if over credit limit and if paid off before closing date, is your credit score affected?

Answer 1

Supposidely not

Answer 2

Your credit score should not be affected, however the bank that issued you the credit card will most likely charge you a fee for going over the credit limit.

Answer 3

A little bit. Your credit report records the following with regard to credit cards: Payment history (late or on time), last payment amount, credit limit, current balance and highest balance. If your highest balance is over your credit line, that'll cost you a couple points.

Answer 4

Having too many credit cards and loading them to the max would have a very negative affect on your credit score. But paying them on time, over time would eventually have no negative effect on your credit score. RE: Does having too many credit cards have a negative affect on your credit score? I have 2 major credit cards (one visa, and one mastercard), 1 debit card with the mastercard logo (I'm not sure if it's techinically a credit card, I don't think it is), and 3 credit card to various c...

Answer 5

Nope. As long as all activity was prior to the closing date, you should be fine.

Edit: and ccrider couldn't be more wrong. A poor credit score can result from one negative entry, as in a late payment, missed payment, etc. Credit card companies report monthly to all three bureaus.

Answer 6

YES

In two ways...

GOOD

because you paid it off

(I'm hoping by paid off you don't just mean paid down back below the limit).


BAD

because you just opened another account to get a balance transfer because you were to poor to pay off the debt yourself, and now you have two open lines of credit instead of one, making you a high credit risk.

Answer 7

Most credit cards don't report negatives unless payment is 30 days late.

Answer 8

do mean overlimit on a credit card?
if so, there should be no worries. i used to work for a credit card company, and overlimits are usually not reflected upon your credit rating immediately. if it happens one or twice, i think there should be no problem.
however, if it happens often, it may affect your credit rating.
best to check with your bank reporting policies.
good luck!

Answer 9

Businesses really don't report as many credit things as people think... late payments, over limit, unless you get really behind with them, they don't report it.

Answer 10

i think unless u ask the bank to increase the credit limit, you would not be able to go above the limit.

Answer 11

THE ONLY TIME YOU HAVE A BAD CREDIT SCORE IS WHEN YOU GO INTO COLLECTIONS...