Is my credit ruined?

Question

if you go over you credit limit does it make your credit score bad? will it effect future investments? (reguarding a credit card)

Answer 1

35% of your scores depend on your debt to credit ratio i.e. how much of your available credit (all cards combined) are you using for purchases and charges. If this is the only card you have, your credit utilization in 100%. Your scores will suffer greatly as long as your utilization is so high. Bring it down to under 30%. Under 10% is when you get the most points. It doesn't ruin your credit since balance on the card can vary month to month. If you bring it down to under 10% next month, your scores will jump immediately. Even if you pay in full. your balance is what is reported what you owe the CC companies. So keep your utlization under 10% if you can and your scores will jump. Credit gets ruined when there are late payments and chargeoffs because that stays for 7 years. Your credit might be hurting right now but defenitely not ruined.

Answer 2

it will make your credit score bad if you don't completely pay the bil out as soon as you get it. if you pay your bill then it shouldn't effect your future investments, but again you need to pay the bill as soon as possible.

Answer 3

It won't shatter your world but it will cause your score to drop somewhat because you've really increased your debt to income ratio. It is not recommended that you spend more than 25-30% of your limit.

Answer 4

Being maxed-out will definitely make your credit score drop temporarily.....but it will not "ruin" your credit.....