How does an over-the-limit HIGH Balance affect your credit score?

I have a credit card account that has a high blance that is over the credit limit, but the CURRENT balance is well below the limit. Is that still damaging to my credit score. Will the high balance ever change? How can I correct it?|||Most of the time, it shouldn't affect it to much. As long as it was a one time thing and you continually pay your bill on time and you don't have a high revolving balance, you should be fine.|||keep your balances at below 50%|||Your best bet is likely to do nothing. Your credit score has already recovered by your paying down the balance some. Keep in mind that any balance that exceeds 30% of your available credit (known as credit utilization rate) will reduce your credit score.





You should concentrate on paying down your balance. I have found that many credit card issuers will automatically raise your credit limit when you make substantial payments that are well above the minimum payment for consecutive months. This can help you reduce your credit utilization rate further and increase your score, not to mention save you money on interest! An increase to your credit limit may also help it appear that you never went above your credit limit.





Good luck! It sounds like you are starting on the right track.|||being over your credit limit will slightly lower your credit score for about 6 weeks. always keep the balance a few hundred dollars below your credit availability. This will keep you off the radar for other creditors who may want to punish you going over your limit with another creditor..|||No, it should not damage your score.





Credit Card Debt Management


http://www.debt-explained.com/category/Credit-Card-Debt-Management.html|||Credit scores are affected by the number of "finance" agreements in your name, the number of checks made on you (for application purposes etc) and when you default on an agreement (there are many others but those are the main reasons)... this usually only happens in the case of non payment... If you keep up the minimum monthly payments as per your agreement there shuold be no problem... the creditors will inform you if any additional payment is needed to bring you account back to within your agreed limit...





Hope this helps...