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

[OMW2_HighAcheiver]

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@Anonymous wrote:

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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.

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Yes, that's what it is.

[OMW2_HighAcheiver]

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@Pigeyex wrote:

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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

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Contrary to what someone might say, more than the minimum is all you need. Please don't get all obsessed with utilization. I know it is easy to do with everything going on in this forum. But trust me, folks that are not "concerned" with formulas, equations, beating the system and trying to get their fico score to 1000, are the ones that have 800 scores. I know you're trying to rebuild. Hell, so am I. That's why we're both here, however, just live your life AND PAY YOUR BILLS ON TIME. Every time. In a minute you and I will be on here high fiving for work well done. Good luck in your journey! 😉 

[Anonymous]

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Contrary to what someone might say, more than the minimum is all you need. Please don't get all obsessed with utilization. I know it is easy to do with everything going on in this forum. But trust me, folks that are not "concerned" with formulas, equations, beating the system and trying to get their fico score to 1000, are the ones that have 800 scores. I know you're trying to rebuild. Hell, so am I. That's why we're both here, however, just live your life AND PAY YOUR BILLS ON TIME. Every time. In a minute you and I will be on here high fiving for work well done. Good luck in your journey! 😉 

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^^   I agree.   Most months I am paying in full before the statement cuts - ya know - for that UTIL score.  But not this month.   For the first time in years I have credit and I am using it to my advantage - meaning I can shop for Christmas before the 23rd and get some interest free time to pay.  If my UTIL I'll pay off as much as I can, but if a statement cuts before payday....I'm not stressing about it.    My goal is a house soon - but I have time to get that UTIL back down (I'm only spending what I would have anyway....just relieving stress about the timing).   Pay what you can - even if you carry a balance and can only pay $10 over min.   As long as you are paying it ON TIME that is the most important part.    Don't charge up things you wouldn't pay for anyway and get the stuff you already did charge paid off before you add to the balances.   You'll be fine!  You didn't mess your credit up overnight - and you won't fix it that way either.  Trying to do too much at once will just confuse you, make you stress, and probably get you right back where you started........Breathe - take it easy - pay on time - have a great holiday - and keep up the work you've done so far.  We'll be back over 800 soon enough.  

[OMW2_HighAcheiver]

My parents didn't even know their score until about a month ago. They didn't even know it was listed on most of their statements! HAHAHA They'd find what's due, when it's due, write it on their college ruled paper budget and call it a day. All they knew was that their credit was good and they could get ANYTHING they wanted. They don't give a rat's behind what their scores are.

[Anonymous]

Well, I'm going to stop obsessing now and just enjoy the credit limits I have

[Anonymous]

Gl

[Anonymous]

Im tighter times I always paid the minimum and then came around and paid more next time I was paid. On the statement of account it doesn't denote that you paid the minimum and paid more later, it just shows the whole amount credited that period.

[Anonymous]

I doubt there is some simple magical formula that is guaranteed to satisfy all (or even most) lenders while also giving a borrower time to pay down a balance and enjoy a 0% or other very low APR. I think it's much more a matter of issuers being willing to accept low payments...until a customer's overall credit situation raises the perceived chance of default.

[Anonymous]

I've had an analyst say "oh and I see you make more than the minimum payment. good"

I religiously pay $27 on $25 mins.

[NRB525]

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@OMW2_HighAcheiver wrote:

My parents didn't even know their score until about a month ago. They didn't even know it was listed on most of their statements! HAHAHA They'd find what's due, when it's due, write it on their college ruled paper budget and call it a day. All they knew was that their credit was good and they could get ANYTHING they wanted. They don't give a rat's behind what their scores are.

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They got the Primary Rule of Credit down pat:

Never miss a payment.

Everything else, managing HP, utilization, AAoA, is just fluffy games compared to paying on time. Get the paying on time thing right, and everything else will be just fine.