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Will carrying a balance hurts my score?

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Anonymous
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Will carrying a balance hurts my score?

I do have TL: $51,000. Planning to take advantage of my 0% APR of my 3 cards, but going to pay it off within 3 months. I might carry $5000 balance, do you think it will hurt my score?

Message 1 of 13
12 REPLIES 12
Anonymous
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Re: Will carrying a balance hurts my score?

The act of carrying a balance will not damage your score anymore than just simply having the utilization report.

Message 2 of 13
Anonymous
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Re: Will carrying a balance hurts my score?


@Anonymous wrote:

The act of carrying a balance will not damage your score anymore than just simply having the utilization report.


I usually have only below 5% Util. 3 revolving cards. Is that fine?

Message 3 of 13
Anonymous
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Re: Will carrying a balance hurts my score?

Carrying a $5k balance will add 10% to your utilization above what you normally would have. As long as you don't go that high normally, carrying the extra $5k shouldn't affect you too much.

You should also remember that utilization has no memory. Once you pay it off, your scores will go back to where they were. So long as you aren't apping for things while carrying the balance, it doesn't really matter what the score hit is.
Message 4 of 13
Anonymous
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Re: Will carrying a balance hurts my score?


@Anonymous wrote:

Do you think it will hurt my score?


Such low utilization won't hurt your score.

 

But the bigger truth is a loss of a few points doesn't matter in the long run if you are not apping for new credit cards. 

 

Credit score is just a number...you build up your credit so you can use that number to get better deals (ie. 0%/low APR deals, cashback bonus, etc, etc)

 

What is the point of getting good credit if you are so afraid of your score you can't take advantage of the good deals?

 

So don't worry so much and enjoy using your credit...especially on nice 0% deals Smiley Happy

Message 5 of 13
Anonymous
Not applicable

Re: Will carrying a balance hurts my score?


@Anonymous wrote:

@Anonymous wrote:

Do you think it will hurt my score?


Such low utilization won't hurt your score.

 

But the bigger truth is a loss of a few points doesn't matter in the long run if you are not apping for new credit cards. 

 

So don't worry so much and enjoy using your credit...especially on nice 0% deals Smiley Happy


Yes thank you! But I just apped for refinancing from Penfed, and BOA travel rewards. I got tempted with that card because I bank with them and they offer me 20,000 pts, 0% APR for 12months, after spending $500 within 90 days. They give me $3k limit tho.

Message 6 of 13
ddemari
Super Contributor

Re: Will carrying a balance hurts my score?

A 5100 balance on 51000 is nothing. I am carrying a balance on several cards because i am not playjng the statement cut game. I just pay in full when due. If u got a 51000 SL on a card u are in great shape. Enjoy and reep the benefits of a job well done.
Message 7 of 13
Anonymous
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Re: Will carrying a balance hurts my score?


@ddemari wrote:
A 5100 balance on 51000 is nothing. I am carrying a balance on several cards because i am not playjng the statement cut game. I just pay in full when due. If u got a 51000 SL on a card u are in great shape. Enjoy and reep the benefits of a job well done.

Not in 1 card, I mean my total limit for all of my cards Smiley Tongue

Message 8 of 13
ddemari
Super Contributor

Re: Will carrying a balance hurts my score?

Gotchya. Still u will be fine.
Message 9 of 13
taxi818
Super Contributor

Re: Will carrying a balance hurts my score?

5k being 10%. No will not hurt. Only changes  1-3 points even 11-14% util 

Message 10 of 13
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