Share post
Share
Debt Consolidation Forums Credit Repair, Credit Score and Credit Report forums

How much credit score can drop for making minimum payments?

Date: Sun, 01/17/2021 18:02
member profile picture
Posts: 1
Credits: 0
[Donate]

Can you please tell me how much my credit score will drop if I make minimum payments on my credit cards for a couple of months?




Hi!

The good news is your credit score won’t drop if you make the minimum payments on your credit cards for a couple of months.

This is the rule.

Sub: #1 posted on Mon, 01/18/2021 - 03:59

Ryan Miller Ryan Miller

(Posts: 249 | Credits: )

See, it is hard to say how much your credit score will drop when you make only minimum payments. When you make minimum payments, what happens is that your outstanding balance increases due to the compounding interests. And that increases the credit utilization ratio. The higher your credit utilization ratio, the lower your credit score.

Sub: #2 posted on Wed, 01/20/2021 - 02:07

David Martin David Martin

(Posts: 397 | Credits: )

Your credit score won't reduce by making minimum payments. But you will have to make hefty interest payments and it will take a considerable amount of time to repay your debts.
So, if you are facing problems with your credit card debt, feel free to call 800-DEBT-913 and immediate assistance.

Sub: #3 posted on Sun, 01/24/2021 - 21:43

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )


DebtConsolidationCare (IAPDA member)
BBB (A+) logo for DebtCC
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2020 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 1.245 seconds.