2007-09-04 13:54:44 · 7 answers · asked by Jaclyn A 2 in Business & Finance ➔ Credit
YES and in a big way. Unfortunately, our society doesn't really have any real focus on educating people on how to effectively use credit. Anytime you go over 50% of your allowed credit limit you damage your score. For example; your credit limit is $8500, you should never use more than $4200 at most. This is one of the BIGGEST things used to factor your FICO score. Of course delinquencies and collections as well, but even someone with perfect credit history can mess it up with maxed out credit cards. It will not KILL your FICO score, you just won't reach your credits true potential.
2007-09-04 14:12:39 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Yes, because you went over 30% of your limit. Limits are set high for a reason. With a $8500 limit, you should be using no more than 30% or $2550. Going to the top of the limit means that you have no spending controls.
2007-09-05 00:35:02 · answer #2 · answered by Steve R 6 · 0⤊ 0⤋
Yes, it will. One of the factors that go into your credit score is how much of your total credit limit you are actually using.
If this is your only credit card, you are currently using 104.7% of your credit limit. The credit agencies like it to be below 30%.
2007-09-04 21:18:48 · answer #3 · answered by shoredude2 7 · 1⤊ 0⤋
Going over limit does not impact your credit score. You will be charged an over limit fee. You may also soon be restricted from making further charges until you pay it down below your credit limit.
2007-09-04 21:02:58 · answer #4 · answered by das_coon 2 · 2⤊ 2⤋
probably not, but you'll probably get hit with and overlimit charge from your credit card company every month until you get it back below the limit. They may increase your interest rate too. That's a lot of debt
2007-09-04 21:00:24 · answer #5 · answered by Anonymous · 1⤊ 1⤋
The debt to income ratio will go up which is a ding unless paid during this billing cycle .
The delinquent dings only happen if you don't have it paid by the regular due date .
http://en.wikipedia.org/wiki/FICO_score
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2007-09-04 21:03:08 · answer #6 · answered by kate 7 · 0⤊ 0⤋
Not if you pay the overage, which I'm sure your credit card co will require.
2007-09-04 20:58:49 · answer #7 · answered by Granny 1 7 · 1⤊ 2⤋