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In this video I max out my credit card for you and show you how many points my credit score drops by. Basically I take the hit so you don’t have to, all in the name of research. I give you both my credit karma and FICO score from my American Express card. The key take away from this is you shouldn’t max out a credit card, because it hurts your credit score through reporting high credit utilization.
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20 comments
Well I need to pay off all my credit cards.
$100 credit limit, what’s the 20% of $100?
My Credit Karma credit score is at 810 and my FICO score is at 837. Worked hard for this.
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I used my discover credit card for purchases for friends/family that I would get back with a $400 secured limit. And I used 30% of my limit one month (probably March). And my score went down one point on credit karma. I was pretty sad. But I have learned from my mistake.
That FICO score provided by American Express is a Vantage 3.0 score, it says it right there!
So you can use as much as you want, but just put it back before the due date and your score won’t be effected correct?
This might be a dumb question, but I’m just starting to learn about this stuff. When you say to pay off the purchase before the end of the statement, do you mean pay it before we’re even received a bill? I’m a new chase card user and I still haven’t been sent a bill. Do I need to call it in to avoid it affecting my credit? Thanks for the great info btw!
at 3:40 you mentioned to pay that hight amount before the statement date aka (closing date). Why not pay it before the due date? thanks
My bankruptcy falls off my credit in October 21', at 727 right now, I wonder how much it will jump…..
Little over $1k (rent) on a 2.1k limit dropped me 28 points. Last time I leave it on there till the statement date
What if i maxed out my credit card and pay it off before the end of the month. Would that still affect my credit score?
I had my score drop about 30 points when I needed to buy a new PC…I put it on 2 different cards but it got my usage from 9% to 27%. Took me nearly a year to get it back (was in March)…but I went from 769 (after the drop) to 831 today.
I experienced this myself back in Dec. 2020. I had a situation where I was temporarily homeless and staying at an extended stay hotel for the month. I was stupid and put all my weekly charges on only one credit card . It made my utilization go up to 50% on just that one card (total credit usage was only at 10%) . It dropped my score from 671 to 644. In the future, I will spread out the charges among all my cards.
dropped 79 points
Yeah not thinking about maxing my card lol, just gonna use 30% on each card
I've never gone over 5%. Pay off the balance in full each month. My current FICO: 800+.
Can you still receive benefits if you pay the amount before the statement date???
its all a money racket