Will it mess his credit up?

Question

My boyfriend has a card with a credit line of $400. He went over his credit like by about $100. His minimum payment is $120. He doesn't want to pay the minimum. He says as long as they get some money from him (like $90) then they're happy. Will this s***w up his credit if he doesn't pay the whole 120 dollars? Cause if it will....I'll make him pay it otherwise I don't care.....please help!

Answer 1

It will definately mess his credit up..since he went over his limit, they will probably charge him an over the limit fee, which can be really high...tell him he should try to pay more than the minimum, even if its just a few dollars more than the minimum..this way, more money goes towards the principle, if he only pays the minimum he will never get it paid off..

Answer 2

www.FICSMYCREDIT.com

Answer 3

Sounds like he shouldnt have a credit card with that attitude. Yes it can and will start messing up his credit. Credit cards are trouble, stay away !!!

Answer 4

Yes it will hurt his credit.  He will not be paying as agreed thus showing up as LATE (another bad 4 letter word).  Once late payments appear on your credit report, it takes years to recover.

Answer 5

A. He went over the limit, bad for credit.

B. He is paying less than what is REQUIRED, not Suggested which makes him go into default.

Your boyfriend should not have a CC if he cannot pay off such a small amount of in full.  Save more, spend less, make more.

Answer 6

If he got a card, he needs to repay them.  It will affect his credit because it will show up as a late payment.  Also, the interest rates and late fees will add up (think, $40 late fee per month, plus 22% interest on the total balance), and pretty soon his $500 balance will balloon to $1,000.  I'm not being dramatic here either, I had this happen with Capital One.

I don't believe if he's at least  paying something a month that they can report him to collections, but the credit card company itself can also start calling him 20 times a day, starting at 8 am and going to 9 pm.  If it's only $30 more he needs to pay the minimum payment, and not use the card until he gets the balance down and understands that credit cards aren't free money.

Answer 7

Yes, it will s***w up his credit.  Your boyfriend has a lot to learn.

Answer 8

The going over the limit will not cause a credit reporting or score problem.  Depending on the bank, he may have to pay a large over-limit fee.  He will also have to pay the over limit amount back at the end of the month in addition to whatever the minimum payment would have been on the rest of the balance.

Doesn't he understand what the word "minimum" means?  Not paying the minimum will mess things up big time.

(1)  There will probably be a late payment charge because the minimum payment was not received.  

(2) Next month, if not caught up, it will be reported to the credit bureaus as a missed payment.

(3) Iresponsible use of the card will prevent the card company from increasing his limit in the future.

(4) Sometime in the futue he will want more credit, like a car loan.  They'll probably give him one, but a history of late payments will make them regard him as a higher risk and thay will charge a higher interest rate that might be many huundreds of dollars over the life of the loan.

Look at all the posts in this forum by people who are in financial trouble saying, "I need to fix my credit."  This is how it starts.

I've known guys like this. They will say anything to get what they want.  A contract for a credit card is a promise to the bank.  If their promises to the bank don't mean anything, their promises to their girlfriends don't mean anything either.  Then they end up spending a fortune on fees and interest and have nothing left to spend on their girlfriends.

You could do better.  It's a great mystery to normal guys like me how these bums can get girlfriends.  But I guess there is no shortage of girls who will take this second rate treatment.

Answer 9

You bet it will mess up his credit. And the credit card company will jack up his interest rate if he doesn't pay the "minimum payment" ON TIME. I know this from personal experience. If he doesn't pay the minimum payment, he'll most likely get charged another "over credit limit fee", an increase in his interest rate on the card, and a bad mark on his credit rating. If the min. pmt. is $120, then that's what the credit card will be happy with. They'll accept his $90 payment, but he's most likely gonna be right back where he was when he gets next month's statement, if they don't cancel the card. Make him pay it if you care about his credit.