company raise my limit because I paid so quickly? Just curious....

Is it a problem that I am over my limit by $13 at the moment?

I may have the answer to your dilemma but have a few questions first:

1) Why haven't you called and asked them, isn't that what their job is as your financial services provider? If you wanted to know your bank account balance do you ask on ATOT or call your bank?

2) When you say "it shows that my balance is $513", what is it? Online, phone call or monthly statement? If it's your monthly statement, does it show anywhere on there the $500 payment you made 2 weeks early? If not, what could have happened is you made your payment after the statement print date. Your statement does NOT provide accurate up to the minute account information. If you want to know your current account details you should always check your account activity ONLINE or call them.

3) I doubt your credit limit was raised but it is possible, what does your monthly statement/online information show? $500 limit or higher?

I think the confusion is, your payment was made after your statement printed and you're not looking at accurate up to the minute account details.

 

[GoingUp]

Fvckin wankers only have an automates system. I cant get through to actually talk to anyone...

 

[sygyzy]

I suspect the reason this happened is because of a very delicating timing issue most people don't know about. It has to do with online payments. If you have not received your physical bill yet, but pay your bill online early, the month's total is still running.

Example:

You charged $450. You pay bill early. On the same day, thinking you just reset the bill to $0, you charge $50. You think the $50 will apply to next month's statement.

You get the paper bill but never open it. Heck, you just paid it off online right?

You get charged $13 for a service charge and late fee and interest because when they are processing your bill, you paid $450 out of a $500 balance.

 

[GoingUp]

Originally posted by: RossMAN

Originally posted by: Gobadgrs
So I have a starter Visa card. I am trying to build up credit by charging everything. It has a $500 limit on the card.

First month, I max it out. Then I pay the entire bill off 2 weeks early. Now here in the second month, it shows that my balance is $513 and I have $61 more in available credit. WTH? Did the credit card company raise my limit because I paid so quickly? Just curious....

Is it a problem that I am over my limit by $13 at the moment?

I may have the answer to your dilemma but have a few questions first:

1) Why haven't you called and asked them, isn't that what their job is as your financial services provider? If you wanted to know your bank account balance do you ask on ATOT or call your bank?

2) When you say "it shows that my balance is $513", what is it? Online, phone call or monthly statement? If it's your monthly statement, does it show anywhere on there the $500 payment you made 2 weeks early? If not, what could have happened is you made your payment after the statement print date. Your statement does NOT provide accurate up to the minute account information. If you want to know your current account details you should always check your account activity ONLINE or call them.

3) I doubt your credit limit was raised but it is possible, what does your monthly statement/online information show? $500 limit or higher?

I think the confusion is, your payment was made after your statement printed and you're not looking at accurate up to the minute account details.

First Statement date was July 21st. Payment was due on Aug 15th. I paid the entire balance off on July 24th. Transaction went through.

The next statement will be Aug 21st. Currently I am $13.29 over my $500 limit. I cant get through to talk to any of the morons on the phone. Should I just go in and pay off my whole bill today at lunch?

 

[GoingUp]

Take your time. Buy everything you would really like to buy or feel the need to buy with your credit card, instead of cash or cheque. Then when the time comes for payment you pay. Credit card could also help you if you are broke but know money is coming in soon. If you have a necessity to buy some items, you could buy them. Then by the time your bills are due, you may have enough money to pay everything. If not, at least you would have money to pay the minimum amount. Just don't buy things for the purpose of maxxing out your credit account! GeeeeeeeeeeeeZ!

Thats exactly what I have been doing. Groceries, supplies, dinner, etc. Then you rag on me for it? Thanks for the input.

 

[RossMAN]

What is FinanB's web site?

 

"Fvckin wankers only have an automates system. I cant get through to actually talk to anyone..."

Not true! Every credit card company has an option for customer to speak to an operator. Wait for the automated system. When you're done with that, they'll say click x button to speak to a representative.

If you don't get that option, then press a '0'.

You may want to wait until your payment has been posted, though. That way you can back up your claim.

 

"Thats exactly what I have been doing. Groceries, supplies, dinner, etc. Then you rag on me for it? Thanks for the input."

No, that's not what you're doing! There's a distinction. You went with intent to max your credit account, not just to use it to buy what you would typically buy and need. If you claim that was your aim, then you aren't doing such a good job. When you're doing stuff like that, you should know to check your balance before you make another purchase.

Anyway, it's your account and record. If you prefer the "don't criticise" me tactic, fine. You're the one to pay for the consequences of your decisions.

As far as getting in contact with them . . . as I said earlier, try to pay it off first or part of it. Go to their website, then open a login account. You should have the option to pay via the 'net. Set it up for the amount and date you want your bill paid. Then give them a call. They should be willing to waive the overlimit fee, if any. I don't know much about your company, but many credit companies offer internet access now. Check your statement or the back of your card for their web address.

 

[mrbuddylee]

Just talked about this in one of my MBA classes last night.

There was a couple guys in college, they wanted to start a business. They had no capital, no credit, and no bank would give them money. The ended up financing the hundred thousand dollar business on credit cards. They said that credit cards will keep increasing your limit as long as you spend a lot of money and then pay it off later in one big sum. Interesting...

Anyways, if you want to get your credit score up, credit cards aren't going to do it very well. You're best bet is a car loan or some other big purchase that's not on a credit card. Credit cards will work, but not fast.

Just my $.02

 

[GoingUp]

Originally posted by: luvly
"Thats exactly what I have been doing. Groceries, supplies, dinner, etc. Then you rag on me for it? Thanks for the input."

No, that's not what you're doing! There's a distinction. You went with intent to max your credit account, not just to use it to buy what you would typically buy and need. If you claim that was your aim, then you aren't doing such a good job. When you're doing stuff like that, you should know to check your balance before you make another purchase.

Anyway, it's your account and record. If you prefer the "don't criticise" me tactic, fine. You're the one to pay for the consequences of your decisions.

As far as getting in contact with them . . . as I said earlier, try to pay it off first or part of it. Go to their website, then open a login account. You should have the option to pay via the 'net. Set it up for the amount and date you want your bill paid. Then give them a call. They should be willing to waive the overlimit fee, if any. I don't know much about your company, but many credit companies offer internet access now. Check your statement or the back of your card for their web address.

I had been using it to buy supplies, groceries, dinner etc. I never stated that I was intentionally maxing out my card. I came within $20 of maxing it out in my first month. Then I paid it all off in full.

The website is www.fnanb.com When I dial their number, 1-800-477-6761 I get the option of immediate help in English by pressing 1, or immediate help in Spanish by pressing 2. Then it goes right to an automated system, and I cant find menu options that will let me talk to someone. There is no option 0 for an operator. When I just hold on the phone in hopes of getting an operator, it doesnt work either.

Edit: Even when you dial 0 you go right to the automated system.