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Question: How does going over my credit limit affect my Credit Score?

I recently went over my credit limit by $10 and noticed that the credit card account (Cap One) was reported as delinquent on my equifax Credit Report? How can this happen and what are the consequences to my credit rating/score? Thanks for your response.

Answer: It's always best that you stay 50% and below your credit limit. Anytime you go past that 50%, it serves as a negative factor to your credit file. Once creditors/lenders see this, it makes them then think you're living beyond your means and you're actually charging something in which you cannot afford. As for this being classified as a delinquent item, it will stay on your file for 7 years from the time it went delinquent. No one can tell you exactly how many points your score will drop. And here's a little hint: "No one knows for sure exactly how Credit Scoring works!"

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