topic Re: Will score drop due to slight use of credit in Understanding FICO® Scoring

Will score drop due to slight use of credit

Anonymous — Tue, 24 Apr 2012 15:09:04 GMT

HI All.

I have one credit card with a $12,100 limit. I had about 3450 on it. I had an emergency and added $300 to it so it it now at 31% utilization.

Just need to know it this will affect my score it is due to report on the 30th and I am supposed to close on a home the same day?

Thanks

Re: Will score drop due to slight use of credit

Anonymous — Tue, 24 Apr 2012 15:42:17 GMT

You went from 29% to 31%.

You might see a score decrease. Is there anyway you can pay that charge off? The $300 I mean?

Re: Will score drop due to slight use of credit

pizzadude — Tue, 24 Apr 2012 16:43:15 GMT

@Anonymous wrote:
HI All.

I have one credit card with a $12,100 limit. I had about 3450 on it. I had an emergency and added $300 to it so it it now at 31% utilization.
Just need to know it this will affect my score it is due to report on the 30th and I am supposed to close on a home the same day?

Thanks

I wouldn't worry too much about it unless your scores are borderline. Do you know for certain that your mortgage lender is going to pull your reports again on the 30th ? Also is the 30th your statement date ? if so then the CRAs likely won't show the new balance until several days later.