How will a utilization of 20-30% affect my score?

[crazy]

Hi all,

I am new here so I hope this is in the right category.

My current score according to creditkarma is 711. I have 1 CapOne Visa with 2000 limit, one CapOne Mastercard with 500 limit, a discover with 800 limit and an nfl card from Barclays with 1700 limit. I got my firsst card last April so my credit history is relatively short. I have also applied to a lot of credit cards recently (I know pretty stupid).

So anyway, my overall utilization right now is around 10%. However, I am going on some vacation near holidays so I am expecting my utilization to go from 20% upwards. I think though I'll be able to repay everything back within 2-3 months maximum. How should I expect this to affect my credit score? Will it bounce back shortly after I repay or will it take a long time?

And what if I spend more than expected. If e.g my utilization goes to 50% or something like that, should I expect my score to drop many points every month I keep it that high? Will it have a long term effect if I keep it high for 3-4 months?

Would it be perhaps better to try my local credit union to see if they could give a small loan with reasonable terms?

Thanks!

[09Lexie]

Welcome to the forum. It would not be wise to take out a loan for a debt you expect to payoff in 3-4 mos. the ding to your score for adding a new TL is not worth it IMO.

A sm increase to 20% should show a negligible drop; 50% would be a larger drop. Instead of carrying balances across all of your cards, try keeping the balances to 1-2 credit cards only.

Either way, the time period is short and if you aren't applying for credit in 3-; mos your score will recover.

Keep in mind, util does not have a memory when it comes to FICO scoring.

[lhcole77]

---

@09Lexie wrote:
Welcome to the forum. It would not be wise to take out a loan for a debt you expect to payoff in 3-4 mos. the ding to your score for adding a new TL is not worth it IMO.

A sm increase to 20% should show a negligible drop; 50% would be a larger drop. Instead of carrying balances across all of your cards, try keeping the balances to 1-2 credit cards only.

Either way, the time period is short and if you aren't applying for credit in 3-; mos your score will recover.

Keep in mind, util does not have a memory when it comes to FICO scoring.

---

+1Million