Reply
New Member
coaxer
Posts: 3
Registered: ‎09-07-2013
0

High Credit Card Balances and Scoring

Hello.I have 3 credit cards that I use and pay off each month.A couple times Ive had high balances on all 3 of these.I have a credit monitoring service and saw that my score drops alot when I have high balances but it comes right back the next month after I pay them off.Basically to the same score or higher than previously.My question is this,do these high balances effect my long term score?Are multiple high balances counted against you over a long period of time or is it only short term untill the balance of my cards is lowered?

Moderator
pizzadude
Posts: 9,669
Registered: ‎01-28-2010
0

Re: High Credit Card Balances and Scoring

Your FICO® score only cares about the utilization that is currently showing on your report. Previous balances aren't factored into your score.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+