Will paying only $50 on my credit cards hurt my credit score?

M

mathesonlawnzie

New Member
My New Year thought on my budget—what do you guys think if I only pay $50, not my minimum, on credit cards? Put the rest on a smaller card payment? Would it kill my credit score? Anyone did dis? I have (5)

•5k (min 220)
•3k (min 130)
•1k (min 25)
•8k (min 260)
•4k (min 146)

Thank you
 
No. Pay minimum on all. Put whatever extra you have on the smallest until it is paid off. Then keep paying minimums on all. Take what you would pay on the paid off debt. Put it on the next smallest. Continue these rollover payments until you are out of debt.
 
Horrible idea. Pay the minimums, and throw any extra money at the smallest debt. Once the debt is paid off, don’t use more than 30 percent of the available balance on a credit card and pay it off in full every month.
 
I agree with the other comments. Paying less than the minimum will kill your credit score. Each payment will still count as “missed.” It’s best to pay the minimum on them all, then pay anything extra you have toward the lowest balance.
 
I stopped paying everything and settled with the companies directly after 3 missed payments. I paid off $80k for about $45k. It tanked my credit for a few years, but now I can afford to rebuild my savings and live without debt. My credit will be fine in a few years.

It’s not a good idea for people who need credit or don’t make enough money to save for the settlements and live debt free afterward, but I’m satisfied.
 
If you don’t pay the full minimum on each card, you’ll get a late fee on every card every month on top of the interest and you’ll owe more, tbh. Not to mention it messes up your credit.
 
I numbered my debt and I’m tackling one at a time! Whatever’s left of my budget goes to whatever debt I’m paying at that moment. I’m also only paying the minimum and I’ve reduced my wants to just a small “entertainment” amount I don’t want to feel like I’m only working to pay off debt!

I have an Excel sheet that automates everything for me I use it every pay period and input the amount I’ve paid for X bill. Toward the end of the month, whatever’s left goes straight to the debt!

**I have ADHD, so things have to be very specific fr them to work, and so far this is the only method that works for me
 
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