Did I ruin my credit?

Anonymous · ‎11-09-2007

First off, Hello everyone, I will be sticking around here for a while. This is an awesome place. Here's my stats: I have 3 CC's: American Express Blue Card - 3500/5000 (tuition/books/etc) Bank of America Visa Platinum Plus - 8000/9500 (used to start up a business) MBNA Major League Baseball MasterCard - 0/7000 (use it for gym/cell phone monthly automatic charges, it use to have a really small limit) Anyways...I've been paying the minimum balances for months (7-8) on all cards, and I have finially saved up about 14k so I plan on paying them all off next month. Did these high balances/utilization ratios effect my long term credit? At the end of the next month they will all be 0 balances, and I plan to just use them and pay in full every month. Thanks. Also is there anything I should do to check my score now? And is there any thing I can sign up to, to see my score everyday?

Creditaddict · ‎11-09-2007

your scores are probably down a little bit right now because of util... but the good thing about bad util and no lates and no collections is when you fix it and pay everything off the scores bounce back very quickly and even higher then before usually.

I would pay everything off like you are going to do, wait 30-60 days and then pull myfico scores... everything should have reported by then and show your new scores!!

Anonymous · ‎11-09-2007

If you go to privacymatters.com and sign up for the free trial for 7 days and cancel over the phone, they will get you an offer to keep the service for a year for 29.99! They are fako scores but you can see scores from all 3 credit bureaus and the reports! Heck of a deal. They also alert you of any changes to your report! I signed up 5 minutes later called and cancelled and got the deal. Plus it automatically canels after a year.

Anonymous · ‎11-09-2007

Creditaddict wrote:
your scores are probably down a little bit right now because of util... but the good thing about bad util and no lates and no collections is when you fix it and pay everything off the scores bounce back very quickly and even higher then before usually.
I would pay everything off like you are going to do, wait 30-60 days and then pull myfico scores... everything should have reported by then and show your new scores!!

I was wondering the same thing. I've got some high util right now and have been making significant payments and credit limit increases to offset it and wanted to know a timeframe of when they would bounce back. 30-60 days is a lot quicker than I thought!