oops went ove limit...

rich4rd83

hi,this month my credit report will show my high £523 went over my limit of £500.
if in the future my limit increases to £1500 will this make it look like I've not gone over my limit, or is it visible on report that at time I went over my balance was 500 not 1500.hope I've explained my self. any advice appreciated , its confusing stuff.

Tixy

It will show what your balance was at the date the data was reported to the credit reference agency, and the credit limit at the date the data was reported to the agency.

rich4rd83

so how bad is it then...I made two mistakes.i I didn't know about 3% on cash transfers,i thought it was £3 that's why I went over,also I didn't know about highest balance ,I thought it was end balance. ive heard it takes 7 years to clear,thats the same as bankrupcr ,right!have I severely damaged my report ! oh yeah,thanks for help....very kind

Tixy

Its a minor blip, and assuming its a one off then in the very short term it could certainly count against you (next few months), after 6 months its likely to have little effect and by a year its very unlikely to make any difference to any lending decision.

rich4rd83

cheers..hope so ,the fact it stays on for seven years is still a blow.as yes it makes sense for some one to see in a few months and say it was a blip,but the way reports are interpreted is odd at best..

rich4rd83

Tixy wrote: »

Its a minor blip, and assuming its a one off then in the very short term it could certainly count against you (next few months), after 6 months its likely to have little effect and by a year its very unlikely to make any difference to any lending decision.

hi, just wanted to msg you, looking at you're first reply I am know unclear if I explained my situation.my end balance will be 200,from 500 limit, the 523 is the months peak. If you did get this from my rubbish explanation, please discard this

caz2003uk

Depends what day they report to the CRA's

My vanquis card has never reported the figure of my statement it's always quoted a much lower figure than was spent on it! I clear it in full every month on the day that the statement comes out, it would be better for me if they reported the statement amount as would show future creditors a higher spend each month paid in full but it doesn't