Mike2k111
Member
Registered: 7th Oct 03
Location: N.Wales
User status: Offline
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Fairly new to having a credit card so was just wondering. If I only pay the mimimum payment and not the whole balance at the end of a month does that negatively effect my credit rating? Or is it fine unless you dont pay the mimimum payment? Ive never been quite sure. Thanks
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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no it doesnt
but you pay the price in interest instead
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Tom J
Organiser: South Wales
Premium Member
Registered: 8th Sep 03
Location: Bridgend
User status: Offline
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no bad effects to your credit rating, so long as u make sure you dont miss any payments and you make sure u pay at least the minimum payment. its in your own interests to pay more off each month though as if you only make minimum payment it will take like 15 years or something stupid to pay off
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Mike2k111
Member
Registered: 7th Oct 03
Location: N.Wales
User status: Offline
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Thanks  Yeh it'l only be one month minimum payment on £120 balance as student loan date wasn't what I thought. Usually pay it off in full every month. Would have made the extra effort to find some money if paying it off next month would have effected the future credit rating. Just make sure I get the minimum sorted. Cheers
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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missed payments dont effect your credit score thats more likely to be defaults and ccjs
missed payments show up on credit reports though
so for example you could apply for a mortgage and pass a credit score but if an underwriter looks into your credit report they may see missed payments and so it wouldnt look good
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Tom J
Organiser: South Wales
Premium Member
Registered: 8th Sep 03
Location: Bridgend
User status: Offline
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yeah thats what i meant never good to miss a payment though
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