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OOOz

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I have a credit card of balance 500 and I used all at once. Does it affect my credit history?

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It will affect your credit as you will be at 100% utilization.  The sooner you get it down to 10-20% the faster you will recover.  Even if you can't pay it down that fast, always pay more than the minimum to limit the amount of interest you were be paying as well as bring your utilization down.  You can ensure you make your payment before the due date and before it is reported to the bureau, this way, you maximize your efforts.

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It does indeed affect your history as your report will indicate that you have carried a high balance. It will continue to do so for as long as you make the minimum payments. As for whether that's good or bad is a more complex question. If you keep making the minimum payment (on time) between now and time you pay it off completely, you'll establish a track record of "on time" payments that will look good on your report and work to your favor. Conversely, carrying a high balance can prevent you from getting additional credit right away because when your utilization (credit to debt ratio) is near 100%, it makes potential creditor think that you've over-extended yourself.  This will be the case until you lower your balance or you consistently pay on time for a couple of years showing that you can responsibly handle credit even when you over-extend yourself.

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History is the length of time you have had the accounts and the longer, the better.  What WILL be effected is the usage percentage which you really want to keep at or below 10%.  Please read the articles on this site so you can get a good understanding of how credit works and this knowledge will benefit you for the rest of your life.

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