Making min credit card payment

[red259]

I'm waiting on money to become available to pay my chase hyatt card, which is due tomorrow. I want to make the bare minimum payment and then I will PIF next week. I normally pay double the minimum and never carry a balance on a card that is not 0%apr. Would chase react to this, or would they only react if I pay the minimum only for a couple of cycles? The balance is like 1k on a 21k card.  

[Anonymous]

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@red259 wrote:

I'm waiting on money to become available to pay my chase hyatt card, which is due tomorrow. I want to make the bare minimum payment and then I will PIF next week. I normally pay double the minimum and never carry a balance on a card that is not 0%apr. Would chase react to this, or would they only react if I pay the minimum only for a couple of cycles? The balance is like 1k on a 21k card.  

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I'd do 2x min.

[Anonymous]

When is your due date? 

Is the bill due now and next week is another statement, or is this week and next week in the same statement?

If your bill is due now and all you have is the minimum of course pay the minimum. That keeps your account current. Then pay it off.  It's no big deal. Everyone doesn't pay huge payments every month.

[Anonymous]

pay minimum +1 dollar. the last time i pulled a detailed credit report for myself (and i've only done it twice), the payament history was marked as either late, paid minimum or paid more than minimum. i think if you just pay just a bit more than minimum (which i did for a while) you will be ok. 

[score_building]

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@Anonymous wrote:

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@red259 wrote:

I'm waiting on money to become available to pay my chase hyatt card, which is due tomorrow. I want to make the bare minimum payment and then I will PIF next week. I normally pay double the minimum and never carry a balance on a card that is not 0%apr. Would chase react to this, or would they only react if I pay the minimum only for a couple of cycles? The balance is like 1k on a 21k card.  

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I'd do 2x min.

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So would I, ideally, bare minimum of 2x to maximize internals/repayment score and to minimize shadow of doubt are inching one step closer to AA.

While the x more than min pay can at least prevent a min pay notation, the majority of issuers have sophisticated metrics in place which quantify percentage of outstanding balance paid in a statement period and over time.

[Anonymous]

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@score_building wrote:

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@Anonymous wrote:

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@red259 wrote:

I'm waiting on money to become available to pay my chase hyatt card, which is due tomorrow. I want to make the bare minimum payment and then I will PIF next week. I normally pay double the minimum and never carry a balance on a card that is not 0%apr. Would chase react to this, or would they only react if I pay the minimum only for a couple of cycles? The balance is like 1k on a 21k card.  

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I'd do 2x min.

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So would I, ideally, bare minimum of 2x to maximize internals/repayment score and to minimize shadow of doubt are inching one step closer to AA.

While the x more than min approach may at least prevent a min pay notation, the majority of issuers have sophisticated metrics in place which quantify percentage of outstanding balance paid in a statement period and over time.

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One min payment every once in a while ain't gonna hurt. For some it's just a way to get that bill out of the way until the next paycheck comes and they can pay in full or a significant portion of the balance.

[score_building]

What is probably of more significance is if a min pay occurs in the absence of any additional payment during a statement period, particularly a pattern of only min pay over time...although sometimes an out of pattern minor internal ding like min pay can lead to unintended consequences, is generally not the only or primary factor if things head south.

[Anonymous]

I'd say making mininum payment once then paying the rest of the balance. It's better than say racking up a lot of debt and only making the mininum payments which makes it more hefty because of interest rates and that you don't have a lot of credit to utilize. If I could change a few things, it would be I would had tried to get credit as soon as I turned 18 rather than wait awhile or not try to get a basic secured card or a card with a smaller limit and watch it grow. I saw a $300 Capital One credit card limit increase to $2,500. 

[Anonymous]

I know Chase has a rep, but don't overthink these things. It is fine

[Anonymous]

Id pay the minimum if that's what you have. I was always a $50 man. If i could not pay a chunk id pay $50 which was always higher than my min...

The reason you have a minimum is because that's what the bank expects. If you get an AA because 1 min payment then they probably don't trust the limit they gave you in the first place.