Free No Fee Credit Card

3 Responses to “My Credit Card Balance Is Over 50%. How Long Will It Take My Credit Score To Go Back Up?”

1. Mariposa says:

   May 4, 2009 at 1:21 am

   Once your percent gets to below 30% of your available credit, you will see improvements. They lower the percentage, the higher your potential score is.
2. Joey Sixer P says:

   May 4, 2009 at 1:21 am

   It will take awhile, it isn’t 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 wouldn’t 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
3. jepabstb… says:

   May 4, 2009 at 1:21 am

   Congrats on getting your first card and, more importantly, on caring enough to ask about the impact of a $1600 purchase.
   Are you considering applying for credit any time soon?
   If not, don’t worry about the impact to your score. In fact, consider, don’t worry, about the amount of interest you’ll pay for delaying full payment of the $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 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