How much does going over your credit limit effect you credit/ credit score?

I%26#039;ve went over the limit about 2 times within 3 months. One of these are the bank%26#039;s fault and the other is kind of mine because the credit card company doesn%26#039;t show pending transactions. I want to know how badly this will effect me. I am always on time, I always pay all my credit card bills on time and make the full payment monthly. I just turned 19, I have 3 credit cards w/ a credit limit of 700,750,2000. I also pay my cellphone bill on time for about half a year now.

How much does going over your credit limit effect you credit/ credit score?

This is what makes up your score:

1. Payment history- 35%

2. Total debt owed to available credit ratio-30%

3. Length of time establishing credit-15%

4. Types of credit established-10%

5. Inquiries and New accounts-10%

If you%26#039;re overlimit, factor #2 is affected. So yes, going over your limit will hurt your score. Although it%26#039;s said that you should use no more than 30% of your available credit at any given time, really you should only purchase what you can afford to pay off in full on time every month. This way, you don%26#039;t go over limit, and aren%26#039;t charged as much finance charges.

How much does going over your credit limit effect you credit/ credit score?

There isn%26#039;t a (publicly available) formula for telling you how much it will go down, or if it even will go down. Really the only thing you can do is make sure you pay the overlimit amount as quickly as possible. Your interest rate may increase because of this, though.

As another tip you will also want to try and get the balances of each down to 30% (or lower) of the available credit. For the three cards that would be: $210, $225 and $600, respectively. Your FICO score can be negatively impacted if your balance on each card is close to the limit.