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 Cards
Profile Image

Question By
AustinYik

0 Contributions
0 People Helped
Does it hurt my credit score?
I recently opened a Chase Freedom card, and spent it on everything and everywhere. I opened the card at the beginning of November, but the first due date isn't until December 17. I used $404 of my $500 limit by November 20th (which was reported to whoever CC companies reports to), but I paid it off on the 24th. Then Black Friday hits, I maxed out my limits today (November 28th), but paid $139 that had been processed the same day, however, those purchases I spend today are still pending. Does it hurt my credit score if I kept doing things like this?

P.s. I intend to pay off my balance as soon as those pending charges gets processed.

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
5038 Contributions
1134 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

When your credit card company reports to the credit bureaus (the three credit bureaus are Transunion, Equifax and Experian) your scores can be dinged for a high utilization rate of your credit line. Usually it is never a good idea to let over thirty percent of your credit line to be reported, less than ten percent is best for scoring purposes. BUT, even if you let a high utilization rate report, the damage is not permanent, you can undo the damage by getting the card paid down before the next months reporting time. Just remember though, with some cards it can take a month or longer to see changes updated or payments reflected. As long as you are not going to be applying for credit any time soon, I would not lose any sleep about it and get it paid down as fast as you can.

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.