Is going over your credit limit just as bad as making a late payment?

Not always. Many credit cards, if you have little or no balance and push the limit on RARE occasions for extraordinary purchases, will use that as an excuse to increase your limit.

But in your case, it sounds like this happens more frequently, and with the speed of modern financial transactions, being a day late hurts just as much as being a week late, or skipping a month entirely.

Used to be that you could write a check on Sunday, mail it on Monday, and it wouldn't clear the bank until Friday (at the earliest), or the following Monday. Now, if they get the check late on Wednesday, it clears your bank Thursday morning. Can't "float" checks any longer. And with more folks paying their entire balances each month, the banks are getting to be real pricks about late payments -- used to be if my payment was due Tuesday, and the check arrived Wednesday morning, they'd forgive the finance charges. Not so any more -- they want the interest money and screw the card user.

I recommend, if at all possible, that you start reducing your credit card use to bring those balances down as soon as possible.

No, going over the limit is not specifically marked on your credit report. It might show something like "1000 limit, 1050 current balance" but will never be marked.

Making a late payment is MUCH worse.

If your report shows "delinquent payments," then it will not be your credit card in that situation (if you've made all your payments on time). Delinquent payments are ones that have gone to collection agencies. Perhaps an old Dr bill that you haven't paid or an old phone bill.

Your best bet, of course, is to spend the $35 and get a 3-in-1 credit report which will show you everything, including what is helping and what is hurting your report and scores.

Yes, it is your credit card bills that dragging your score way down. Credit bureaus perceive you as living beyond your means. It does not really matter that you have low credit limits. However, only use of 20% of your total credit limit. (Example: Credit card 1-limit $500, Credit card 2- limit 500, Credit card 3-$500. Total credit limit- 1500. 20% of 1500= 300.) In this example, you can only use up $300 maximum of your cards at any given time. Also, you have to pay off your credit at the end of every month. If you keep doing what your doing, your score will never improve. At this point, I do suggest that you look at your finances and plan how to cut back on your expenses. (Dial up instead of DSL or Fix your coffee at home instead of going to starbucks. It's your call, after all, this is temporary) Then start paying off your credit card debts. Pay the most that you can afford on the card with the highest interest rate, and the minimum for the other 2. Once you pay that off, proceed paying off the next card with the second highest rate, and so on. You can then call the credit card companies and ask for a lower interest rate and/or a credit limit increase. The latter will then improve you score considering that the gap of your limit and actual debt will be greater. Remember my 1500 limit to 300 actual debt? That is what's called a credit debt ratio. Good luck!

Going over the limit is bad, because it will continue to come up on your statement every month, like a cash advance. You just keep on and on and on with the payments but it never goes down...If you are not sure about the delinquent payments, look at your credit report and see what THE creditors show your records to be from their point of view...

Listen, this is how it works. If you are ever more than 30 days late, it will affect your credit score. If you are more than 50% over your credit balance, it affects your credit score. If you are a slow payer, it affects your credit score. If you get credit counselling it is treated by the lender as if you did a chapter 13 bankruptcy. I am a mortgage loan officer so I know what I am taliking about. Judgements, collection accounts and BK's will all affect your credit score. Get a copy of your credit report from www.annualcredit report.com and see what is being reported. Ever hear of Pre-Paid Legal? If you need extra money and looking for a P/T job that doesn't take alot of your time check out my website at www.prepaidlegal.com/go/janicefmitchell. e-mail me at mitjan1@netscape.net if you have any questions. You will never have to worry about going over your credit limit again!

No. It's not that bad for your credit score as long as you continue making your payments on time. Making a late payment is one of the worst things you can do to ruin your credit. That said, you probably want to bring those credit card balances down so that you don't have to pay additional interest above your normal rate.

Yes, it does. Being in the mortgage business I see this on a daily basis. Maxing out your credit causes your credit scores to drop. Not only that, but isn't your interest rate on the credit card super high because of it?

The best way to increase your score after this is to pay at least 50% of the card off, and stop using it. If you can pay off the entire thing, do so, just don't close the account.

Go to www.annualcreditreport.com . Go to one of three reporting agencies and look for yourself how everything you do affects your credit score. You get 3 free credit reports from the government a year - through this website (this is not a scam go look at the website). You can pay around 6.95 to see your actual score which is like 500-900 range and then they tell you what certain things you have done or are doing that affect your score.

Yes, it does hurt your score to go over the limit... and your score is probably not great to begin with if your that close to the limit! I have no credit card dept but when I went to buy a car- my score was only meduim because they weighed in college loans, morgage and other depts you don't always think about.

I would sit down and talk to a finical adviser who can better tell you how to clean up your debt and your credit scores.

The delinquent payments may have come from the cards themselves - if you exceed your limit, whoever you were trying to pay didn't get paid.

So, IF you can be responsible, request a credit line increase, and ASK your representative what's what about THEIR policy and what gets reported to the credit bureau. Also, and I know it's painful, read the TERMS & CONDITIONS on your card - you have more rights than you think!