Credit Card Minimum Payment for mortgage

e30fitz

Hi All,
Just wondering if anyone knows if paying only the minimum on an aib credit card i.e they take it out by direct debit and i end up paying an a charge of €5ish every time will it affect my credit rating when applying for a mortgage its always paid but they have to take it i never go online to pay it. Pure laziness but will it come back to haunt me.

Thanks,

dotsman

From an ICB perspective, it won't be a problem.

However, if you are hoping of applying for a mortgage any time over the next few years, you will need to get your credit card balance down to zero and continue to pay the full amount every month. Not only is paying just the minimum costing you with regards interest, but shows serious financial irresponsibility to any would-be lender and the debt will need to be paid off anyway at some stage!

e30fitz

I can pay it off fully now which i think ill do but do you think all the years of this minimum payments will stay with me after i paid it off in full

nlgbbbblth

No.

Once you build up a record of clearing it in full.