pay credit card minimum payment early?

ktcoil

Hi I took a barclaycard credit card out the beginning of the year to use to put small amount on each month and pay off straight away to help build my credit rating, I have been doing this each month but last month I had my car insurance due and payed the whole year on my card so I didn't have to pay monthly and as I had a bonus due the following month so that way I would pay this off with my wages and bonus fine, normally if I buy something in say june then I have to pay this off 18th july but for some reason I got this car insurance in July and it says that its not due till sep 18th?. I know that this is not a big problem but the money is sat in my bank waiting and I am a bit pankiy that with this large sum sitting on my credit card for almost 2 months this may now bring my credit rating back down? can I just pay this off now 6 weeks earlier than I am mean to pay it?


thanks

[Deleted User]

You can pay if off now if you prefer.

CalumHeath

You can pay it any time you choose and you won't be penalised for paying early. Just don't pay it late.

For what it's worth, your credit rating is worthless - lenders don't see it and credit reference agencies (the ones who come up with your rating) don't make lending decisions, so it's worthless.

You credit history is what matters and as long as you make your payments on time or early (but never late), you'll be fine.

molerat

As long as you are well within your limit there is no reason to pay it off early. Consistently spending and paying off in full on time shows good financial management.

bengal-stripe

The minimum payment needs to be paid in the slot after the statement got compiled and before the "payment due" date (about 3 weeks). If you pay too early it will be booked as an additional payment in the previous month.

You can pay as much as you like at any time, as long as you make sure that at least the minimum due gets paid within the appropriate time slot. (If you pay the whole balance, there might nothing be due the following month.)