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rc_3freak | I need your help with a credit card question? |
I hear a lot about credit line and really have not found what i want. When a person is issued something like an $800 credit line, what does it mean? It is the maximum credit you are given, but does this apply daily, monthly or yearly? basically, are you able to spend $800 in a day or month? or even a year? i dont know, please help!
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theres the beef
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$800 in total aggregated debt:
- $100 on Monday
- $500 on Tuesday
- $200 on Friday
... that's your limit. And be careful with it too - don't get within 15% of the total. Hope that helps! |
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Brent C
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That is the maximum amount you are allowed to charge period. Not daily or weekly, once you reach that amount you will not be able to charge anything else. |
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Tuff D
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$800 is the max you can spend. Credit card companies used to cut you off at your limit ($800). Now they let you go over then burn you with overage fees which can be $25-$50 a transaction. Then they may up your interest rate without your knowledge just for going over your limit. Then there are the late fees.
Word or advice. Pay attention to your interest rate (the amount the bank charges you for using their money). Pay more than the minimum and pay on time. I have a $4500 credit limit at 18% and only owe $500 on my one card. I know people who owe more than $10,000 on credit cards. Also, get one credit card from your bank and use only that one card. Avoid all the retail credit cards which usually have an interest rate around 22 - 25%. Read the fine print carefully and thoroughly. |
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cdukshn
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Contact the issuing card company. They will know. If not, keep asking for managers until they give you the manager of the office you are calling. If nothing, go to their website and contact the company through email, or personal letter. If nothing yet, find out who the owner, or highest ranking official is, and write them the letter. Also let them know how these other morons weren't able to do squat for you.
PEACE!! |
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Lujan Family
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It's your credit limit you can spend it as fast as you want, the limit can increase depending on how well you pay the, i.e paying on time and the minimum or more due. As a tip never spend more the 50% of your limit as this helps your credit rating. If you max out the card it looks poorly when you apply for things later. Unless you plan on paying it off each month. |
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bdancer222
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It's a revolving line of credit. The limit is $800 period. You have to pay it down before you can charge more. Time period has nothing to do with it, except that you get a monthly statement and are required to pay at least a minimum payment each month. |
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geniec67
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the credit line is the maximum credit you can use at a time. For instance, if you charge up to the maximum credit line, the you can't charge any more until you pay it down to under that amount.
If you were given an $800 limit, you can charge up to $800 in one day or over the course of time. Once you hit the $800 mark, you must pay it down to use the card again. |
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cassnate
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Your credit line means that it is your limit. You can spend it all at once if you want, but you won't be able to go over that limit until it is paid off, and you will generally make monthly payments.
For example, say you spend $800 and can't put any more money on your card. At the end of the month, your statement will say you owe $800. Let's say you pay off $500 and are then left with $300. You will then still have $500 that you can now put back on the card. The catch is, of course, you will be charged interest on the amount that you haven't paid, unless you are on a no-interest payment plan, like say, from a retail store purchase. |
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Wtflol W
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Theres no time limit.
The 800 credit line means you can spend up to 800 before having to repay it. (with interest, of course) |
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src50
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It means that you cannot exceed that amount of total debt on the account at any time. |
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howfuzzywuzee
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That $800 IS the maximum you can charge, period.
There IS a chance that you can go over that $800, then you'll get what is called "Over the limit charges" which I don't think you want.
As you make payments on this say $800 account balance, then the credit company will give you the difference as a new line of credit for use again.
For example....You maxed your card at $800. You pay $100. You will then have $100 credit limit available to use, because you STILL have $700 previously owed in charges...make sense?
BTW, if you want to truly build your credit rating and slowly increase your limits....only use about 20-25% of that $800 limit.
Maxing a card out shows that you have no self control and IF you someday have say a $5000 credit limit and you max that out, you will find it difficult to pay back.
Interest rates can and do change from month to month, and only paying the minimum monthly payment will only bury you alive.
Start with a small credit limit like $1000, and use only $250-$300 of it maximum, and pay down fairly quickly, like 3-4 months and ON TIME ALL THE TIME. This will help you get the "feel" for how credit works and you'll see how expensive credit can be to use these days. |
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♥Red Panda♥
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It means you can't spend more than $800 on that card. If you reach that limit in a month, you do not get another $800 the next month. You have to pay your balance. |
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shattycakes
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that is your monthly limit that you cannot go over. once you pay your bill you can do it all over again the next month: ) |
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amcdowell687
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i think this is monthly. after a certin date you will be billed then the credit will be restored |
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