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If you go over your limit or don't make a payment for 90 days, they'll block you from making any new purchases. If you don't make a payment for 2 months, you can count on getting hefty overlimit and late fees, added interest, and possibly an increase in the interest rate they are charging you. You should do whatever you can to get this taken care of as soon as possible. |
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♥ Mrs. D♥
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No, they'll leave it open...they LOVE collecting those fees! |
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Bubba the Hutt
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There are a lot of misconceptions as to what "Closed" means.
Closed only means YOU can't use the card, but your lender can add fees/interest even if the account is "closed".
If you are the one to close it, you can open it again at any time as long as the lender didn't close it due to delinquency. If the lender closes it due to delinquency then you can't re-open it (meaning you can't charge on it more, but they can still charge you fees). If you're only a month or two delinquent they'll likely only suspend your account and lift the suspension once you've brought it current. If you go too far delinquent (usually 90 days +) they'll close your account, meaning you'll be unable to charge on it again even if you do bring it current/under your limit.
Also, most lenders will give you some leniency about missing payments before raising your interest rate. Most lenders won't raise it unless you miss 2 payments in 6 months, some will club you if you only miss one though, you'd have to ask your lender.
Remember, just because your account is "Closed" doesn't mean they can't pile on fees and interest sending you over your limit, "Closed" just means you can't use the card to make charges. |
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musickangel
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prolly not just pay it off fast cuz they'll eat u alive with the fees!!! |
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RantingLover
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It depends on a lot of factors whether they would close your account for being over the credit limit for consecutive months.
Usually no, they won't, because of what has been mentioned - the fees and interest they are making off you right now. But, just because an account is closed doesn't mean that they're not still making that money from you.
But, if you look like you're a risk to the company, low fico, high debt, low income for the amount of debt and credit you have they may close your account.
Do you have a lot of credit cards that are over or close to the limit? Or is it just this one because you like it the best? Can you handle the monthly minimum (even though that won't get you under the limit)? Do you bank with the company or just have the credit card?
If you have good credit call the company and ask for a credit line increase. If you don't, do not call the company, don't call to explain, don't call to ask for help (unless you don't see yourself paying off the debt at all), don't call just to say hi. That brings attention to the account and though credit companies pull risk reviews anyway, calling and bringing up the account is a guaranteed way to have a review pulled on your account. |
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Classy Granny
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They will not close your account. Like someone said they love collecting those fees for over the limit. They'll also raise the amount of interest you pay. |
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skylar
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If it is over the limit it is probably because it was maxed out and they applied the interest. They will increase you limit temorarily to charge you interest. If you have made the minimun payments for the last two months I dont think they will cancel your account |
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dchoudhtry
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You wont be able to use it, but once you have made a payment it should be ok. Maybe you should keep an eye on your spending so it doesnt happen again!!! Beware of the repayments dragging you down. Depending on your credit limit, your charges will be sky high. Especially if you miss repayments. This may also damage your credit rating!! |
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laney
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transfer your credit card's balance to a lower APR-
and interest.
discover is a good one to transfer your balance.
then if after you pay your balance on time with the other card your credit will be OK.
once again.
laney
i used to sell discover and transfer balances all the time. |
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labelle_2004
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They will leave it open. Fees make then richer. |
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guitarplaya2000
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They will warn you that you are over limit, but they will keep your account open - hoping that you would continue to run your account over so they keep charging you those ridiculous fees! |
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unicorn78
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It could get closed. Call them immediately, and see if you can make any arrangements to pay a partial payment, and more in the future. |
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freed1one
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NO, they will keep adding charges...to the point that you will be so far behind that you arent going to want it.
get rid of it.... |
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Sandrew
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Stay in constant communications with you credit card provider updating them on your employment and financial status to maintain the integrity of the account.
Sandrew |
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Mary P
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it will be hard to because they put interest on interest. |
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llcentlous
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no, you just won't be able to use it until your back under limit |
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bob shark
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They will demand the overlimit amount NOW !!! |
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J F
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Contact the card company and ask for an increase in limits. If they will not then give them the date you expect to get the balance below the limited amount.
You are likely paying interest in excess of 20% which takes a big bite out of what you are paying. Get the balance paid off. I would quit using the card until such time. Then pay the balance off quickly when you charge anything. Things that get charged such as fuel and groceries should always be paid at the end of each month. |
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Heatherrrrrrrr
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Ask the credit card company. Usually they do not close your account for this. Obviously you can not use the card until you have available.
Tell them what you are doing so they don't assume you are not going to pay. |
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rockyfella25
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not usually as long as you pay your monthly payments. |
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lindzoid3
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no, you will get overlimit fees and that will add up. If you can't get current for 2 monthly payments I think its time to cut up the card and stop spending. |
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TotalRecipeHound
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Call the credit card company and explain your dilemma. They will likely put a hold on your card, until you are below the credit limit. If they KNOW you are working on it, it is unlikely that you will get your account closed. After all, you are making them OODLES of cash when you pay since they take the interest first.
My personal suggestion is to get a second job and get that credit debt paid down. Those interest payments suck a large percentage of your income over time. |
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Johnny B Good
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It will remain open so long as your paying on it. They make big money from people like you. Their not going to cut you off. |
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Joe
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you probably won't get charged since they accepted the overspending to begin with. just pay it off, and do at least minimum payments or more in the meantime.
to be sure call your credit card company and ask them if you can get an increased limit. |
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Joeee
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yeah |
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