Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
quelah07

0 Contributions
0 People Helped
How much will it effect my credit if I only pay the minimum on my credit card?
For the past year I have paid my credit card balance in full and ahead of time,I only uses 30% of my credit limit.I have never paid interest.But now something has changed with my job so it is going to cause me too just pay the minimum,how badly will that affect my credit?Also if I were to use 40% opposed to 30% how would that affect it as well?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
11744 Contributions
4504 People Helped

Ideally, your usage on credit cards should be less than 10% for the best rating on usage. Higher usage rates do lower your score some, and since you said you are going to have to cut back on the payments (doing minimums instead of PIF) you might give serious thought to cutting back on using the cards.  That interest rate can pile up significantly with just minimum payments so that the balance can keep growing even though you make regular minimum payments,. A lot depends some on the interest rate. All of these can decrease your credit score some but it won't be terminal.  Your employment has hit a 'bump in the road' so that may happen with your credit score.  Unless this bump is temporary, you may consider locating better paying employment while still working so you can resume PIF status.   

8 Contributions
2 People Helped

Keeping your CC at 30% is what you should do and never just pay the min even if you can just pay a couple dollars more will help.!

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.