Minimum Payment & Credit Score?

Amme

Hi

I currently have 2 credit cards on the go, one with a balance of £5800 the other £3000.

Both are 0% until March 2014.

I always pay a little over the minimum payment every month, I wanted to know if by paying the minimum paying or just over by £100 or so if it has a negative impact on my credit score/file as I am currently saving towards a deposit for a mortgage in 2 to 3 years time?

Thanks

Herbalus

You will find people on here (and very similar threads to if you search for them), that argue both sides.

A number of people say they have paid the minimum for years and have had no problem getting credit, stating that if you're on 0% lenders can see that you're on a promotional rate and therefore your finances don't look overstretched (although some say quite rightly that this is debatable).

Others will quite happily tell you they pay £1 more than the minimum each month to avoid minimum payment markers that go on your credit file. This seems to me to be the best option, but that's just an opinion!

You-kip

Paying your bills on time whether its minimum payment or not is going to look positive then being late or missing a payment.

OneLife_OneShot

I always make sure and pay even £1 more than the minimum, I try to pay as much as I can but always £1 over minimum to avoid that marker.

212

I've been chucking £1 extra onto my 0%, and it's still got a minimum payment marker on my credit report. No idea why. It's been allocated to the correct statement etc (payment is showing the correct amount, as is online banking).

It's only the current month's full data displayed (min payment/promo rate etc) at the CRA, so I'm not too fussed, but will stop paying an extra pound now!

iAMaLONDONER

212 wrote: »

I've been chucking £1 extra onto my 0%, and it's still got a minimum payment marker on my credit report. No idea why. It's been allocated to the correct statement etc (payment is showing the correct amount, as is online banking).

It's only the current month's full data displayed (min payment/promo rate etc) at the CRA, so I'm not too fussed, but will stop paying an extra pound now!

Do you use Noddle?

They always seem to be a month or 2 behind

pqrdef

All of mine are showing the minimum payment marker, and two of them are failing to show the promotional rate marker. I'm refusing to get paranoid about it. None of the cards is maxed out. All they really know about is my record for making payments on time. The idea that they can say anything about affordability without knowing my income or savings is a joke.

pqrdef

iAMaLONDONER wrote: »

Do you use Noddle?

They always seem to be a month or 2 behind

They buy data from other CRAs. As with most things, it's a lot cheaper when it's out of date.

canny_lass_2

Did not realize they did this.Will have to look at my credit report.

Rainie60

Me too. I always do a balance xfer when my 0% deal runs out.