Exceeding credit card limit

Teaandtoast0124

Hi looking for some advice. I have been going over my credit report thoroughly. And i have noticed that i have exceeded my credit card limit twice this year. Credit limit is £2,000 and statement balance says 2,038. The intrest sent me over. I have now cleared the cards. How long will this affect me for? 6 months? 6 years? And is it best if i close the credit cards?

Teaandtoast0124

By the way i posted this here because i have a nationwide DIP application on monday.

ACG

check your credit report - does it show your balance was in excess of your limit? If so it will show for 6 years. If not, then its unlikely to have any impact.

Teaandtoast0124

Yes unfortunately it does show it went over. How much impact will this have?

ACG

Depends on everything else.
95% mortgage with a gifted deposit will have a bigger impact than a 75% mortgage with a saved deposit.

If the rest of your case is borderline, its probably going to have a bigger impact that if the rest of your case is a good one.

MikeMouse

It can show as been over the limit but also as an on time payment.

If it shows all on time payments over the period - despite going over the limit - and the cards are paid off in full I would say zero impact.

Teaandtoast0124

Thanks for your comments. Hoping nationwide see it as a simple mistake and not an instant decline. Getting a mortgage is so stressfull.

Thrugelmir

It will be scored negatively from the lenders perspective. Why wouldn't it be?

The potential impact will depend on the lenders policy towards this as an isolated event and also in context of their overall rating of you taken as a whole.