How much more than a minimum pmt do they want to see?

[Pigeyex]

It's common knowledge that cc lenders are looking for you to make more than just your minimum monthly payment each month, and will take whether or not you do into consideration when evaluating a CLI.

But how much MORE than minimum does one need to make?  Would "minimum pmt. + $5" get past their automated systems, or does it need to be significantly more than that?

thanks,

Pigeye

[Anonymous]

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@Pigeyex wrote:

It's common knowledge that cc lenders are looking for you to make more than just your minimum monthly payment each month, and will take whether or not you do into consideration when evaluating a CLI.

But how much MORE than minimum does one need to make?  Would "minimum pmt. + $5" get past their automated systems, or does it need to be significantly more than that?

thanks,

Pigeye

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I would go with at least double the minimums.

[Anonymous]

I send in huge payments. 

Before i buy sometging i want i make sure i have the $$$

i buy sometging for 2000 that i was already going to buy, like my febuary trip to mexico, ill pay 1800 one payment, 200 the next, or i may make both those payments in the same month so its PIF. 

My mexico trip was 2200. I sent in 2 payments...i hope what they say is true. I want good CLI's lol 

[OMW2_HighAcheiver]

My parents, that by the way are "high achievers" in this credit game, only pay $15 more than their minimum. Too bad I wasn't paying attention (or better yet, taught) 20 years ago. I wouldn't have to bless you all with my wonderful presence....

[Anonymous]

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OMW2@_HighAcheiver wrote:
My parents, that by the way are "high achievers" in this credit game, only pay $15 more than their minimum. Too bad I wasn't paying attention (or better yet, taught) 20 years ago. I wouldn't have to bless you all with my wonderful presence....

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On My Way Too?  If not it should be.

[Anonymous]

My statement balance is $35 and my minimum payment is $25. If I want to keep the card at a 10% or less utilization should I just leave a $1 balance that way I pay more then the minimum and still reports a balance?

[crrredit]

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@Anonymous wrote:

My statement balance is $35 and my minimum payment is $25. If I want to keep the card at a 10% or less utilization should I just leave a $1 balance that way I pay more then the minimum and still reports a balance?

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The amount reported to the credit bureaus (and used to calculate your util %) is your statement balance, which in your example is $35. You can go ahead and pay it all before your payment due date so you won't have to pay interest. For scoring purposes, there's no reason to carry a balance from month to month. 

[Anonymous]

Ahh I was under the impression that what ever balance was left after the closing date would be reported. Thanks for clearing that up. 

[Anonymous]

Sorry to play devil's advocate here. But I disagree with OPs statement. I would argue that the CCC's would rather the user only make the minimum payment. In doing so, the user is paying much more interest, and assuming they don't end up filing BK, the CCC is making far more money off that person then they would someone who is making larger payments. No one wants a smaller return on their money!

That being said, for CLI purposes and such, as previously stated, the higher the better. The CCC's don't care about reported util, they care about usage and how much you are running through the card, and then paying off.

[Pigeyex]

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@OMW2_HighAcheiver wrote:
My parents, that by the way are "high achievers" in this credit game, only pay $15 more than their minimum. Too bad I wasn't paying attention (or better yet, taught) 20 years ago. I wouldn't have to bless you all with my wonderful presence....

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THIS ^^ is precisely what I was getting at with my question.  Unfortunately, I'm not in a position right now to make "huge payments" (if I was, I wouldn't have asked the question, LOL) so I'm wondering if, say, my minimum payment due is $125 and I merely make $150 if I'm building a better history with the lender when it comes time to ask for a CLI later. 

With so much of this stuff automated with formulas and such, I'm betting they have their systems set to filter this stuff.  So does a "minimum pmt. + $1" = NOT a minimum payment, or is it "minimum pmt. * 1.10" (10% over) or something else? 

Probably varies by lender I'm guessing.

Pigeye