I didnt make a full payment against my credit card, what happens to my credit score?
I have a student credit card for college through First Financial Bank (for the time being). For the second time in a year I didnt make a full payment against my account. I am just curious as to what does to my credit score if anything. I have credit monitoring, and know my credit score which is currently fair/above fair. Never missed a payment and have not maxed out my account. Just some unexpected events came up that required money I didnt have right then.
Also, since I am a member of a credit union they offer a student card with a MUCH lower interest rate like 11,89% even for students which KILLS my first financial interest, which I have never been hit with interest charges. But would It be wiser for me to close first financial and open one with my credit union or does this hurt my credit score too? Thanks
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Rule 1) Do NOT cancel your cards especailly ones with high credit linit(unless you have too many to count). Simply cut up the card, and let it be. Which brings us to your question.
Generally your credit score should not be affected by you revolving your balance, perhaps slightly from a month to month basis. Banks use a criteria score from the bureaus called the debt to available credit ratio….meaning the less debt you have, and the more money you can borrow but don’t, the better your credit score.
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It’s not going to do anything bad to your credit score, in fact it looks better to lenders when you leave a balance on there. It shows you’re capable of making regular payments. If you’re making the minimum payment on time, you’ve got nothing to worry about. It hurts your credit score to close an account.
Nope, you should always make your full minimum payment against your account, it could go to the credit bureau as been late etc.. You should check with your credit card provider to see what can be done to rectify this, and what they will do.
Your best bet is to try and transfer your balance to the credit union and keep your payments current.