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GettingStronger | Will this hurt my credit? |
I had a credit card for over 6 months with a limit of $500. I always left it under $70 charged on the card and I always pay more then the minumum payment due.
But this last month I got it up to $430 almost maxing the card. Will this hurt my credit?
Do I just keep paying more than minimum every month?
Please help this is important to me. |
 |
 
slash p
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You also can use this service - buildcredit.ifastnet.com
- to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments.
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Jeff T
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It will hurt your credit, but as soon as you pay it down, you'll eliminate the damage. |
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chris
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using more then 30% of you credit will have a Small Impact on your credit score id say like a 5 to 8 point decrease on your credit score in to you pay it down below the 30% it will go up prob 20 points after you pay it down to 30% |
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angiek
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as long as you pay your minimum every time and never miss a payment your credit will always improve |
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MAC
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I would pay it down..............you never know when you will need to make another large purchase and need that credit room. |
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Tony G
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Hi there, using all your available cash from a credit card will not affect your credit but make sure you always pay your monthly bill. It is great idea that you pay more than your minimum, when paying just the minimum you are mostly paying for the interests accrued on the money you borrow, the more you pay the less interests are added on top of what you still owe. Don't miss a single payment, it goes on your record and in case you would like to ask for an increase on your available cash it might affect your request. In the mean time don't worry at all and keep up with your monthly payments. |
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Sandy S
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Yes, how much I do not know. When you have more than 30% of you avaliable balanced used it hurts your score a little. It recovers as you pay it down. STOP using the card |
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Trevin R
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Having a large credit debt on a card isn't exactly hurtful of your credit until you try to apply for another line of credit (i.e. loans, other credit cards, etc.)
Creditors look at a few things when they calculate credit score. First they look at your debt to income ratio. How much debt do you have, and how much money do you make that would enable you to pay it back?
The best answer to your question is to pay back all of your credit card as soon as you can, w/in a few months, and to not put any more debt on it until you've paid it all the way down to zero. Also, once you've paid it down you should, ask for a higher limit, not so you can use it but so that creditors see that your credit card company trusts you enough to enlarge your limit.
Best of luck! |
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Jose P
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No it will not. The only way it can hurt your credit is if you become deliquent on your account or go over your limit. you may want to pay more than the min. The faster you pay it off the more responsible you look. |
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