Will Making Minimum Payments Hurt My Credit Score

W

wilson

Member
I’ve been carrying a balance on a couple of my credit cards and right now I can only afford to make the minimum payments each month. I’ve always paid on time and haven’t missed a payment, but I’m worried this might still hurt my credit score in the long run.

From what I understand, payment history is the biggest factor in your score, so technically making the minimum keeps my record clean. But does only paying the minimum affect my credit utilization or make lenders look at me differently?

Has anyone here done just the minimum for a while and seen an impact on their score? I’d love to hear from people who’ve been in this situation. Does your score actually drop, or does it stay steady as long as you don’t miss payments?
 
If you make the minimum every month on time, your payment history stays spotless, which is huge. But yeah, the balance sticks around, and your utilization (the percentage of credit you’re using) stays high if you don’t pay it down. That can drag your score down even if you’re technically doing it right. Been there myself, and my score plateaued until I started throwing extra at the balance.
 
Minimum payments = good for avoiding late fees, bad for interest charges. Your score itself may not nosedive instantly, but you’ll pay a ton more in interest over time. Lenders can also see you’re carrying high balances, which may look risky. So your score might hold steady for now but you won’t make progress financially.
 
Honestly, making minimum payments won’t hurt your score directly because payment history is about on-time vs missed payments. But your utilization is what can drag your score down. If you’re carrying a high balance, lenders see you as maxed out, even if you’re never late. I did minimums for 8 months and my score stalled, didn’t drop, but didn’t grow either. It’s like treading water in debt.
 
I lived on minimum payments for years in my early 20s. My credit score didn’t tank, but the balances basically never moved. Interest ate everything. It was like feeding a beast that never got full. My advice: throw whatever extra you can at it, even $20 more a month makes a difference. Minimums keep you afloat, but you’ll never swim forward.
 
You’re right that payment history is the biggest factor, and technically you’re golden if you never miss one. BUT minimum payments don’t reduce your utilization much, and that’s the second biggest factor. If your cards are near max, your score can take a hit. I lived on minimums for a year, never missed one, but my score still stayed kinda meh until I aggressively paid balances down.
 
I’ve done this for a while. My score didn’t tank, but it also didn’t grow. Lenders see you’re only paying the minimum, which basically signals struggling with debt to them. Doesn’t mean they’ll shut you down, but don’t expect big credit limit increases or easy approvals either.
 
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