Credit card

[Andrewryan214]

So the annual fee hit (few months after the card opened) and over drafted the card, how much of an effect will it have on my credit?

[_brian]

Hey @Andrewryan214 - Are you saying that the annual fee maxed out your credit card? If so, your credit utilization could impact to your credit score. Tough to say how much, but hope the below helps!

From a blog article I found about it:

"One of the biggest factors in determining your credit score lies in how much of your current credit balance you’re using. Every credit card has a credit limit or a maximum amount you can spend. Your credit score will take a hit if your credit balance is more than 30% of the available limit.

There are two ways to decrease your credit utilization ratio: either pay off part of the balance or increase your credit limit.

For example, if you routinely have a $5,000 balance on a card with a $10,000 limit, you’re using 50% – much too high. However, if you spend $5,000 on a card with an $18,000 limit, you’ll have a 27% ratio. This should improve your score."

https://turbo.intuit.com/blog/credit-score/how-to-improve-credit-score-74/