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  1. #1
    Registered User New Member
    Posts
    9

    credit usage question

    my most recent credit card statement shows my usage at nearly 80%. i'll be paying the bill of in full. but should i be worried about this affecting my credit score?


  2. credit usage question
  3. #2
    Registered User Senior Member
    Posts
    242
    Do you need credit shortly? because next month you will have paid the bill and show (hopefully) a more normalized credit utilization on that card. If you can wait a month or maybe two, your score should bounce back.

  4. #3
    Registered User Senior Member
    Posts
    195
    I agree with Joanne. You credit score changes every time your reported utilization changes. So you don't need to do anything, unless you are applying for more credit in the near future.

    If you want to help out today, you can always ask your card issuer for a credit line increase. That might help the problem as well. And insulate you from future incidences.

  5. #4
    Registered User Enthusiast
    Posts
    91
    I have a similar story. Like you, we ran up a very large balance in a very short period of time with home reno costs. Once we paid it off, all was well and it bounced back. In the interim, it was quite shocking to see our scores drop by 120+ points in just a month.

  6. #5
    Registered User Semi Pro Member
    Posts
    302
    From personal experience, what you do not want to do is go out and raise your credit limit on multiple cards.

    I did it. It seemed like a good idea at the time. End up getting hammered even more.

    My thought is that the fast run up on my balance followed by multiple requests for more credit did me in.

  7. #6
    Registered User Senior Member
    Posts
    116
    Y'all need to remember that all the credit scores are generated by using algorithms. No human reviews the file and exercises some judgment. To the computer, you never want to look like you're running out of money and suddenly need to use your credit cards, or suddenly needing more credit.

  8. #7
    Registered User Junior Member
    Posts
    30
    The lesson seems to be to slowly add available credit so it will be there when you need it.

  9. #8
    Registered User Senior Member
    Posts
    112
    Quote Originally Posted by Johnny View Post
    The lesson seems to be to slowly add available credit so it will be there when you need it.
    So expanding credit is like boiling a frog?

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