You may be able to go over your Union Plus Credit Card credit limit, but it is up to the issuer whether any charges that exceed your limit are approved. There is no way to opt in to go over your Union Plus Credit Card credit limit.
Here is what you need to know about going over your Union Plus Credit Card credit limit:
You cannot opt in to go over your Union Plus Credit Card credit limit.
It is up to the issuer whether any transactions that go over your credit limit are approved. Capital One’s eligibility criteria are not disclosed publicly, but in some cases, they may decline a transaction that causes you to go over your limit, due to factors such as late payments and having just opened your account.
Each transaction is approved individually and there is no fixed amount you can go over your limit.
There are no overlimit fees, so you won’t have to worry about extra costs if you are allowed to go over your limit.
You can get a Union Plus Credit Card credit limit increase by requesting it online or by calling 1-800-955-7070. Capital One could also automatically approve you for an increase after your first 5 on-time monthly payments.
Besides that, your best chances of getting an increase are if you've been paying your bills on time and in full, or if your credit score and income have improved since the last increase.… read full answer
Fortunately, Capital One doesn't do hard pulls for credit limit increases. They only result in soft pulls and don't affect your credit score.
If you go over your credit limit, your credit card company may add the over-limit amount to your minimum payment, lower your credit line, or even close the account if you’re exceeding the limit too often. Also, your credit score will drop if the balance is still over the limit when reported to the credit bureaus. That said, it’s more likely that the card’s issuer will simply decline any transaction that would result in the balance exceeding the credit limit.… read full answer
Key Things to Know About Going Over Your Credit Limit
Opt-In Requirement for Fees.
The only time credit card issuers can charge an over-limit fee is when a cardholder has opted in for the ability to exceed their credit limit.
Other Fee Limitations.
Even when you’ve given your credit card company permission to authorize over-limit charges, a card issuer can only assess one over-limit fee per billing cycle, and that fee cannot exceed the amount by which you’ve gone over the limit.
Declined Transactions are Increasingly Common.
Ever since the CARD Act of 2009, which created these over-limit rules, most card issuers have stopped charging over-limit fees. Instead, they often just decline transactions that would go over your limit.
High Credit Utilization is Bad for Your Credit Score.
Credit utilization accounts for about 20% of your overall credit score. To avoid reaching your card’s credit limit and risking significant damage to your credit score, consider paying down your balance more often, applying for a new line of credit, or asking your card’s issuer for a credit limit increase.
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