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My credit score as mid 740's, I appled and recieved a Am EX cash back card with a 5000 limit. I have charged 1650 dollars this month. I intended to pay in full and not be charged interest. I am now afraid that the 1600 will show as my balance and lower my score. If I pay in full and do not use the card again will my score increase the next month because my balance decresed??
I don't think that if you pay back the credit card debt in full it will reduce your credit score. To have a good credit score it is always essential that you spend not more than 30% of your credit limit. You have only spent 30% of your limit. So you can repay the amount and again use the card to make purchases.
I agree with justin on the point that since you have spent only about 33% of your credit limit, it would not adversely affect your credit score. Moreover, paying off the debt in full never reduces credit score. In fact if you pay off the debt in full, it gives a good image to your credit report.
Thanks
Wow, thanks for the speedy reply. I totaly appreciate it.
Thank you!
you will almost always get great advice fast here. you are very welcome.