Thursday, December 15, 2011

Does it hurt to have a negative balance on a current credit card?

I'm in the mode of restructuring my credit, and I'm paying my credit card but I overpaid it leaving a negative balance on my card balance. Keep in mind this card is still active and i'm paying it faithfully every month, only difference is that I overpaid it with a negative balance. Would this effect my credit score at all or am I over blowing thing situation?|||They do not seem to understand it. I did that a couple of months ago and they _charged me interest on the overpayment_!!!





Go figure.





When I called and griped about it, they said that there was nothing they could do about the charge, that they had to administer that money just like it was a purchase.|||yes it will affect your credit even though you are still paying on the card and it's still active but you will definitely have a high interest rate and it will lover your credit score as well it will put you into negative credit terms. i have went through what you are going through and it took me about a year and a half to finally get my credit back on track now my credit is at 700 and i am so proud of my hard work to restore that, and i wish you all the luck on your credit as well.|||Just pay them off and cut them up.That takes guts so you decide if you can do it.Your the only one who can do it.|||Congratulations on OVER-REPAYING your debt while others are racking it up like mad dogs here at Christmas! It won't hurt you a bit. If it is a significant amount you could transfer debt from another card to the card with the negative balance and that would help pay that bill off. If you have no other debt you can just put a small charge - like some gas for your car - on that card and "$0.00" it out. Some companies just issue a refund check when you overpay - like J.C. Penney - but I think most will just let it ride unless you close the account altogether then they will issue a refund. I once got one for 10 cents because I overpaid and closed the account.|||You didn't say how much the credit balance was for but I don't think it will hurt your credit rating, but you can put the money in your savings account and collect interest on it. So it does hurt you in the way that you aren't letting your money make money for you. Request a credit balance check and put the money in your savings account and collect interest. If you plan on using the card for purchases that will override this credit balance before your next billing statement then just leave the credit balance on the card.|||You have credit on a credit card! This is a good thing!|||proably won't hurt your credit score. don't ask for a refund just use the right amount to make it even. like buy coffee etc until it is used up.|||Thats not gonna do anything. Just call and ask for a refund.|||No it doesn't hurt. It will be applied against your future purchases.|||I had a $25 overpayment on a Bank of America card and within 3 months they sent us the refund on their own...just check to see what the specifice cards policy is.|||No...they will just add it to your new balance and you won't have to pay as much next time you get a bill|||Hurts? No, it feels good! And if you are traveling, and use the credit card for a cash advance, you won't pay interest on the cash advance. You will still pay a "transaction" fee though.|||If you've overpaid on a credit card, then they will more than likely send you a check for the amount you overpaid in the mail. I've done that many times and it won't have any negative impact on your credit score.

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