Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Soccer1o

0 Contributions
0 People Helped
credit card utilization
I recently got a new credit card with a $3000 limit. I purchased an item of $2700 and am paying every month for it. I just checked my credit score and it went down 72 points. My credit card utilization is poor at 52%. I am aware now that this effects your credit score greatly, but my question is when I pay off the $2700 will my score go back to where it started or will it only increase slightly from where it is now? 72 is a big change:(

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
14 Contributions
48 People Helped

Maybe...

The VERY first thing you did was send off red alerts. You got ONE card and dang near used the entire limit right off the bat. That alerts all the systems that you are NOT credit worthy and just wanted to spend that money ASAP. Once it is paid off, your score will go back up but there are too many factors for anyone to say whether it will go back up FAST like it dropped it FAST. You want it to go up FAST, pay off the $2700 FAST like you spent it! And do not EVER go over 10-15% of a limit on a credit card, it sends out all kinds of warnings....Good luck!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.