Credit Utilization

[Ryanpm90]

I recently opened a credit card for an emergency auto repair. This is the only card I have and the only other accounts I have open are an auto loan and small student loan. Both of these accounts are in good standing. Unfortunately, I had to max this new card out as the repair was very expensive. Seeing as this card was only a month old and it was maxed out, my credit scores dropped 30 points across the board. My question is, how quickly will it take for more scores to rebound, if I payoff the entire amount and my utilization rate is zero again will my scores rebound immediately? 

Thanks. 

[FireMedic1]

First off. The inquery and new account will lose some points. Maxing it out yes its a major ding. You will get most of the points back on the utilization side of the new card. But as far as all the points back from before the app. No. As you pay it down it will recover. After getting below 8.99% you'll get all the points back excluding the new account/inq/AAoA.

Hopefully its a card and you let them know how much your going to use (maxed) so it doesnt get the axe since its your only card.

BTW. What card?

[Ryanpm90]

Thanks for the response. The inquery only hit me 3 points and I plan on having this card paid off before the end of the year. It's a capital one quicksilver.  

[DollyLama]

You can pay off the card as you stated, but always let a credit card, especially since this is your only one, report a small balance at statement cut, even if $5-$10. All zero balances on credit card(s)will ding you a good 25-30 points. As you build up and obtain more cards in future, just remember to let one card do this, which we refer to as AZEO, = All Zero Except One.

[FireMedic1]

Cap One is not one to do AA's like Barclays. But I would give them a heads up before the charge so they dont freak just to be safe. When i got my Venture, I paid 6 months rent ahead of time to get the sub of 40,000points. They decline it until they spoke to me and then they flipped the swith and ok'ed it. It was a 10k SL. Yes they do like heavy usage and PIF. But since you said you'd have it paid off soon. This may help in the CLI dept. If you dont mind me asking. What was the SL? Congrats BTW for the approval.