I believe that if you charge your card and make more than the required monthly payments that it would hurt your credit score somewhat the same as if you were to not make a payment at all.
2007-05-02 09:12:04 · 12 answers · asked by Sam 3 in Business & Finance ➔ Credit
No, paying more than the minimum does not hurt your score.
What hurts your score is not paying on time, having too many people checking your credit score, late payments, length of credit history on file, type of credit used, and capacity of the credit used.
As long as you are paying the minimum payment on everything, you will be fine.
Just avoid being maxed on your credit cards...that's a big one!
2007-05-03 07:33:36 · answer #1 · answered by xylina_69 4 · 0⤊ 0⤋
All previous answers are correct...no harm to your credit score by making more than the minimum payment. In fact, from a financial point of view, it is a very good idea.
2007-05-02 09:24:34 · answer #2 · answered by homerunhitter 4 · 0⤊ 0⤋
Your credit score is a number based upon your credit report. As you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more about it at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
2007-05-02 22:55:07 · answer #3 · answered by Anonymous · 0⤊ 1⤋
No, making minimum payments will take longer and cost you more, but as long as they're all on time it will actually be more beneficial for your credit. Obviously, however, you should try your hardest not to carry any CC debt.
2016-05-19 00:13:53 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Actually if you can pay the whole amount each bill that would definitly not hurt your credit score, it would bring it up. So if you can ake more than just the minimum payment do it!!!
2007-05-02 09:20:16 · answer #5 · answered by mesmerized 4 · 0⤊ 1⤋
No paying more than minimum AND paying 10 days or so before the "due" date is great and better.
2007-05-02 09:19:54 · answer #6 · answered by Mickey 6 · 0⤊ 0⤋
No! They LOVE it when you pay more than the minimum. It helps your credit for sure!
2007-05-02 09:20:20 · answer #7 · answered by LB 6 · 0⤊ 1⤋
I'm pretty sure that it looks better if you make more than the monthly payment!!
2007-05-02 09:19:25 · answer #8 · answered by trish 3 · 0⤊ 1⤋
no if u make more then the min this will help your score
2007-05-02 09:22:48 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋
No, paying more is a good thing (as Martha Stewart would say).
2007-05-02 09:18:09 · answer #10 · answered by Anonymous · 2⤊ 0⤋