Monday, December 12, 2011

Will my credit score be affected by going over the limit?

I have never missed a credit card payment. I have one credit card, but unfortunately I recently went over my credit limit, still not missing actual payments. I am about to pay the balance off in full. Will going over the limit on my card negatively affect my credit score?|||It depends. If you go over your credit limit and pay the balance down before the billing cycle that you exceeded your limit in is over, then no, your credit score will not be affected. However, if you let a balance that is over the your credit limit sit, without paying it down, the activity will be reported to the three major credit bureaus after 30 days, and your credit will be negatively affected. While your credit may or may not be affected if you exceed your credit limit, the one thing that will always happen is that you will assessed an over the limit fee, which can be as much as $39 dollars.|||Not if you pay on time and have no other issues.|||Not usually, a credit card company will usually give you the benefit of the doubt for one slip up. They generally only start reporting stuff when you've missed more then one or two payments or are constanly paying late and incurring fees.

No comments:

Post a Comment