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Does going over your credit card limit affect your credit score?
I graduated college in December and just started a job. I went over on my credit card by 150 dollars. I should be getting paid this weekend, so I was going to pay it off when I get paid. Will going over on my credit limit affect my credit score? I've had such good credit so I'm really nervous. Any help would be appreciated!
4 Answers
- ?Lv 71 decade agoFavorite Answer
Yes it will anytime people exceed 30% usage their score takes a hit, another when you exceed 50% and a third when you exceed 90%.
Source(s): Finance Manager for over 9-years / 2009 edition Consumer Action Handbook / Friend works for Transunion. - Anonymous1 decade ago
You will be fine, make sure you pay it on time! If you have great credit with a high balance on the card then you are fine, just get it below the max credit limit! If you want better credit get it below 50% or 30%, this will help your debt to income, this only accounts for around 10% of your score so it is not end of world! I recommend though that you keep your credit cards down, credit card companies love to charge huge late fees and will add on other fees if possible. Your $150 over your limit could cost you an extra $50, no fun! Good luck!
Source(s): www.easycreditinformation.com www.easycreditcardinformation.com Masters degree in finance. - Dan BLv 71 decade ago
Probably not if you pay it off within 30 days of going over. Banks & CC companies will use any method and excuse to raise your credit risk (lower FICO score) to justify higher interest rates. In my opinion it shouldn't as you are already paying a penalty for going over the limit.
