Over Secured Credit Limit

[mikenetfx]

Hey all, this is my first post, I'm glad I found the forum, it's a great thing you have going here. I might be participating a lot more often in the future.

I just had a quick question, and since it might be an odd question, I decided to post a new thread about it.

I have a Wells Fargo secured credit card with a collateral limit of $300.

I have pretty much kept it maxed out for the last two months due to financial situations, and each time I have tried to make a purchase that would put me over my limit (without me knowing), it would simply decline the card. So I assumed that I would never be able to go over my limit because I would just get declined (unlike a checking account were you get slammed with OD fees)

This month, my online statement says my current balance is $300.74 and I need to pay back that .74 immediately.

I'm planning on paying off this total balance and not using this card for a while after I realized I should keep my credit balances less than 10%, although I'm just worried that this .74 has hurt my credit. Could someone help me out and let me know how bad my credit was just hurt if it hurt it at all?

I'm 20 years old, I have had this card since Jan. Other than this all I have on my credit report is a bunch of inquires.

[chane]

It could possibly hurt your credit. It will show your high balance and your credit limit. Since your high balance exceeds your credit limit, that might effect your scores.

What I would do is ask for an increase in credit limit. I would ask for like $600-$1000 and never let the balance get above $300.74 again (keep that as your highest balance ever.)