minimum payments

louiser123

just a quick question,

if you only pay the minimum payment off your credit card is this seen as bad? and affects your credit file??

i usually pay my balance in full as i have a not too good credit file which i am trying to clean up, but this month and next will be tight as we had to buy a washer and cooker as both decided to die together(must have had a pact i think!!). so due to that i cant pay the balance off in full on mine and nor can hubby, this will leave a balance on the cards of mine 280 and hubbys 245.
we have had the cards for the last 5 months.


thanks for any help or information :A

GeorgeUK

As long as you pay the minimum, that is fine.
If the balance isn't paid off in full, all that will mean is that you get charged interest on the amount not paid off.

nzseries1

Agree with George. In fact, it may even help your credit file because if future lenders see you are paying on time but not paying the full amount, they may be more likely to give you credit as they think they can make money off you in future.

nomoneytoday

Credit isn't necessarily bad. Badly managed credit is bad.
Minimum payments won't hurt your credit file, but interest payments will hurt your budget as i'm sure you are aware