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Card UTL & multiple payments

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lg8302ch
Senior Contributor

Re: Card UTL & multiple payments

The only account I do multiple payments on is Discover due to its low credit line....I am too lazy and prefer it the easy way and PIF once a month on the others. The only thing I try to do is not reporting balances on more than 4 accounts because crossing that 50% number of accounts with a balance gets me a major ding on my scores. But I am also not only looking to report 1 account with a balance...simply too much work for me. The running more than the CL through my Discover did not help..still cannot get a CLI after 1 year....LOL
Message 11 of 27
takeshi74
Senior Contributor

Re: Card UTL & multiple payments


@Blackrv7 wrote:

I was under the impression cc companies liked their cards being swiped but after reading a thread about someone's multiple payments being frozen another poster stated card companies may look at these multiple payments as a possible issue.


They do like having their cards swiped regardless of payment strategy.  Multiple payments are generally not an issue but creditors can vary.  I can't comment on the other thread as I have not read it.  It's certainly possible that other factors were at play as well.

Message 12 of 27
Blackrv7
Frequent Contributor

Re: Card UTL & multiple payments


@lg8302ch wrote:
The only thing I try to do is not reporting balances on more than 4 accounts because crossing that 50% number of accounts with a balance gets me a major ding on my scores.


The scoring is nuts, on my Cap1 card, I had a $6 balance last month along with a balance on my Citi (which was pif).  Since I only had two cards and was reporting on two cards....when I paid the $6....my EQ score when up 2 points showing the balance on Cap1 as 0 being the reason.....2 points over $6...crazy Smiley Surprised


Current myFico EX 734, EQ 777, TU 742
AAoA 6 years 3 months, Length 25 years 2 months

Message 13 of 27
lg8302ch
Senior Contributor

Re: Card UTL & multiple payments

@ blackrv7
My little game two months ago...I let report 7 accounts with 1$ balances and 1 with 7% and lost 50+ points...next month I let 70% util report on Chase and got the ponts back....it is really crazy..1$ reporting = loss of 10+ points but I am glad I found out how easy this can be manipulated Smiley Happy
Message 14 of 27
too-much-time
Frequent Contributor

Re: Card UTL & multiple payments


@IWOL wrote:

I have quite a few cards but mostly use my Discover it and US Bank card. The limits are $1500 and $3000. Since I spend around $5500 a month through these 2 cards I have to make weekly payments in order to continually use them and not go over the limit.

 

If your monthly charges x 12 exceed your annual income, the credit card company may wonder about it. Smiley Tongue Smiley Happy

 

Message 15 of 27
Blackrv7
Frequent Contributor

Re: Card UTL & multiple payments


@lg8302ch wrote:
@ blackrv7
My little game two months ago...I let report 7 accounts with 1$ balances and 1 with 7% and lost 50+ points...next month I let 70% util report on Chase and got the ponts back....it is really crazy..1$ reporting = loss of 10+ points but I am glad I found out how easy this can be manipulated Smiley Happy

Was that 70% utl on the Chase, if so what did that equate to as per your total utl?


Current myFico EX 734, EQ 777, TU 742
AAoA 6 years 3 months, Length 25 years 2 months

Message 16 of 27
lg8302ch
Senior Contributor

Re: Card UTL & multiple payments

yes on Chase and overal is always less than 9%....wanted to test what high util on single cards would do and to my surprise it did not have an affect for my scores. Should have tested with 90% ..maxed out result. Might repeat this test with Discover one day just to see the results.....while CL is still low might use it for experimenting Smiley Happy
Message 17 of 27
Blackrv7
Frequent Contributor

Re: Card UTL & multiple payments

 


@lg8302ch wrote:
yes on Chase and overal is always less than 9%....wanted to test what high util on single cards would do and to my surprise it did not have an affect for my scores. Should have tested with 90% ..maxed out result. Might repeat this test with Discover one day just to see the results.....while CL is still low might use it for experimenting Smiley Happy


Thanks, I'll try some experimenting after my scores settle down from my card spree.


Current myFico EX 734, EQ 777, TU 742
AAoA 6 years 3 months, Length 25 years 2 months

Message 18 of 27
09Lexie
Moderator Emerita

Re: Card UTL & multiple payments

IME, Discover specifically mentioned that they liked my multiple payments - at the time my CL was $3300 , I received a CLI to $7300.
Message 19 of 27
lg8302ch
Senior Contributor

Re: Card UTL & multiple payments

@ Lexie
Both with SP?
Message 20 of 27
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