Over Limit Statement

[Anonymous]

I accidentally allowed my first priemer card statement to close $28 over limit. Very stupid I know. My scored dropped 9 points. Does anyone have expirence with this? I made a full balance payment and it will close at $0 this month. Will my score recover quickly?

Any insight would be helpful. I tried a search with no real answers.

Thanks

[Remedios]

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@Anonymous wrote:

I accidentally allowed my first priemer card statement to close $28 over limit. Very stupid I know. My scored dropped 9 points. Does anyone have expirence with this? I made a full balance payment and it will close at $0 this month. Will my score recover quickly?

Any insight would be helpful. I tried a search with no real answers.

Thanks

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Your score will recover as soon as new balance reports. Utilization has no memory. 

[Anonymous]

Thanks Remedios,

I wasnt sure if the "over limit" moniker was a utilization thing or something seperate as $28 certainly wouldnt be significant enough of a % to lower score 9 points.

[Remedios]

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@Anonymous wrote:

Thanks Remedios,

I wasnt sure if the "over limit" moniker was a utilization thing or something seperate as $28 certainly wouldnt be significant enough of a % to lower score 9 points.

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If you went over the limit, you have completely maxed card plus over the limit amount. It's not just the $28.00 that's over the limit, but your entire limit is showing as utilized. So, your utilization is over 100%. If you're rebuilding, you'd want to stay under 29% (reporting wise) or ideally below 9% reporting. 

I am more surprised you did not lose more points. It's temporary scoring ding, points will be back

I'd be more concerned with fees and such FP may assess, because they are not exactly the nicest lender out there. 

[Medic981]

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@Anonymous wrote:

Thanks Remedios,

I wasnt sure if the "over limit" moniker was a utilization thing or something seperate as $28 certainly wouldnt be significant enough of a % to lower score 9 points.

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> 100% utilization of a credit line certainly will