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Any difference in Credit Score for min payment?
NixC
Posts: 1 Newbie
Help - very 'Credt Naive" and need some opinions from the MSE Forum Gurus!
We took out a 2Y 0% Barclays Credit Card in preparation for a planned, short-term shortfall in about 6 months' time. Our aim is to use it to build a credit rating (we only have a mortgage so far), and maximise/extend the credit limit on said card as much as possible over the next 6 months.
We have a Direct Debit set up to pay the Minimum Monthly Payment.
Our Dilemma: Pay Minimum Monthly vs. Full amount every month, over the next 6 months?
THE QUESTION: Would there be ANY difference in our credit rating OR the amount the bank would be willing to extend the credit limit if we chose only to pay off Minimum monthly payments?
(The upside of only paying the minimum --> more cash in hand as a "safety net", especially as 0% interest applies to the balance owed ... if I understand it right...)
We took out a 2Y 0% Barclays Credit Card in preparation for a planned, short-term shortfall in about 6 months' time. Our aim is to use it to build a credit rating (we only have a mortgage so far), and maximise/extend the credit limit on said card as much as possible over the next 6 months.
We have a Direct Debit set up to pay the Minimum Monthly Payment.
Our Dilemma: Pay Minimum Monthly vs. Full amount every month, over the next 6 months?
THE QUESTION: Would there be ANY difference in our credit rating OR the amount the bank would be willing to extend the credit limit if we chose only to pay off Minimum monthly payments?
(The upside of only paying the minimum --> more cash in hand as a "safety net", especially as 0% interest applies to the balance owed ... if I understand it right...)
0
Comments
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Lenders will see that you are on a promo and take that into account with the minimum payments.
If you were concerned, then pay an extra quid on top to avoid the marker.0 -
No difference since you don't have a credit rating or score.
Lenders will see the promo markers0
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