How bad will going over my credit limit affect my score?

I have a Visa Card with Bank of America with a limit of 700.





I recently went over my credit limit twice within about a month period. (However I am constantly checking my account balance and making payments when I get money)





I know it is not good to even have this amount of debt and that I should stay at 30% of my credit limit. I am working to completely pay off this card and am no longer using it. How bad would you say my credit score may have been affected?|||No effect... Here is a article about How are credit scores calculated.





Credit scores are generated by plugging the data from your credit report into software that analyzes it and cranks out a number. The three major credit reporting agencies don鈥檛 necessarily use the same scoring software, so don鈥檛 be surprised if you discover that the credit scores they generate for you are different.





Why are credit scores sometimes called FICO scores?


The software used to calculate a great number of credit scores was created by Fair Isaac Corporation鈥揊ICO.





Which parts of a credit history are most important?


The pie chart above right shows a breakdown of the approximate value that each aspect of your credit report adds to a credit score calculation. Use these percentages as a guide:





35% - Your Payment History


30% - Amounts You Owe


15% - Length of Your Credit History


10% - Types of Credit Used


10% - New Credit


Your Payment History Includes:


Number of accounts paid as agreed


Negative public records or collections


Delinquent accounts:


total number of past due items


how long you鈥檝e been past due


how long it鈥檚 been since you had a past due payment


What You Owe:


How much you owe on accounts and the types of accounts with balances


How much of your revolving credit lines you鈥檝e used鈥搇ooking for indications you are over-extended


Amounts you owe on installment loan accounts vs. their original balances鈥搕o make sure you are you paying them down consistently


Number of zero balance accounts


Length of Credit History:


Total length of time tracked by your credit report


Length of time since accounts were opened


Time that鈥檚 passed since the last activity


The longer your (good) history, the better your scores


Types of Credit:


Total number of accounts and types of accounts (installment, revolving, mortgage, etc.)


A mixture of account types usually generates better scores than reports with only numerous revolving accounts (credit cards)


Your New Credit:


Number of accounts you鈥檝e recently opened and the proportion of new accounts to total accounts


Number of recent credit inquiries


The time that鈥檚 passed since recent inquiries or newly-opened accounts


If you鈥檝e re-established a positive credit history after encountering payment problems


In general, checking to make sure you aren鈥檛 attempting to open numerous new accounts


Credit scoring software only considers items on your credit report. Lenders typically look at other factors that aren鈥檛 included in the report, such as income, employment history and the type of credit you are seeking.





What鈥檚 a Good Credit Score?


Credit scores (usually) range from 340 to 850. The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline.





Borrowers with a credit score over 700 are typically offered more financing options and better interest rates, but don鈥檛 be discouraged if your scores are lower, because there鈥檚 a mortgage product for nearly everyone.





Here鈥檚 an look at credit scores among the US population in 2003:





Up to 499: 1%


500 - 549: 5%


550 - 599: 7%


600 - 649: 11%


650 - 699: 16%


700 - 749: 20%


750 - 799: 29%


Over 800: 11%


Multiple Credit Scores


Your bank will pull credit reports and scores from all three major credit reporting agencies: Transunion, Equifax and Experian. They鈥檒l probably use the middle score to work your loan application. Ask your lender to explain which credit scores will be used and how they affect your loan application.


http://www.apply-best-credit-card.com/ho鈥?/a>|||The worst part is they will probably raise your interest rate, besides chargeing you all those fees, it does lower your fico score but you can bring that back up if you pay and don't charge it anymore.


I recommend reading DAVE RAMSEY's Book to you.


The Debtor is Slave to the Lender,.... remember that.|||It won't affect your credit much except for the points related to your amount used to amount available revolving credit ratio. But you don't really have many points to lose if you are at 99%.