credit card payments and credit rating

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Forum -> Household Management -> Finances

Credit card payments and credit rating

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lubmommy

Mon, Dec 15 2008, 9:52 pm

Does paying the minimum payment (as opposed to the full balance) effect your credit rating?

SuperMama

Mon, Dec 15 2008, 9:58 pm

I don't believe so. Just make sure to make the payments. However, I do not think that one should get into the habit of making ONLY the minimum payments, however, I sometimes do. We have to do what we have to do.

Chocoholic

Mon, Dec 15 2008, 10:09 pm

If you pay the minimum payment ONLY, you generally just pay interest. You are not paying off the real debt and in that way, are digging yourself a deep hole to fall into. Don't do this if possible...

lubmommy

Mon, Dec 15 2008, 10:13 pm

Thanks.

avigailmiriam

Mon, Dec 15 2008, 10:13 pm

It does insofar as the ratio of credit availiable to you vs. your income affects your credit rating. Otherwise,no.

Martini

Mon, Dec 15 2008, 10:14 pm

I had it once, I wasn't sure and I paid only the min. payment! Wha la did I get a bill afterwards! Sad

zaq

Tue, Dec 16 2008, 12:49 pm

avoid such unpleasantness by thinking of your cc as cash. buy only what you can afford to pay for in full right away. IOW, use your cc only as a convenience not to have to walk around with cash, not as a substitute for money you don't have.

when I use a cc, I mark in my check register the amount charged, exactly as if I'd paid for the purchase by check. No surprises when the bill comes, no overdrawn checking account, and no massive debt hanging over my head.

If that means I have fewer material goods than other people, well, as the bumper sticker on the jalopy says: Don't laugh--IT'S PAID FOR.

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