Utilization question.

[Anonymous]

Last month my cc reported with a 44.00 balance and 7% utilization, Saturday my washing machine decided to die and I had to use my cc to purchase a new one. If it cuts next month with the new balance it's gonna be up to 432.00 an over 50% utilization. Do I have to pay it back down to 7% before the statement date or will paying it down to 20% or 30% be good enough?  I'm just trying to avoid my scores taking a drop from the utilization, but I'm not sure if having anything higher then the 7% from last month will cause that.

[Repo-ed]

If you're looking to apply for new credit, then pay it down to 7%, otherwise, just pay it in full ASAP to avoid any interest.

[Jutz]

Are you planning on applying for new credit within the next 60 days?  Otherwise don't worry about it, under 30% is a fine place to be for normal day to day, as long as in a pinch you can pay it down under 9%.  Always pay it down under 9 if you plan on applying for something new in 60 days, this will give it time to report correctly

[Anonymous]

Thanks. I think since I can afford too, I'm just going to pay it back down to the 7%.  The goal is to have our scores where they need to be for a mortgage in April or May of next year and because I have worked so hard at this in the last 10 months... I really don't want to see a score drop at this point.