What is regarded as a minimum payment?

wizzywig27

Any payments where I make the minimum I ALWAYS round up to the nearest pound. I often try to pay more than the mimimum but last month I paid the minimum to the nearest pound on a credit card, I notice today they have marked my credit file as minimum payment made. Is there a an amount you have to pay over for it to be classed as 'not the minimum' or is it different from bank to bank?

I would argue that I paid more than the minimum, even if by pennies! 

liviboy

I believe it is minimum + £1 to avoid the minimum payment marker.

wizzywig27

Thank you, I shall ensure I keep to this to in future if I need to make the 'minimum' payment

2e0arr

why are you asking this ? is there nowt on the telly ?

jimbo26

2e0arr said:

why are you asking this ? is there nowt on the telly ?

OP wants to avoid the CRAs reporting his payments as 'minimum payments'

mcpitman

2e0arr said:

why are you asking this ? is there nowt on the telly ?

why are you asking this ? is there nowt on the telly ?

crumpet_man

I have several 0% cards with a direct debit setup for minimum payment only, is there a problem with this?  It never occurred to me that I should pay more than I am required to when it's 0% debt.

Ebe_Scrooge

crumpet_man said:

I have several 0% cards with a direct debit setup for minimum payment only, is there a problem with this?  It never occurred to me that I should pay more than I am required to when it's 0% debt.

If they're on a 0% promotional rate then no problem.  The general rule is that on an "ordinary" card, if you only ever pay the minimum then this shows up on your credit history, and can be interpreted as a sign of financial difficulties.  But if you're on a promotional rate then this fact is also flagged, so paying just the minimum is not the same cause for concern to a potential lender. 

2e0arr

mcpitman said:

2e0arr said:

why are you asking this ? is there nowt on the telly ?

Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....

you are hippo ventilating

phillw

I'd rather have the minimum payment marker to be honest.
If I were going to lend someone then I'd prefer someone who was paying the minimum than someone trying to game the system. I'd be more worried about what they were trying to hide.

Takmon

phillw said:

I'd rather have the minimum payment marker to be honest.
If I were going to lend someone then I'd prefer someone who was paying the minimum than someone trying to game the system. I'd be more worried about what they were trying to hide.

If someone is making an effort to pay more than the minimum that is always a good sign because it shows they are taking an active interest in their finances and looking at their statements. They will be a lower risk that someone who has no interest in their finances, doesn't look at their statements and just lets the minimum payment get automatically taken without thought.