Score went down 28 points for using most of my limit on my card.

[gbfan10]

I received a Capital One card with a 2k limit.    I recently wanted a new Fish finder for my boat so I bought it with the card.   It brought my balance up to $1700.   I am going to pay this off over the next 3 months, but I was a little surprised to see my credit score drop 28 points.  I guess this put my credit useage at 55%

Isn't that a bit dramatic , a 28 point drop for using a card??

[Anonymous]

---

@gbfan10 wrote:

I received a Capital One card with a 2k limit.    I recently wanted a new Fish finder for my boat so I bought it with the card.   It brought my balance up to $1700.   I am going to pay this off over the next 3 months, but I was a little surprised to see my credit score drop 28 points.  I guess this put my credit useage at 55%

Isn't that a bit dramatic , a 28 point drop for using a card??

---

Quite normal, but you will regain those points as soon as it is paid back down.

[tufa4311]

---

@gbfan10 wrote:

I received a Capital One card with a 2k limit.    I recently wanted a new Fish finder for my boat so I bought it with the card.   It brought my balance up to $1700.   I am going to pay this off over the next 3 months, but I was a little surprised to see my credit score drop 28 points.  I guess this put my credit useage at 55%

Isn't that a bit dramatic , a 28 point drop for using a card??

---

55%? Where are we getting that from? If your limit is 2K and your balance is $1700 that is 85%...

[happypill]

Quite normal really.  Before I joined myFICO I had a $3k card that I charged $2-3k each month then PIF after statement cut.  Depending on what exactly reported, my score would swing up and down dramatically 25-50 points every month.  After absorbing info around this message board, I learned to PIF prior to statement cut and now my score is steady (and higher!) month to month.

In your case, if your plan is to pay it off over a number of months, your score will definitely suffer as utilization goes up, but your score will recover fully once utilization is back to normal.  Only thing to really worry about is if certain lenders will take AA against you for carrying high balances.  Capital One likely will not, but some others might.