How badly does Overlimit on credit card affect your credit score?

Stupid Compusa charged me something that they were not supposed to yet, then now I spent 30 dollars over my limit. I have good credit, how badly does this affect my credit score? I scheduled a payment already for tomorrow to pay it all off. Is it gonna do any good?

Mann.. i hate Compusa.

How badly does Overlimit on credit card affect your credit score?

It does affect your credit rating whenever you exceed any limit on revolving credit accounts. But the ding is not very significant unless you let it sit there longer than 30 days. The creditor may not report the overlimit status to the credit bureaus if you pay the overage within the billing cycle. However, they will charge you an overlimit fee and many of them will also jack up your interest rate. How this type of thing is handled varies from creditor to creditor, so you have to read the fine print on your statement to see what the specific terms are for Compusa.

In any case, just pay the amount that you went over. Even if your FICO score is temporarily affected. If you apply for credit somewhere else, they will not only be looking at that FICO score. They will be looking at the cycle data that was reported to the credit bureaus and they will overlook minor stuff like a $30 overlimit amount if it was paid within the billing cycle. What they are really looking for is to see that you have been paying all your credit accounts on time.

HOWEVER, and this however is a %26#039;biggie%26#039;, the fact that you went over your credit limit has other consequences. It means that you are carrying a high credit balance. If you have high balances on too many credit accounts at the same time, that WILL drop your FICO rating because it means your debt to income ratio has increased, and, to most lenders, this is usually a first sign that you may be having financial trouble. Every bank that issues you a credit card will periodically review this data, and if they feel you are getting into more debt than you can manage they may either lower your credit limits or increase your interest rate.

How badly does Overlimit on credit card affect your credit score?

I think as long as you pay it immediately you should be fine.

How badly does Overlimit on credit card affect your credit score?

it depends who the card is through . my one credit card raised my intrest rate to 30% for 6 months for one over charge paid off within a day like your trying to do ...

good luck

How badly does Overlimit on credit card affect your credit score?

There can be many penalties that go along with going over the limit like, hike in interest, or if they report it as being over the limit to the credit reporting agency it will kill your score until you get it down. A big part of your score is utilization and that would put you over 100 percent so that is not good when 33 to 50 percent is where you want to be. Also no matter what your report will always have a highest balance reported and until you get your limit raised it will show you went over the limit. As long as you get it under it will not hurt your score.