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Will paying only the minimum payment on your credit card hurt your score?*

Answers:

1) No, it will not. However, you will end up paying more in intrest by paying only the minimum.

2) No It shouldn't. However, you will PAY a TON of interest over many years. We recently paid off a credit card and even though the balance wasn't incredibly high, we were still paying over $2 a day in interest. I found this out because after we paid off the balance we had something like $37 we still owed the credit card company. It was interest we had accrued in less than 19 days. The better you are able to pay off the credit card, the less interest you will pay over time.

3) Paying minimum payments shouldn't hurt your credit score. Paying more will help it by reducing your debt to income. You will also save a ton of money on interest.

4) actually it does,yes

5) No, it does not. However, you if you pay as much as you can, it will boost your credit score much higher and quicker.

6) Paying the minimum has no impact on your score. What does hurt your score is carrying balances of more than 30% of your limit. Keep your balance below that level. However, paying your account in full every month is a much better idea. You save all that interest and will stay out of debt.

7) Well, not directly. But if you have a high balance, that hurts your score, so paying only the minimum would keep your score down for longer, if the balance is high.

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.