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Caesarion | Will not paying off your credit card completely in a month hurt your credit score? |
I got my first credit card last year, I've used it a lot and got a few credit increases, and have paid it off in full at the end of every month.
However, this month I've spent quite a bit because of a new laptop I bought and a vacation. I don't think I'm going to be able to pay it all off, but I'll pay about $1,000 out of $1,400. The minimum is only $20, but will leaving the $400 off hurt my credit score? Or is that only if you don't pay off for a while or make late payments?
Additional Details
Well my card has a $3000 limit on it...30% of that is $900, so the $300-400 I might not be able to pay off is much less than that...about 10%. |
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alienz_r_us
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Someone above wrote that 50% of your credit limit is the supposed place where your rating will go down. Actually, FICO now considers a balance of 30% of your credit limit to be "maxing out," and will decrease your credit rating as a result. At the same time, your balance is not reported by the credit card company every 30 days--more likely, they report to the three credit bureaus every 3 months.
So if you are able to bring your balance down to about $350 (which would be 25% of your credit limit of $1400), paying off $1050 this month, you will be under the 30% ceiling.
Keeping a balance on your credit card every month, instead of paying off the balance in full each month, actually helps your credit. If you think about it this may make sense: the three credit bureaus are monitoring your credit worthiness for credit lenders. A lender is going to be more willing to lend you money if they see that you will carry a balance--allowing them to make money off the interest you pay each month--than if you pay off the balance in full each month. Because the credit reporting system is essentially run by the lenders, they will assign you a higher credit score if they can make a profit from lending to you.
Congratulations on your purchases, and on your ability to make such a large payment! |
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Resume Guru
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Paying that much at one time on the card will be great! You will have good history of paying your bills and have still have open credit. You want to look like a responsible user. It will not hurt your score to leave a balance - but that also means that you don't have outstanding balances on other cards, right? I would be concerned if you could only pay the $20 minimum. Using credit cards without paying the balance each month really means that you're living beyond your means. |
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Robert R
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It will not hurt your credit at all, ony if your balance is over 50% of your limit,then it would... |
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davetumalty
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Hi, No not paying it all off will not effect or even show up on your credit report.
Only Defaults are shown up. For each credit account you have there is a record of this on your credit file,
Each account states the lender and your credit limit and below there is a table of months with a key letter next to it if you miss your payment a D is entered which mean Default (or not paid) if you get 3 or 4 Ds in a row then your credit rating will be effected.
So i wouldnt worry about it all you have to legally pay is the minimum amount if you pay that then a R for Received will be put on your file
Hope this answers your question |
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SPIFIMAN1
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You will be fine.
As long as you pay it down to under 30% of your limit not 50% it will not effect your score at all.
The only time it hurts your score is if your balance goes over 30%, you make a payment late or not at all. |
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mo2345
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It all depends on what your limit is. You should already have a pretty good credit score paying it full every month. But to be honest, all your doing is making your credit improve faster, if you dont pay it full, it'll still increase your credit as long as your under that 30%. But, sadly enough, whether or not it is reported monthly, your credit report will still reflect the high balance for that period of time. So, even if you have been paying it off full every month, if you are coming close to your max every month too, it doesnt look very good. Lenders will see it as you taking risks with your card, even with you paying the balance every month. Dont believe what the other people are saying, what your balance is at the end of the month doesnt matter as much as it was when you bought that labtop, so try not to spend more than 30% off your card at any given time. |
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jen
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you dont get penalized unless you make late payments |
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Miguel H
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As long as you make your payments on time, it will actually HELP your credit rating. |
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Jeff T
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As far as the credit scoring issue. As long as by the time your credit card company goes to report it to the credit bureau, your bal. is under 50% of your credit limit, you will be fine. For example... if your credit limit is $1400 and your bal is $400, then you have only used up 29% of your credit limit. This is a good thing!!!
As far as the interest... thats another issue entirely. |
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