Do Credit Card Minimum Payments Affect Your Credit Score?

How is your credit score affected by minimum payments?
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So what happens to your credit score if you make minimum payments on your credit card? The truth is that minimum payments are a rip off, but they're not really going to hurt your credit score unless you're using up too much of your available credit. The video will clarify this :)
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[@HonestFinance]

Enjoy the video! Comment below if you have any questions, thanks :)

[@mylessonsradio9793]

Holly crap. Intelligent information on KZbin. Please don't give up.

[@kitcatmeowpurr745]

Very well explained, if only 2 out of those 3 things were so easy. Making the minimum payment is by far the easiest part ! 😵

[@TheForexApostle]

Thanks for the additional information about credit :)

[@HonestFinance]

You’re welcome

[@TheChariot99]

Hi my credit limit is $12k. This November i have a balance due of $347. I have the minimum due payment on auto so it's always paid. I don't have $347 to pay for this closing date so i want to pay it the next month. Will my credit score go up or down ? thanks

[@ashokmajhi1825]

Hi , i have a question !! This month my expenses are a bit high and I want to make only the minimum payment for this month and next month I will pay the full amount, so will it affect my credit score?

[@GoosbyGoosby]

Score will drop

[@blitzaxis]

This still does not explain if the minimum payment will generate a higher credit score or paying in full. I dont care if I will have a higher interest. I can pay that. Lets say your hitting the 30% below on both and your never late. So by comparison, which generates a higher credit score, minimum or full? My agenda is just to raise my credit score and I want to know which gives the most points.

[@xvidavi6090]

You’re better off paying in full. For you’re case , min payments won’t work as much. That’s more in the long run and you’ll probably run into doing min payments when you have a nice amount of years on your credit history, because it won’t affect you as much and it’ll still help you’re credit out. Pay in full and keep a low balance in between the months to have the min amount reported to the bureaus.

[@xvidavi6090]

Not the one to brag but as a 19 year old standing on a 776 credit score, I would go this route for a good year and you’ll see the results. After that, you won’t have to even worry about utilization between cards especially if you’re lucky enough to get more than one credit card company

[@rubin2960]

My minimum credit payment was $25 but I paid $45 in advance

[@HonestFinance]

Good work

[@liljo911xxx]

Those bastard credit bureau ain't playing around.. They'll ding your credit for what ever reason..

[@Paula-cd2fd]

So if I pay the minimum only, it won't show up as a late payment in my credit score right? I've always paid in full on time, but I got a 0%APR card and want to take advantage keeping my money in my savings for a longer time.

[@HonestFinance]

Ya it’s not a late payment if you pay the minimum before the due date

[@Paula-cd2fd]

@@HonestFinance thanks for answering!

[@deborahanderson4211]

hello there, if I don't have all of it, I just pay the minimum then pay the rest on it...I've been doing this for years and I have a 700 above credit score

[@jvgaming8453]

Thanks for this , so if I pay my minimum on due date it won’t ruin my score ??

[@HonestFinance]

You at least won’t have a late payment

[@LordBlackNephew]

2nd Like, 1st comment. BX STAND UP!!!

[@HonestFinance]

😎

[@jeffreyaviles8306]

What if I’m late on a minimum payment I know it’s stupid to ask but what if u pay it two days later ???

[@HonestFinance]

Don’t do it . It’s not worth the late fee and penalty APR

[@NoKreativeUsername]

I sent $5k to my car to get ahead and my score dropped 30 points. I dont have cards. Just my house and 2 cars. No blemishes no late payments for years. Why did it drop after sending $5k?

[@HonestFinance]

I don’t know. It has to be from something else

[@deborahanderson4211]

my car loan and personal loan was paid off at the same time and my score had dropped 40 points as well in 2020

[@NoKreativeUsername]

@@HonestFinance its not. It just jumped up 20 points for no reason. Lol