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if you make minimum payment or something less than statement balance
but pay on time, is it considered negative account on credit report?
Will the Current Status say 'Pays as agreed', 'Never Late'?
What about the payment history boxes? will it say 'OK' or other thing like 'Minimum'?
Sounds stupid asking those but I was wondering if paying on time is only requirement
to be positive account.
Thank you for your time and help!
@Anonymous wrote:if you make minimum payment or something less than statement balance
but pay on time, is it considered negative account on credit report?
Will the Current Status say 'Pays as agreed', 'Never Late'?
What about the payment history boxes? will it say 'OK' or other thing like 'Minimum'?
Sounds stupid asking those but I was wondering if paying on time is only requirement
to be positive account.
Thank you for your time and help!
minimum payments is fine, as long as you pay that it won't be a problem, unless your with American Express then you might have your accounts closed since they're still pretty much a Charge card company...... A charge card is a card where you have to pay 100% of what you owe every month. Credit cards are ones where you can carry a balance, with Amex if you carry a large balance for more than 3 months they frown upon and and sometimes close all your accounts depending on situation. especially with new accounts, but with long relationships they might let it slide.
If your paying at least the minimum youll get Payed as agreed on the trade line. If you want your scores to keep going up you need to pay a lot more than the minimum or it will look like you cant handle the balance you already have when it comes time for a CLI
@luckelle wrote:If your paying at least the minimum youll get Payed as agreed on the trade line. If you want your scores to keep going up you need to pay a lot more than the minimum or it will look like you cant handle the balance you already have when it comes time for a CLI
Doesn't really matter if you pay the minimum for your scores, since the card act you have to pay 1% to 5% + interest fees.
Fico doesn't carry a history of how your account was used, just if you were late or not. You would have the same score in 99 months if you used and paid off every month vs carrying a balance for 99 months. Once it's paid off and you'll get a score accordingly.
Of course if your planning on buying something big and needing loan or applying for another credit card it's a good idea to pay it off sooner, but just cause you keep high balances doesn't mean your credit score won't keep going up once it's paid off.
As long as you make the minimum payment the account will remain in good standing. It might not look good if you were to app for more credit however if you have an account that's maxed out and you're making minimum payments.
@beb86 wrote:
Min payment is just that...the minimum payment allowed to keep your account in good standing....and with AMEX there revolvers work the same way
they do and they don't lol, if you carry large balance for 3+ months they like to shut your accounts lol, amex has too much charge card roots, 0% transfers are a trap!
If you are planning on making app for another credit card, making minumum payments on existing cards in the 6 months prior to the application for the new card may result in a decline or reduced credit line. I agree with other posters about the score effect. So YMMV.