Paying just above minimum payment on credit card

Dave_the_Ginger_Cat

YorkshireBoy wrote: »

Things may have changed since you last viewed your credit report? See here...

http://www.experian.co.uk/downloads/consumer/YCREJul08.pdf (see pages 16-17)

I'll rephrase it then if I may as 'Not all lenders choose to interpret and use all of the information which is available to them'.

This does mean that the effect is the same in most cases, and I am certain a lender will not disclose if they do or don't use this.

Experian_company_representative

The credit card behvioural flags are used in credit scoring by all lenders as far as I'm aware. They can help spot patterns of behaviour that indicate certain scenarios, such as someone getting into financial difficulties. On their own they're unlikely to have any significant effect.

Credit scoring weighs up a whole load of factors and these are often interrelated. For example, if you were maxed out on several cards, making the minimum payment on them all every month and had made a glut of recent new applications then it's likely you'd be struggling to make ends meet. A string of minimum payments flags on their own, however, is unlikely to have much if any effect.

If you can afford to pay more than the minimum monthly payment then this is generally the sensible thing to do, unless you're on a promo offer.

James Jones