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jneatherlin

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Rebuilding credit, but have upcoming costs
I am rebuilding my credit and have recently gotten a credit line increase on my credit card. I try to keep the balance on the card low, to continue to improve my credit.

I have an upcoming cost of about $2000 that I can put on my credit card, but it will be put me at 77% utilization of that (my only) credit card.

I can pay cash, but I am trying to save up for some home repairs and a wedding, so I would really rather avoid paying cash.

My question is, how damaging will it be to push my credit utilization up to such a high number and how long will it take to repair if I do?

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Credit Utilization is a HIGH factor when it comes to your credit score.  That being said, the moment utilization is back in line, your score reverts back as well.   With available cash, my advice would be to use your credit card anyway.  Depending on when the charge goes through, and what your billing cycle is, that will give you at least 25 days (and possibly more like 45 days) before a payment would be due.   You can use that time to decide how to proceed.

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