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Over the limit score decrease

Valued Member

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?

FICO TU 675, EX 676, EQ 668, Barclay Reward MC 1K, Cap1 QS 11.3K, NFCU Sig GoRewards 17.5K,, NFCU Sig cash rewards 18.5k, NFCU Navchek 15K, AMEX Blue 1K, Chase Disney 3K, Chase Amazon Sig 3K, PayPal Extras MC 6K, Bloomingdales 8K, Macy's 4.5K, Amazon 4K, Walmart 5.5K, Marvel MC 6K, Lowes 17K
Message 1 of 5
4 REPLIES
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
Senior Contributor

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
Valued Member

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.

Citi Double CashAmex Blue CashAmex EverydayChase FreedomChase Amazon rewards cardBank of America Better BalanceBarclay Apple Rewards cardVictoria's Secret Angel cardWalmart card


Fico Scores 706/694/724
Message 4 of 5
Established Contributor

Re: Over the limit score decrease


miiki 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.

Goal: 700's by 11/1/2015 (all baddies will be gone)



Message 5 of 5