cancel
Showing results for 
Search instead for 
Did you mean: 

Over the limit score decrease

tag
Anonymous
Not applicable

Over the limit score decrease

Here's my recent dilemma. I recently purchased a TV at Best Buy. Applied and approved for the Best Buy Visa.  My starter limit was $1500, and the TV came out to $1520. The entire purchase was approved on the card.  When Citi reported monthly, i was over my limit by $20. All three of my scores dropped by 21-26 points on each burea because I went over my limit. My question is will I get those points back after I make my first payment, or will this be a long drawn out process to recover these points?

Message 1 of 5
4 REPLIES 4
newhis
Valued Contributor

Re: Over the limit score decrease

I think you will not get all the points back after first payment. I think you need to pay it down maybe to 80% (50%?) or less, it also depends on your overall utility.

Message 2 of 5
Anonymous
Not applicable

Re: Over the limit score decrease

Not enough information to give you a solid answer unfortunately.  If you list out all of your other credit cards with their current balances and their current limits we can give you a better idea. 

 

Utilization is based on a snapshot in time; At this current time you obviously lost those points based on the addition of a maxed out account on your reports.  In order to get those points back and return to the previous state, you'd need your data to return to its previous state which would mean getting rid of that balance (paying off th card).

 

To get back "most" of your points, you'd need to take the card likely down to 29% utilization, or a $435 balance.  Again, though, it is strongly dependent on how many other cards you have, what their balances are and what their credit limits are so if you provide that information you'll get more solid responses. 

Message 3 of 5
Anonymous
Not applicable

Re: Over the limit score decrease

I don't think you'll get all those points back that quickly just by paying on the card a little bit. 

 

You didn't just go over limit. You have a new inquiry, a new account, you decreased your average age of accounts, and your util at least on that card is very high. All of these things is why your score dropped. While you can fix the util, you can't fix any of the others very quickly.

Message 4 of 5
surferchris
Valued Contributor

Re: Over the limit score decrease


@Anonymous wrote:

I don't think you'll get all those points back that quickly just by paying on the card a little bit. 

 

You didn't just go over limit. You have a new inquiry, a new account, you decreased your average age of accounts, and your util at least on that card is very high. All of these things is why your score dropped. While you can fix the util, you can't fix any of the others very quickly.


Agreed.  Good points.

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.