At least I wouldn't be charged for a mmissed/late pmt. For example, if the min due is $200, and you only pay $100, what you they mark that as on your credit report?
2007-08-31 03:15:28 · 5 answers · asked by Anonymous 2 in Business & Finance ➔ Credit
Just wanted to add that it's not my spending, the card's been maxed for a year (CAN'T spend w/it). I know how to budget, etc. Just dont have the funds to pay it down much. I'm in college.
2007-08-31 04:23:25 · update #1
Nothing will be reported to the credit bureaus but you will get hit with fee's and additional interest.
2007-08-31 03:39:13 · answer #1 · answered by ? 7 · 0⤊ 1⤋
Minimum payment means the least amount they consider as adequate payment. Paying less puts you in default. You will be charged a late fee. They may even report it to the credit bureau.
The minimum payment typically covers the interest and just a little principal. If you don't make the minimum, you aren't even keeping up with the interest. You are in serious financial trouble and need to re-evaluate your spending habits.
2007-08-31 11:16:10 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
If you pay less than the minimum payment, most credit cards will still charge you a late fee.
I have also seen credit card companies report a partial payment as a non-payment, basically meaning that it'll look the same on your credit report as if you hadn't made a payment at all.
2007-08-31 11:12:35 · answer #3 · answered by Christie 4 · 0⤊ 0⤋
I don't know what marking they'd note, but your inability to meet the minimum payment will mean added interest and a poorer credit score. The imaginary $100 of the minimum that you didn't pay becomes a late payment.
2007-08-31 10:20:32 · answer #4 · answered by Anonymous · 1⤊ 0⤋
they'll fine you for not making the minimum payment
2007-08-31 10:23:32 · answer #5 · answered by Anonymous · 1⤊ 1⤋