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Alex asked in Business & FinanceCredit · 2 months ago

Does maxing out your credit card affect your credit/fico score?

I'm 23 with supposedly a fico store of 790. I've had my credit card since i was 20. I've always kept my balance low. Always paid it off every friday. Currently my credit limit is 4000. I want to make a big purchase. I want to increase my credit limit to 10000. The purchase i will make will be around 3k. I can pay cash but i want to keep my cash and pay the credit card in less than months. So i was thinking of increasing my limit to 10000 so it won't seem like I'm maxing it out. I'm very responsible and i know i will pay it. But i wonder if having your credit card to the max will affect your score. Thanks.

6 Answers

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  • 2 months ago
    Favourite answer

    Yes, maxing out your credit card will negatively affect your credit score.  If you pay it off in full when the statement comes in, your score will recover.  

    Your card issuer may be willing to increase your limit if you ask, but expecting a 150% jump from $4,000 to $10,000 is unrealistic.  

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  • Anonymous
    2 months ago

    They may not be willing to raise it that high regardless of score. Your income matters more.

    Even asking for an increase will ding your score as they pull your credit again.

    I would suggest paying cash or deferring the purchase.

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  • Rick
    Lv 6
    2 months ago

    yes, you want to keep the balance on your card to less than about 30% to avoid too much of a hit on your credit score.  The good news is that once you pay down the balance, any hit on your FICO score goes away, the high balance doesn't continue to hurt your credit score for a long time like a collection account.

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  • DEBS
    Lv 7
    2 months ago

    Percentage of your credit used does affect your score, but only at the point in time it is checked Max it out today and pay it off tomorrow and tomorrow your score will be unaffected.

    Having available credit and not using it is a good thing as well. So if you can get an increase and still continue to pay it off before the statement date, then that is good.

    While there is really no credit score advantage to paying your card weekly, it is a good habit to avoid surprises and a large bill at the end of the month. I said, "if you can get an increase" as you don't control that. You can request an increase, but unless you qualify you won't be granted one.

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  • 2 months ago

    Yes, it's bad. Quite bad.

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  • Anonymous
    2 months ago

    Yes, maxing the card will hurt your score.

    If you can afford the item, just pay cash.  If actually paying for the item you want will drain your savings or leave you strapped, you can't afford to make the purchase. 

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