09-18-2013 09:44 AM
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?
09-18-2013 11:32 AM
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).
09-18-2013 12:27 PM