I am closing next week but just found out I am over the limit on my only credit card I have a balance on..?

Question

two days ago. If I pay down the bill, will it still show up on my credit report as derogatory? My lender is doing a final check on my credit report and I don't want it to show..I have 4 other credit cards, but no balance on them. This credit card has a limit of $4000 and the finance charges brought it over to $4062. I want to pay it tomorrow.

Answer 1

Credit card companies don't report over limit to the credit bureaus -- just whether you pay on time or not.   This won't affect your score at all.

You will get hit with an overlimit fee.  Add that amount to your payment to make sure you get the balance well below the limit and don't get hit with yet another overlimit fee next month.

Answer 2

the balance will be reported once the statement is generated. Balance is reported not real time but every month when your credit card company generates the monthly statement and then a few days later it is reported to the credit bureaus. If the monthly statement is generated and shows 4062, then 4062 will be reported. Otherwise, pay it off now and bring it under your credit limit and you should be ok.

I dont think going over the limit on one card will hurt you too much as long as your overall debt ratio is under 30%. But just to be on the safe side, pay immediately if you can to bring it under your limit.

Answer 3

There is a grace period.  Most credit cards just charge you a finance charge for going over the limit.  If you pay it there shouldn't be a problem.