Macy's CLD - dont ever pay after due date!

[score_building]

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@Anonymous wrote:

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@score_building wrote:

What is fairly certain is that number of payments per statement and where we spend are data points they track closely. 

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I think we may just have to let that one go - I've yet to see data points being gathered on payments per statement.

I hate for any newbies to start limiting their payments in a false attempt to appease some non-existent deity.

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Anyone who wants to let it go may do so, others, like Watchman comes to mind for eg., may choose to limit payments accordingly.

In the context of my post, I clearly stated that I make multiple payments (frequently and to no ill effect btw) but would actually be much more concerned if a newbie followed your presumption since it *could* be an issue particularly when there isn't a strong payment history in place, and there is at least *some* evidence to support this contention as PP... not worth getting in a bunch about but if one is dotting that "i" and crossing that "t" it *may* be something to consider as any other theory tossed around here.

Yet to see data points being gathered on payments per statement?  here's one:  most issuers limit the number of mnthly payments, why?  anyone's guess, perhaps it is the hassle and expense but yes they absolutely are collecting this data, whether we see it or not or whether it has negative impact or not.

[Anonymous]

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@Pushto700 wrote:

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@FicoScore626 wrote:

I always paid Macy's multiple times every month and was never, ever late and they still decreased my credit line from $1500 to $850.. The ONLY reason had to be the high utilization I had at the time. It sucks that a measly 2 months after they upped me I find out that they decreased my limit when my card got declined while purchasing shoes for a vacation.

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Same here. Decreased me out of no where. I pay mutliple times per month, and plan on not using this card much if at all anymore. Interestingly enough, my Bloomies is ok and has never seen anything as such.

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Out of nowhere?  I thought you said they CLD'd you because you paid them late.

[Anonymous]

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@score_building wrote:

I dunno... we see lots of discussion about not using cards in liquor stores too for eg. but some do so on a regular basis without a bat of an eyelash while others are summarily shut down.  What is fairly certain is that number of payments per statement and where we spend are data points they track closely. 

Personally I make multiple all the time and haven't had an issue but would rather be making one mnthly payment, it's just not my style and haven't conformed.  Since most lenders limit the number of payments you can make per cycle it does appear they do not want more than a certain number or they wouldn't impose limitations.

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Which lenders?  None of mine do.

[score_building]

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@Anonymous wrote:

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@score_building wrote:

I dunno... we see lots of discussion about not using cards in liquor stores too for eg. but some do so on a regular basis without a bat of an eyelash while others are summarily shut down.  What is fairly certain is that number of payments per statement and where we spend are data points they track closely. 

Personally I make multiple all the time and haven't had an issue but would rather be making one mnthly payment, it's just not my style and haven't conformed.  Since most lenders limit the number of payments you can make per cycle it does appear they do not want more than a certain number or they wouldn't impose limitations.

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Which lenders?  None of mine do.

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Sounds unlikely, but stand corrected if it is not typical for a lender to limit the number of payments that can be scheduled online each statement period, Citi comes to mind as major lender that does impose a limit ...are you saying that limiting the number of online payments per cycle is a novelty or quirk of Citi?

[MarineVietVet]

Discover will only let you pay every three days so that's kinda sorta a limit on the number of payments you can make in a statement period.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 8/10-772
You can do the same thing with hard work

[haulingthescoreup]

I don't know if others do, but Citi limits the number of payments to four times a month, or at any rate, it does on the two cards I've had from them (Home Depot store and Sears MC.)

* * * * * * * * * * * * * * * * * * * * * * * *

It's getting a little testy here, folks. We're doing a lot of speculating about payment frequency, with very little evidence on either side, and the neck veins are bulging and the spittle is flying.

Would it be possible to just state that many people have routinely made multiple payments every month without any known adverse action by the lenders, but that it's possible that some lenders might consider it a problem of some sort? And that we don't have any way of knowing this for sure, unless a CCC employee posts on here and tells us? (And even then, it would just be that one CCC, and maybe not for all cards, yada yada.)

So perhaps we can all just keep a little asterisk next to this question in our heads, and people can decide for themselves whether they want to make multiple payments.

eta: Whoops, I got interrupted while posting, and New Moderator MVV added the info about Discover.

