reduced payments and future creit ratings

lynnmcintosh

if my credit card companies accept a lower monthly payment rather than the high minimum which i cant meet how will this affect my future credit reatings thanks

fermi

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milliemonster

I think it will be recorded on your credit file but I'm not sure exactly what they put, someone will come along along with more experience in this soon I am sure

Deep_In_Debt

Hi
Not sure how it will show on your credit file - it may show as a default but I am not entirely sure.

Basically, as you are making reduced payments and not the contractual payments required by the credit card company, you will be breaking the terms of the agreement. This normally shows on your credit file for a period of 6 years after you have made your last payment, so your credit rating could be trashed for quite a while.

craigers

I think it depends on the creditor and the credit reference agency. My Bank of Scotland credit card shows as repayment requirements fulfilled on my CallCredit credit file, and I'm on a DMP.