What will happen if I just pay much more than the minimum payment but I still have a balance left on my card? I'm maybe going to be able to pay out about $300 or $200 out of $500...
What are the consequences of me not paying off the full debt? Does it significantly decrease my credit score, or is that only if I do it for several months at a time? Is one "boo boo" going to ruin my life?
2007-10-19 17:43:59 · 15 answers · asked by asturiasangel 2 in Business & Finance ➔ Credit
No it won't kill you if you carry a balance for one month. Infact, paying a little interest here and there is a good thing for your credit report. The interest will kick you in the you know what though, just be sure to pay it off next month. Everyone makes those mistakes, just make sure you learn from this one and don't do it again.
2007-10-19 20:46:47 · answer #1 · answered by Josh 6 · 1⤊ 0⤋
paying less than the balance will do nothing bad to your credit rating, in fact it may make it better. If you miss a payment or don't make the minimum payment it will hurt your rating.
If you don't pay off the balance the interest rates will kill you though. Doesn't make sense to use a credit card if you can't afford to pay it off each month. It could cost as much as 15-20 dollars a month extra depending on what the interest rate is.
2007-10-19 17:55:30 · answer #2 · answered by Airmech 5 · 0⤊ 0⤋
pay as much as you can, it looks good on your credit report.
dont worry if you cant pay it in full, thats not expected of you (unless you are on an interest deferred plan)
be consistent in your payments and whatever you do, be sure to pay on time!!!!
one boo boo would be: paying late, not paying the expected amount on your bill, and going over your limit.
what you dont want to do is have a high percentage of your maximum balance used up on your card or JUST pay the minimum payment due.
2007-10-19 18:13:03 · answer #3 · answered by kells 2 · 1⤊ 0⤋
As long as you pay the minimum you are ok, but it takes a long time to pay it off. I dont think it screws up your credit score as long as you pay at least the minimum and on time. Can you pay the other part next month? Just pay attention and keep whittling it down.
2007-10-19 17:54:29 · answer #4 · answered by plaplant8 5 · 1⤊ 0⤋
Listen If you are making your minimum payments then you should be okay..... If your just going to pay 200 or 300 then do it. Your right it won't ruin your credit score..... it takes alot to build credit and amazingly to bring it down too, I think you'll be okay
2007-10-19 17:50:57 · answer #5 · answered by Linda L 1 · 0⤊ 0⤋
by no skill close a credit card! What you could desire to do is purely pay off the credit card and decrease it up and by no skill use it lower back. Calling the complany and cancelling your account will purely harm your credit greater. as long as you keep making charge and not value greater, you would be high quality. it relatively is good to have credit playing cards, optimistically with low to no money due on them, this could help your debt to earnings ratio and could furnish help to get greater useful financing for any important purchases. do no longer cancel your account nonetheless!
2016-12-18 12:21:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as you make the minimum payment it will not hurt you credit score. That is how people build credit. What does hurt is the interest payments.
2007-10-20 05:38:14 · answer #7 · answered by Classy Granny 7 · 1⤊ 0⤋
as long as you pay the minimum balance, they shouldn't ask you to pay all $500 at once. Pay the minimum amount due plus a little extra, that looks good on your credit.
2007-10-19 17:47:05 · answer #8 · answered by Konjo Nashi Pirate™ 5 · 0⤊ 1⤋
No thats fine. You can pay that much. As long as you are paying on time that is the most important. It does help if you do pay more then the minimum. Hope that helps.
2007-10-19 17:47:35 · answer #9 · answered by Anonymous · 1⤊ 0⤋
As long as you pay the minimum amout due that's okay. Maybe I'm not understanding your question.
2007-10-19 17:47:29 · answer #10 · answered by blackcat 3 · 1⤊ 0⤋