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My credit card balance is over 50 percent. How long will it take my credit score to go back up?


credit card balance: My credit card balance is over 50 percent. How long will it take my credit score to go back up? Hi. I recently just got my first credit card ever and used it to make a USD 1600 purchase. The credit limit is USD 3000, so obviously I am over 50 percent of the balance, and I just learned that's bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks

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  • It will take awhile, it is not as much about how much you have on your card, but the fact that you make your monthly payment on time, and the time you have the card. Your credit probably took 1 point ding, I would not worry about it, just continue to make minimums or much higher each month and then when you get it to 0 let it sit there, you need to build up history on the credit card. Good Luck
  • Congrats on getting your first card and, more importantly, on caring enough to ask about the impact of a USD 1600 purchase. Are you considering applying for credit any time soon? If not, do not worry about the impact to your score. In fact, consider, do not worry, about the amount of interest you will pay for delaying full payment of the USD 1600 purchase. That is, you indicated it will take you 2 - 3 months to pay it off. Unfortunately, the hit is much more than the one point suggested by a different poster. Thirty 30 percent percent of your FICO comes from "amounts owed. " Not a problem. unless you're considering new credit. If so, hold off. Get a credit history with on - time monthly payments. Show responsibility with the card you have. Don't laugh. but really nurture it. Develop a long - term credit relationship and you will benefit. Hope this helps, Best, Mike
  • Once your percent gets to below 30 percent of your available credit, you will see improvements. They lower the percentage, the higher your potential score is
Tags: credit, purchase, percent, card, score
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