How to Calculate Minimum Credit Card Payment
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Posted: Mon Sep 27, 2004 1:17 pm
Post subject: Minimum credit card payment calculations?
Christine
Date: 2/23/2001 2:31 pm CDT
I am trying to get a mortgage and my debt to income ratio is too high. I was planning on transferring some loans and credit card debts to some of my low interest credit cards, hoping to decrease my debt, on paper. But, this may not be worth it, depending on how minimum payments are calculated by the credit card issuers. Could someone please advise me with an approximate idea of how credit card issuers determine minimum payments? Thanks - Christine
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Sep 27, 2004 1:17 pm
Post subject: How to Calculate Minimum Credit Card Payment
Ira Stoller
Date: 2/23/2001 9:41 pm CDT
If you turn to the back of your credit card statement and use a magnifying glass you will find a statement of how your finance charges are calculated. They will also tell you how your minimum payment is calculated. However, please understand that you are not limited to making minimum payments. If that's all you pay each month you'll almost never get out of debt. You have to figure how much you would have to pay each month in order to pay off your entire outstanding balance in one year or two years. I'm not saying it's easy for everybody, but you'll save many thousands of dollars over the life of your debt if you pay substantially more than the minimum each month. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Sep 27, 2004 1:19 pm
Post subject: How to Calculate Minimum Credit Card Payment
Linda in VA
Date: 2/23/2001 11:49 pm CDT
Hi Christine,
How does the minimum payment affect debt to income ratio? They will not be looking at minimum payments, they are looking at the overall picture. Move some of the money out of the picture
Linda
http://chesapeakeassociates.cjb.net
Posted: Mon Sep 27, 2004 1:17 pm
Post subject: Minimum credit card payment calculations?
Christine
Date: 2/23/2001 2:31 pm CDT
I am trying to get a mortgage and my debt to income ratio is too high. I was planning on transferring some loans and credit card debts to some of my low interest credit cards, hoping to decrease my debt, on paper. But, this may not be worth it, depending on how minimum payments are calculated by the credit card issuers. Could someone please advise me with an approximate idea of how credit card issuers determine minimum payments? Thanks - Christine
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:17 pm
Post subject: How to Calculate Minimum Credit Card Payment
Ira Stoller
Date: 2/23/2001 9:41 pm CDT
If you turn to the back of your credit card statement and use a magnifying glass you will find a statement of how your finance charges are calculated. They will also tell you how your minimum payment is calculated. However, please understand that you are not limited to making minimum payments. If that's all you pay each month you'll almost never get out of debt. You have to figure how much you would have to pay each month in order to pay off your entire outstanding balance in one year or two years. I'm not saying it's easy for everybody, but you'll save many thousands of dollars over the life of your debt if you pay substantially more than the minimum each month. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:19 pm
Post subject: How to Calculate Minimum Credit Card Payment
Linda in VA
Date: 2/23/2001 11:49 pm CDT
Hi Christine,
How does the minimum payment affect debt to income ratio? They will not be looking at minimum payments, they are looking at the overall picture. Move some of the money out of the picture
Linda
http://chesapeakeassociates.cjb.net
posted by CardRatings.com at 1:07 PM
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