How do multiple credit card payments impact credit reports?
Posted in Credit on 05/26/2008 10:27 pm by admin
D A asked:
Right now, I pay more than the mimimum on all of my credit cards. However, with the ease of online banking and my cash flow cycle, I always make multiple payments, about 2 – 4 times each month. When a credit report is pulled and shows the last payment I made on an account (assuming it was the month prior), does it show the actual amount of the last payment — which may be $30 — or the total of all payments over the course of the month, which is more along the lines of $300?
CARY
Right now, I pay more than the mimimum on all of my credit cards. However, with the ease of online banking and my cash flow cycle, I always make multiple payments, about 2 – 4 times each month. When a credit report is pulled and shows the last payment I made on an account (assuming it was the month prior), does it show the actual amount of the last payment — which may be $30 — or the total of all payments over the course of the month, which is more along the lines of $300?
CARY
05/27/2008 at 7:55 am
Actually it will show your scheduled payment and the actual payment. If you look at your credit report there will be two entries: the Monthly Payment and the Actual Payment. The Montly Payment will be based on your interest rate, which might be $20-$30. The Actual Payment will be what you actually paid, in this case $300.
05/30/2008 at 12:36 pm
No, all it show is what the minimum payment is and the new balance. Balances are what is important if you are concerned with your credit score. Any revolving acct that has more then 50% of the balance used will impact your credit score