YOUR CREDIT CARD OUTLET

Maxing out a credit card?

I recently got a visa platinum credit card and have a 3k limit. . How bad is it to max it out? Scenerio: I use all of the 3 thousand dollars and then pay 600 dollars every month until its paid off. I have 15 months interest free. Would this be ok?
more info to think about.. I make plenty of money and will be fine with paying 600 bucks a month towards it. I just need the money upfront..
Thanks for your reply. My math is correct though. I was just stating that I have 15 months interest free but I will pay it off way before. How much will this drop my score. My current score is 746.
I know you said it would take a hit but how much of a hit. So they will report it to your credit when you go over 30%? I dont need to check my credit again or apply for any loan or other credit card for a few years. If I do put 600 dollars towards it a month.. How long would it take to get my score back up?

Two problems first of all if you do this your score is going to take a big hit, second your math needs work $3,000.00 divided by $600.00 a month is 5-months not 15.

Anytime you exceed 30 percent usage on a credit card your score takes a hit, when you exceed 50 percent it takes another hit and again at 90 percent.

Additional information:

OK, now that I have all of the information. You can most likely look for a initial drop of around 50 points, but as soon as you get your balance back to below 30 percent usage your score should go back up the next time the credit card company reports.

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