Does making minimum payments only for few months on credit card, damage credit score?

I went through some rough situations recently. I was forced to use my credit cards for medical emergency because i didnt have health insurance. I also was forced to pay university tuition on credit card instead of student loan because student loan got canceled after i was academically inactive for most of last year.

And then someone sued me because my rottweiler bite his leg, and i used convenience checks to pay him several thousands of dollars since i lost the court case.

As a result of all this, i%26#039;m under massive credit card debt. I have about $3000 in the bank, and that is not enough to pay all credit cards in full. I have maxed out on almost all credit cards.

I have surrendered my car too %26amp; use bus to commute now. I graduate in May with a bachelor degree in math %26amp; that is the only hope to help fight this debt.

But until then i can only make minimum payment due. I always pay minimum on time %26amp; i have no choice but to do minimum payment till May. Will it damage my credit score?

Does making minimum payments only for few months on credit card, damage credit score?

You are doing the best that you can during these difficult times.

I%26#039;m not sure what you mean by %26quot;I had to surrender my car.%26quot; If you gave your car back to the bank, that could possibly hurt your credit score.

Making the minimum payments each month shouldn%26#039;t hurt your credit score. I wouldn%26#039;t worry about it.

Eventually, you%26#039;ll get a descent job and you%26#039;ll be able to pay your bills off completely,

Good luck.

Does making minimum payments only for few months on credit card, damage credit score?

As long as you pay those bills on time your credit will not suffer I do not believe. I sure hope you get back on your feet soon. I pains me to have read your story.

Does making minimum payments only for few months on credit card, damage credit score?

Based on the balances that you gave and your available credit limit that will hurt your score. Just making the minimum payment will not hurt it. It is having a high balance to available credit ratio that will hurt it. But it still will not destroy your credit. I have people with those balances and limits and their score was still around 700 more or less.

The big thing that would be hurting you is surrendering your car. On your credit report it will indicate either %26quot;reposession%26quot; or %26quot;surrender%26quot; depending on how the financial institution report it. Most creditors will view it as a repo.

With all that said I can totally understand your situation since I am a starving student as well. I recently decided to change career paths and I am now going to school full time and it did a number on my expenses and I had to max out my credit cards as well. YOU ARE NOT ALONE! Just know that the struggles you are going through at the moment will all be worth it once you get your degree.

Does making minimum payments only for few months on credit card, damage credit score?

Your credit rating is already %26quot;damage%26quot;d. Waste of time crying over %26#039;spilled milk.%26#039; The Financial Services Industry, uses, what is (internally) known, as, %26#039;behavioural scoring.%26#039; What really matters at the end of the day are; your circumstances. Making minimum payments is yet another waste of time. The interim measures you have taken, are, nevertheless; admirable. Your degree is a plus; write to your Bankers and ask them to give you time to %26#039;get your house in order%26#039; and not to abandon you. It is however, a known banking %26#039;phenomenon%26#039;, that when the sun shines, they (the banks) give you an umbrella. When it rains, they take it away!

Does making minimum payments only for few months on credit card, damage credit score?

Credit card companies don%26#039;t report the dollar amount of your payment, just if it was on time or not. The amount of your payment has absolutely no affect on your score.

Carrying balances are what will affect your score. Balances of more than 30% of your available credit limit, hurt your credit score. But when you pay them back down, your score will rebound.