My credit card balance is over 50%. How long will it take my credit score to go back up?
June 27, 2009 by admin
Filed under Questions and Answers
Hi. I recently just got my first credit card ever and used it to make a 00 purchase. The credit limit is 00, so obviously I'm over 50% 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.
Mariposa on Sat, 27th Jun 2009 9:36 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.