Score dipped because of high utilisation, how long will this last?

Admoneyandstuff

I recently took out an Amex card to get cashback on a 5k purchase.

I paid for it and then stupidly let my direct debit pay the bill at the end of the month instead of paying it off straight away. They obviously reported my balance which showed a massive spike in my utilisation ratio and I dropped 33 points this month. Obviously I will return to normal on the next report but how long will it take to regain these points?

Thanks in advance.

Willing2Learn

Are you saying that you paid the full 5K statemented balance by Direct Debit? The utilisation would be irrelevant if you have paid the full balance due. Ignore the 33 point drop in your 'credit score' as your CRA 'score' is not used or seen by lenders.

Seasons greetings

BoGoF

Is the stickied post 'what your credit score really means' at the top of the board not visible to new members?

sourcrates

Admoneyandstuff wrote: »

I recently took out an Amex card to get cashback on a 5k purchase.

I paid for it and then stupidly let my direct debit pay the bill at the end of the month instead of paying it off straight away. They obviously reported my balance which showed a massive spike in my utilisation ratio and I dropped 33 points this month. Obviously I will return to normal on the next report but how long will it take to regain these points?

Thanks in advance.

Please take time out and read this, your credit score is a virtual gimmic in this country :


https://forums.moneysavingexpert.com/discussion/4974939