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Opps, I maxed out one of my card

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Anonymous
Not applicable

Opps, I maxed out one of my card

Well, I caved in today and maxed out my best buy visa for three purchases! The latest MacBook, a brand new keyboard for my Surface Pro and a brand new gaming computer for someone special to me. I do feel guilty for maxing it out but I couldn't be any happier! This will be payed off in 4 months and yes, I have enough in my bank account to cover it. I know my score will temporarily take a hit but I'm hoping best buy will increase my credit limit drastically after this is paid off Smiley Very Happy

Message 1 of 41
40 REPLIES 40
washpadude
Regular Contributor

Re: Opps, I maxed out one of my card

There's more to life than a credit score. Enjoy your new toys.
BK CH7 Discharged 03/2015
FICO8 EQ-657 TU-657 EX-665
Revolving credit lines 125k.
Message 2 of 41
myjourney
Super Contributor

Re: Opps, I maxed out one of my card

If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off 

Be it 4 or 6 months 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 41
Anonymous
Not applicable

Re: Opps, I maxed out one of my card

myjourney wrote:

If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off 

Be it 4 or 6 months 


 

Yes! Zero interest financing for 12 months Smiley Happy

Message 4 of 41
Anonymous
Not applicable

Re: Opps, I maxed out one of my card

I'm not sure what your credit scores are, nor do I know anything about your file but depending on how it looks you should be cautious when considering maxing out a card.  If you have a thinner, less aged file and you have only a couple of credit cards, maxing one out can be a much bigger deal than someone with an aged, thick file with a bunch of cards and higher credit limits.  Maxing out a card could cost someone 5 points or it could cost them 80 points depending on their file.

 

Say you have a very thin, young file and you only have 1 credit card, for example and you possess average credit scores of 660.  If you max out that 1 credit card, your overall utilization maxes out as well and on a thin/young file this could result in a huge loss in points.  You could end up with a 580-600 score which of course would immediately return to 660 once utilization was brought back down.  The problem however is that if you drop to 580-600 there's a chance that your creditor could take AA against you and decrease your credit limit or even worse, close your account.  This is usually only a worry for those with fair credit scores (600's) and thinner/younger files, but you never know.  I'm just throwing this out there as food for thought.

Message 5 of 41
myjourney
Super Contributor

Re: Opps, I maxed out one of my card


@Anonymous wrote:

@myjourney wrote:

If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off 

Be it 4 or 6 months 


 

Yes! Zero interest financing for 12 months Smiley Happy


This is the primary reason everyone wants good credit and what people strive for 

When you want something and even tho you already have the money in the bank 

In essence you just took out a free loan for something that makes you happy and the end result is you won't pay any interest Smiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 41
redpat
Senior Contributor

Re: Opps, I maxed out one of my card

Enjoy the new toys.  Use em if you got em that's what credit cards are there for.

 

Never fear the hype of utilization, the most important thing is paying on time and no interest.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 7 of 41
Anonymous
Not applicable

Re: Opps, I maxed out one of my card

I didn't strive for good credit so I could get interest free financing on a credit card.... 

 

I get the interest free loan part. But the potential AA would concern me.

Message 8 of 41
myjourney
Super Contributor

Re: Opps, I maxed out one of my card

Interesting train of thought

Just what is your reason to have good credit 

 

House, car. air conditioner/ heating unit goes out, lost your job and need temporary funding to carry you over?Smiley Wink

Just curious?  

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 41
Anonymous
Not applicable

Re: Opps, I maxed out one of my card

For general purpose financing on large ticket items and for premium insurance rates. No where did I even think of 0% interest credit cards. 

 

Message 10 of 41
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