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I accidently over used my credit card. The limit is 1000.00 and my balance is 1001.xx . It seems to have had a big impact on my scores. How badly did you get affected? Does it correct the score once I pay it back under the limit??
@Anonymous wrote:I accidently over used my credit card. The limit is 1000.00 and my balance is 1001.xx . It seems to have had a big impact on my scores. How badly did you get affected? Does it correct the score once I pay it back under the limit??
Yes, even if you go over 85% to 90% of the cards limit you will see a negative impact to your score.
I have noticed that if you pay down your card to less than 75% you will begin to see your score recover - less than 50% and you will see more recovery - less than 30% and you should see good improvement and less than 9% and you will have optimal scores for your credit profile. Utilization is a huge factor as you probably know. But going above 90% of your limit seems to have a disproportionately harsh reaction in FICO (and Vantage) scores. Get it down right away to see score recovery.