2007-07-23 00:15:55 · 9 answers · asked by veebeerah 1 in Business & Finance ➔ Credit
For starters, FICO doesn't care and does not know what you purchase. They could care less if you buy long johns for your dog and a garden gnome for your yard.
If your credit limit is low, where you would be using 30/40% or higher of the credit limit when making a $1000 charge, you can expect to see a pretty good ding on your scores until it's paid down.
If your credit limit is high and you would be using 30% or less of your credit limit, you may see a small ding. But nothing like you would see by using a larger percentage of your credit limit..
And like other posters mentioned, if your payments are late you will see a hefty ding on your scores. Which will hurt you for 7 years.
If your credit limit is low, you might contact the creditor and request a credit limit increase before making the purchase.
2007-07-23 01:06:29 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Not if you pay it.
Paying it at once .. will help boost your score. IT lowers the ammount you owe vs. your credit limit.
Paying the minnium , ONTIME will also help. If you are trying to establish some credit, this is a good option. But I suggest paying more than the minnium or you get SOCKED with intrest.
If you are trying to get a home or auto loan it is a good idea to NOT charge anything on cards for the 2 months prior, also dont try to open any new lines of credit within that time.
It is impotant to remember that your FICO is made up of a percantage of things
35% = Making ONTIME payments, even if it is the MINNIUM!
Mail it in a week early!
30%= debt ( monies charged, loans..) VS. What amount of credit is actually available to you. The smaller debt and bigger credit is what you are aiming for.
15%= Length of credit history. Having accounts open years ago, actually helps sometimes. Unpaid ones could potentially help also, it is establishing how long you have been around , getting credit. Shows them you have a history. So dont go cancelling older cards... that would erase some of your history , actually damaging your score.
10% = New accounts and inquires on your credit.
Obviously more inquiries lowers your score.
10% A good mix or balance on the types of loans and credit you have. ( RE: Home , car, credit, departmant store)
2007-07-23 04:01:55 · answer #2 · answered by c_leoo 4 · 0⤊ 0⤋
Making extra beneficial money won't injury your score in any respect. even with the undeniable fact that, the credit card corporation could merchandise to getting too many income one month. So making a fee each and every couple days won't be one among those good concept. the appropriate thank you to preserve a credit card is to easily fee what you are able to handle to pay for to pay in comprehensive each and each month. you will shop pastime and stay out of debt. Pay as much as you are able to on that card and get the soundness paid in comprehensive.
2016-10-22 10:02:36 · answer #3 · answered by hardage 4 · 0⤊ 0⤋
Depends on your available credit or credit limit. If you have 2 cc's each with a 10,000 limit then you have a credit limit of 20,000 dollars. If you already owe a total of 5,000 and then you add on a 1,000 purchase, plus your monthly charges, let's say an additional 700, you then owe 6,700 (already owed 5, you spent 1, plus your monthly purchases of 700) so 6,700 isn't a lot compared to your 20,000 available credit limit. In that situation, no. However, if you only have 1 card, with a 5,000 limit with a balance of 1,500, and you add your 1,000 purchase, plus monthly purchases of 250 dollars, now your balance would be 2750 of a 5,000 limit, and that would hurt you a little. It depends on your current balance and available credit. Don't forget to add in your regular monthly purchases (gas, groceries, clothes, whatever you charge). It's all about your ratio of balance compared to available credit.
2007-07-26 19:44:03 · answer #4 · answered by Tonya L 2 · 0⤊ 0⤋
Not necessarily. If it's a "frivolous" buy, judged by their standards, then yes. If you go over your credit limit, then yes. If you max out the card, then yes. If you don't make your payments, then yes. Your FICO score is based on too many things to list, Including spending habits.
2007-07-23 00:45:41 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If the available balance is 3k or above, then you will be fine. If 1k max's out the card, then yes your score will be reduced.
2007-07-23 05:44:51 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
No.. unless you max out your card and dont pay if off.
If anything, using your credit cards and then paying them down helps your score.
2007-07-23 02:25:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It all depends on how fast you are paying it off!
2007-07-23 00:21:58 · answer #8 · answered by Gone fishin' 7 · 0⤊ 1⤋
No, as long as you pay your statement balance...ON TIME.
Remember now...the key words are...ON TIME.
2007-07-23 00:30:33 · answer #9 · answered by ? 4 · 0⤊ 1⤋