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Set & Update a Credit Limit

Set & Update a Credit Limit

For Product verticals such as Credit or Fleet, you may 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 time period and authorizations that exceed the credit limit will be declined.

Once you have created a credit limit, you have the flexibility to update a credit limit 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 Product Funding balance.

Note: Setting or updating a credit limit is an asynchronous process to ensure your ledger balances and validations are in check.

Check a Credit Limit Status

Once you have requested to create or update the credit limit on a Financial Account, you can query for and display the Financial Account Credit Limit status.

PENDINGThe platform is currently validating and executing the limit update
PROCESSINGThe platform has started processing limit update
COMPLETEDThe platform has completed the limit update
FAILEDThe platform was not able to complete the limit update. See statusReasonCode for more information

statusReasonCode has following values:

Status Reason CodeDescription
ACCOUNT_CLOSEDThe associated product funding account or financial account is closed
ACCOUNT_NOT_FOUNDThe financial account was not found
INSUFFICIENT_FUNDSThe associated product funding account did not have enough funds to cover the requested amount
LIMIT_AMOUNT_EXCEEDING_MAX_PROGRAM_LOAD_LIMITThe requested amount is more than max product limit

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