Experian "M" marker

uncreative

I paid off a lot of debt in one go at the start f the year that sat on 4 credit cards. 3 of which the timing of the payment resulted in residual interest in the following statement period and I have just noticed that the interest appears as the last monthly balance before going to nice zero's across the board. Underneath the exact amount is paid off, but there is an "M" payment coded marker which I am led to believe stands for minimum payment only.

How can this be right if i paid off the balance in full, although the only balance to be paid off was trailing interest.

Will the M's affect me when it comes to mortgage application time?

I have never just paid the minimum before and now pay off in full by DD to get points/cashback.

thanks for any advice.

Experian_company_representative

Hi uncreative

uncreative wrote: »

I paid off a lot of debt in one go at the start f the year that sat on 4 credit cards. 3 of which the timing of the payment resulted in residual interest in the following statement period and I have just noticed that the interest appears as the last monthly balance before going to nice zero's across the board. Underneath the exact amount is paid off, but there is an "M" payment coded marker which I am led to believe stands for minimum payment only.

How can this be right if i paid off the balance in full, although the only balance to be paid off was trailing interest.

Will the M's affect me when it comes to mortgage application time?

I have never just paid the minimum before and now pay off in full by DD to get points/cashback.

thanks for any advice.

So that we can establish if the 'M' marker you're referring to relates to minimum payment, please get in contact with us with your details (name/dob/address) so we'll be able to take a look through your report with you and make sure everything is correct ready for when you apply for your mortgage.

Regards
James Jarvis

brokebuthappy

This happened to me too. I always pay my credit card off in full but when I spent just £4 in May on my barclaycard and paid it off I was given a Minimum payment marker too. It's on all my credit reports, not just Experian.

I'm annoyed by this as it ISN'T a minimum payment, it's the FULL amount. What should I do? Is it something to worry about? Does it look bad to lenders?