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Set and Update a Credit Limit
Setting or updating a credit limit is an asynchronous process with the Highnote team to ensure your ledger balances and validations are in check.
For Product verticals like Credit or Fleet, you can create a credit limit on your Account Holder's Financial Account based on your underwriting criteria, agreements, and product guidelines. The credit limit establishes a maximum spending limit for a given period, and authorizations exceeding the credit limit will be declined.
Once you have created a credit limit, you have the flexibility to update credit limits as you factor in new information, such as changes in your customers' financial situations.
As part of this feature, Highnote tracks the total credit extended to your Account Holders' Financial Accounts and ensures the extended credit does not exceed your Card Product’s limits.
You can use the following mutation to set and update a credit limit:
Once you have requested to set or update the credit limit on a Financial Account, you can query for and display the Financial Account Credit Limit status.
| Status | Description |
|---|---|
PENDING | The platform is validating and executing the credit limit update. |
PROCESSING | The platform has started processing the credit limit update. |
COMPLETED | The platform has completed the credit limit update. |
FAILED | The platform could not complete the limit update. See statusReasonCode for more information. |
statusReasonCode has the following values:
| Status Reason Code | Description |
|---|---|
ACCOUNT_CLOSED | The associated Product Funding Account or Financial Account is closed. |
ACCOUNT_NOT_FOUND | The Financial Account was not found. |
INSUFFICIENT_FUNDS | The associated Product Funding Account did not have enough funds to cover the requested amount. |
LIMIT_AMOUNT_EXCEEDING_MAX_PROGRAM_LOAD_LIMIT | The requested amount is more than the maximum product credit limit. |
You can use the following query to check the status of a credit limit update: