Does going over your credit limit affect your credit rating?

Moustacheman

If you accidentally go over your credit limit does this affect your credit rating?

I looked at a statement and it told me that I had £150 left for cash or purchases. I spent £110 of the £150 and then I got hit with the interest charges from the previous month which has taken me over my limit and I am a bit worried. I cant afford to pay it back now till next month.

Debt_Free_Chick

I don't believe this gets reported. Certainly, if your next payment brings the account below the credit limit, then that will be the end of it.

But it does sound like you need a plan to pay this off or, at least, get it down to a manageable amount. Many credit card statements now tell you what the interest will be next month, if you only pay the minimum amount this month. This can be helpful in budgeting what you have left on your CC. But ..... why are you having to borrow to spend? Are you actually spending more than you earn (sounds like it).

Moustacheman

I am currently spending more than I earn and it was all down to the fact that I borrowed money off a friend to go on holiday a few months ago on the proviso that I pay him back over the following 2 months. I have paid him back in full now but now have bills which i need to pay and I need to pay these using my credit cards as I have no other cash.

I have been using this website for quite a while now and although I am £26,000 in debt aI am making progress(well I was till I went on holiday). As soon as Christmas is out of the way then I should be in a position to start paying off more tahn just the minimum payment each month.