How bad will this hurt me

[Anonymous]

I just had some emergency dental work done. I had to put a $400 balance on my Capital One card. My limit is only $500 i really don't have the cash to pay it off right now i'm gonna pay if off no more then 3 months from now. I have 11 other credit card that's reporting a 0 balance. Will i see a big drop in my fico score.

Message Edited by mjbfan79 on 04-15-2009 10:03 PM

[Anonymous]

I really don't see this doing any major damage,maybe you'll lose a couple of points?? Any loss of points will be recovered  as soon as the card is paid down. You aren't about to apply for any credit, are you? 

[tullz85]

You will lose points cause of utilization being high, as long as you pay it down quick I don't see it being a huge problem..

[Anonymous]

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@Anonymous wrote:
I really don't see this doing any major damage,maybe you'll lose a couple of points?? Any loss of points will be recovered  as soon as the card is paid down. You aren't about to apply for any credit, are you? 

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No it well be a while before I apply for any new credit. I just don't want my score to take a major hit. My credit steps are suppose to kick in at the end of the month so that should help out some my CL will increase to $1000.

[YoungEntrepeneur]

You will see your scores drop but it will be temporary.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I really don't see this doing any major damage,maybe you'll lose a couple of points?? Any loss of points will be recovered  as soon as the card is paid down. You aren't about to apply for any credit, are you? 

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No it well be a while before I apply for any new credit. I just don't want my score to take a major hit. My credit steps are suppose to kick in at the end of the month so that should help out some my CL will increase to $1000.

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Very minor hit then. I wouldn't worry about it at all. Besides you've got a sore mouth to worry about!

[score_building]

because you are a pifer the change to an account going to 80% may hit up to 15+ off the cuff guess depending on other info in the report... but as others indicate it will be summarily recovered in the next few months as you pay it off. 

congrats mjb!  i think your credit steps review will embrace your overall highly manicured balances even with one acct a bit up ther', good going.  hope to join you soon and clear all balances by june.  glad you got the work done.  happy healing!

[Anonymous]

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@score_building wrote:

Happy healing!

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THX...

[Anonymous]

VEEnVEGAS is right. 

Are you planning on applying for new credit before you pay it off in 3 months?  If not, what is the worry?  Occassional revolving use is what credit cards are for.  You have given a perfect example of legitimate use.  Now, if you ran it up for non-essentials and couldn't make the payments or only minimums...that would be different.

FICO is not like body tempurature needing to maintain an absolute constant.  As long as you are following the credit basics, pay on time, PIF when you can, pay off at least 4-5x mins when you can't, don't run up unnecesary debt, live within your income means, save money, etc.  you will fine.

And when you are getting ready to shop for new credit, well, it's like selling a house.  You touch up, paint, make all the fine detail finishes to make it sell ready.  But it would be impossible to maintain that "sell ready" state and live in it much - at least with my kids

The point is, obsessing about maintaining a "tweaked" max FICO at all times is counter productive.  It is only applicable when shopping for new credit (as well as new insurance, job, etc).  The rest of the time, just keep it healthy with the proper credit regimen.

Message Edited by txjohn on 04-16-2009 06:19 AM

[Anonymous]

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@Anonymous wrote:

VEEnVEGAS is right. 

Are you planning on applying for new credit before you pay it off in 3 months?  If not, what is the worry?  Occassional revolving use is what credit cards are for.  You have given a perfect example of legitimate use.  Now, if you ran it up for non-essentials and couldn't make the payments or only minimums...that would be different.

FICO is not like body tempurature needing to maintain an absolute constant.  As long as you are following the credit basics, pay on time, PIF when you can, pay off at least 4-5x mins when you can't, don't run up unnecesary debt, live within your income means, save money, etc.  you will fine.

And when you are getting ready to shop for new credit, well, it's like selling a house.  You touch up, paint, make all the fine detail finishes to make it sell ready.  But it would be impossible to maintain that "sell ready" state and live in it much - at least with my kids

The point is, obsessing about maintaining a "tweaked" max FICO at all times is counter productive.  It is only applicable when shopping for new credit (as well as new insurance, job, etc).  The rest of the time, just keep it healthy with the proper credit regimen.

Message Edited by txjohn on 04-16-2009 06:19 AM

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Thanks for the advice your a very smart dude...