Over credit limit?

Question

I went over $20 on my $500 credit limit its with capital one...will this affect my credit score??if so how bad??? It is my first time ever going over, I have made all my payments on time never later

Answer 1

You will get hit with an overlimit penalty but it won't affect your credit score. Be sure to pay enough to cover the interest, penalty and overages, plus a little more to get back under that limit. Pay enough extra so that your interest charges next month won't put you back over limit.

Actually, you should stop using that card till you get it paid off completely. Cut back on extras and throw all the extra cash at that bill and get it paid off within the next 6 months or so. Save all that interest!

Answer 2

Going Over Credit Limit

Answer 3

it shouldn't hurt your credit.

HOWEVER, maxing out your credit card WILL hurt your credit score. You should never use more then 20% of your credit limit per month. Even if you pay the bill in full each month.

Lets say that you have a 2000 credit line and you use 1900 a month. It appears on your credit score that you are using all your credit available. This is a bad thing. If you only use $400 of the $2,000, your credit score will go up.

Try paying cash for stuff or use a debt card, which takes it from your checking acct. It works just like a credit card.

Answer 4

This won't really hurt your score, but what will is loading up your card to the max! Your credit score is not an "I love debt" score and if you are continously close to your credit limit, this will make your score drop!

You should stop using this card and start paying in cash only until you get most of the balance paid off!

Get in the habit of only spending what you can afford and this is the best way to improve your score!
Look at my website and read it all because after I had my ID stolen by someone who didn't believe in paying his own way, this is an area I know about!

I had to declare bankruptcy because ID theft was not taken seriously by the local police! Thanks Seattle, you are such a jewel! I still got my score up from 486 to 730 in a little over a year!

I don't use more than 30% of my available credit and this is one of the best ways to improve your score! Look at the "how credit scoring works" section of my website! I think this will answer some of yopur questions!

Depending on how long you had this card, you could ask for a credit limit increase! Just be careful you don't go load up even more debt!

Answer 5

This Site Might Help You.

RE:
Over credit limit?
I went over $20 on my $500 credit limit its with capital one...will this affect my credit score??if so how bad??? It is my first time ever going over, I have made all my payments on time never later

Answer 6

Unfortunately yes it does affect when you go over the limit on a credit card, not just that when even if you done go over the limit but you almost have the card maxed that also affects your credit. Try to keep a low balance on it.

Answer 7

May be, but only for a month, because you are going to be smarter next month and avoid over limit fee. Credit score formula consider recent balances. Your credit report shows only last reported balance.

Answer 8

No. All you need to do is call them and ask for the credit department and tell them you would like to raise your limit. It is their option to allow you to overcede your limit. They likely will raise it more than you want as you have a great record with them.

Answer 9

You will probably get charged a penalty; however, if this is the first time and you pay it promptly, it won't hurt your credit.