Even if i'm making my payments on time and giving more than the minimum monthly rate that's asked for??
2006-12-03 06:43:16 · 9 answers · asked by ☆Karma☆ 6 in Business & Finance ➔ Credit
What it means to your credit score is that the ratio of balance to credit limit is too high, and it will lower your score. The good news is that once your bill is paid off, the score goes back up. One of the most important factors in the score is balance (2nd only to payment history), and paying off your balances will always improve your score.
2006-12-03 08:06:49 · answer #1 · answered by RedSoxFan 4 · 1⤊ 0⤋
As long as you make the minimum payments and don't get into trouble paying them your credit rating will not be affected.
2006-12-03 15:03:26 · answer #2 · answered by Gone fishin' 7 · 0⤊ 0⤋
Yes it does affect your credit score. Like Daniel said it causes lenders to think that you can’t control your spending. Keep in mind though, most credit reports are not looked at by a person anymore but rather scored by a computer with your over all credit score making the biggest impact.
2006-12-03 15:47:23 · answer #3 · answered by deanspurrier 3 · 1⤊ 1⤋
Unfortunately yes, it does hurt your credit score. It is reported as going over the limit on your credit report. This happened to me twice, but it was not my fault. My mom had ordered some Christmas gifts from QVC three years ago, and they accidently charged my credit card instead of her's, causing them to max out my card. They did transfer the money to her card after we called about it, but it still went on my report.
The good thing is that after I paid it off, it took about six months to a year, but the over the limit report was deleted from my credit report. Just try to pay it off, and it will come off your report. It's not like a bankruptcy where it stays on your file for seven years. If you're very concerned about it, try calling all three credit bureaus for your options.
Equifax: 1-866-798-6598
Experian:1-800-734-4617
TransUnion: 1-800-888-4213
Good luck to you!
2006-12-03 15:47:18 · answer #4 · answered by Renee W 2 · 0⤊ 1⤋
if your over the limit the bank must have approved it therefore it won't hurt your rating
making monthly payments won't hurt your rating either
I never pay off balance in full and I have a perfect rating
2006-12-03 14:50:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes. Going over your limit shows you do not have control over your finances and spending habits.
Although it is acceptable to carry a balance, you actually get dinged. Ideally you would have credit and never use it. To get the best score you would pay your balance off in full every month.
2006-12-03 14:44:30 · answer #6 · answered by Plasmapuppy 7 · 0⤊ 2⤋
Going over seriously screws up your credit. You should not be living beyond your means.
2006-12-03 20:51:00 · answer #7 · answered by Your #1 fan 6 · 0⤊ 1⤋
I think so, call me a cynic but if they can find a reason to up the interest you pay they will
2006-12-03 14:52:07 · answer #8 · answered by mrmoo 3 · 0⤊ 1⤋
YES it is as bad as being late
2006-12-04 17:16:26 · answer #9 · answered by Anonymous · 0⤊ 1⤋