My credit card situation?

Question

My current credit card balance is $16,287 . The credit limit is $15,200 which means I am over $1000 my limit. Once I get a pay check, Im putting in or putting back $940 back into my bank. My sister was saying I need to at least take out some for personal like food, car gas or personal things. If I put back $750, that means my balance is $15,563. Does that means it will look bad on my credit card rating? I will put back another $940 or so next month to bring my credit card limit down. Is this a good idea? I just got charged $300 for some annual fee for not paying the full in 1 month, but its impossible to pay back $15,200.00 in 1 month on my salary I make.

Answer 1

Yes you will take a ding on your credit report for going over limit.  You will also take a ding for owing more than 1/3 of your available credit limit.  Try to get it paid down as quickly as practical but don't do it and not be able to pay something else.  Good Luck.

Answer 2

Genesis.

Some of the above posters do not seem like they really want to help you. Seem a bit contrite and "know it allish" to me. Makes me wonder THEIR credit score.

Anyways. When you go over your limit your score is affected by this. But as soon as you go under the limit and it is reported the score is changed so you dont need to worry about THAT part. What you do need to worry about it every month youre over the limit your creditors will charge you astronomical fees. So try to get under ASAP

I own a debt consultation firm and we love giving free consultations

Go to www.agdebtconsultation.com

or email me at [e-mail]

I am Aaron. I have no problem helping people that need advice out

ps I know what im talking about, I do it every day

Answer 3

Cut up your credit card.

Answer 4

HINT: Your credit rating just became the least (lowest) of your concerns. Your highest (most) concern needs to be getting this debt paid off. It stars with a)cutting the card in half b) getting on a budget c) getting under your limit to avoid over limit charges d) further developing your budget to ensure you ge this paid down over the next 18-24 months.

Answer 5

Play catch up is hard, real hard. The longer you keep a high balance, the worse your credit will get. The longer minimum payments get ignored, the closer you get to losing your card and being sent to collections.

I'm not say go hungry. But I am saying eat light...

And don't count on your balance getting lowered just because you pay "some", you will still incrue fees and interest for not making at least the minimum payment.

Answer 6

It already looks bad on your credit rating.  And the longer you fail to get your balance below your limit, the worse it will get.