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Help! - Impact of a $1,000 balance increase on $2000 CL card

Contributor

Help! - Impact of a $1,000 balance increase on $2000 CL card

I have a card with a $2000 limit and it was at approximately $600 about 2 months ago, but I've recently racked up about $1000 additional charges on it. The statement cuts on September 20th and I'm trying to figure out if I should put an extra large payment on it before the statement cuts to prevent a hit to my credit, or if it will be fine.

 

Does anyone have a clue how this might impact my score?

 

Thanks.

Message 1 of 5
4 REPLIES
Epic Contributor

Re: Help! - Impact of a $1,000 balance increase on $2000 CL card

That would depend on several factors.  Is it your only CC?  If it is it will be at 50% utilization which is kind of high and your score may drop.  It was at 30% with the $600 balance.

 

If it isn't your only card, you may be dinged for anything over 10% on the card but it isn't maxed out which is good.  Your entire utilization would be looked at along with the individual card(s).

Message 2 of 5
Contributor

Re: Help! - Impact of a $1,000 balance increase on $2000 CL card

No, it's not my only card. I have 4 other cards as well.

Message 3 of 5
Epic Contributor

Re: Help! - Impact of a $1,000 balance increase on $2000 CL card

Without knowing what the balances/limits on those cards it is hard to say.

 

Add up all balances and divide by all CL, multiply by 100.  That gives you your overall.

Message 4 of 5
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Contributor

Re: Help! - Impact of a $1,000 balance increase on $2000 CL card

Thanks :-)

Message 5 of 5