[Anonymous]

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@score_building wrote:

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@Anonymous wrote:

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@score_building wrote:

I dunno... we see lots of discussion about not using cards in liquor stores too for eg. but some do so on a regular basis without a bat of an eyelash while others are summarily shut down.  What is fairly certain is that number of payments per statement and where we spend are data points they track closely. 

Personally I make multiple all the time and haven't had an issue but would rather be making one mnthly payment, it's just not my style and haven't conformed.  Since most lenders limit the number of payments you can make per cycle it does appear they do not want more than a certain number or they wouldn't impose limitations.

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Which lenders?  None of mine do.

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Sounds unlikely, but stand corrected if it is not typical for a lender to limit the number of payments that can be scheduled online each statement period, Citi comes to mind as major lender that does impose a limit ...are you saying that limiting the number of online payments per cycle is a novelty or quirk of Citi?

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The following do not:

1.  USAA;

2.  Navy Federal;

3.  PenFed;

4.  HSBC;

5.  Macy's;

6.  Discover;

7.  Alliant;

8.  Chase;

9.  Barclays;

10.  AmEx.

Regarding Citibank, I only pay them via my USAA Web BillPay and I do that often more than 5 times per month.

MVV mentioned Discover's backdoor limit.  That limit, however, is when you make payments from their Website and, when you think about it, is quite reasonable.  They limit the frequency of ACH pulls because they -- as do many lenders -- replenish your credit limit before the ACH process actually completes and there is still a window, albeit small, where the process could rerail and Discover is left holding the electronic version of a worthless check. 

[MarineVietVet]

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@Anonymous wrote:

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MVV mentioned Discover's backdoor limit.  That limit, however, is when you make payments from their Website and, when you think about it, is quite reasonable.  They limit the frequency of ACH pulls because they -- as do many lenders -- replenish your credit limit before the ACH process actually completes and there is still a window, albeit small, where the process could rerail and Discover is left holding the electronic version of a worthless check. 

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I hadn't thought of that. I may try to "push" several payments for a few days in a row to see what happens.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 8/10-772
You can do the same thing with hard work

[FicoScore626]

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@Pushto700 wrote:

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@haulingthescoreup wrote:

I honestly don't believe that multiple payments are red flags. I kinda think that's an example of where we work ourselves up in a lather, trying to read banks' minds and outguess ourselves.

I periodically see this listed in articles online and in print about personal finance, but I also see articles about how you should never use a CC for groceries (hey, Chase is giving me 5% cash back this quarter on groceries), and that closing credit cards will help your scores.

I tend to think of the multiple-payment worry as urban legend, credit category. It's understandable, I guess, but I don't have a lot of faith in it.

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I know with one of my cards (HSBC) I am notirious for multiple payments. I try to outweigh the pay history versue minimal usage if I do use the cards or not. So, it was news to me...and I am a notorious multiple payer in each calendar month.

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I've paid JCPenney, Bloomingdale's and Macy's multiple times per month and seemed to get rewarded for keeping those accounts in good standing through automatic credit line increases. But then from July to September my utilization shot WAY up from 7% to 69% partly thanks to Macy's and Bloomingdale's no longer reporting limits and increased usage on my JARED (maxed out on engagement ring purchase), JCPenney and Macy's cards. With the utilization so high I knew I was teetering on a tight rope with Macy's because I read about companies like Macy's monitoring your outside credit activity and taking action if any red flags popped up. I was hussling to chop down the utilization and got it down to 30-something percent and they wasted no time in shrinking my credit line. My Bloomingdale's card has remained unscathed but I don't particularly care for Bloomingdale's as I walked through the store last month and was hard pressed to find a shirt, ANY shirt, that didn't approach the $100 range.

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

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MVV mentioned Discover's backdoor limit.  That limit, however, is when you make payments from their Website and, when you think about it, is quite reasonable.  They limit the frequency of ACH pulls because they -- as do many lenders -- replenish your credit limit before the ACH process actually completes and there is still a window, albeit small, where the process could rerail and Discover is left holding the electronic version of a worthless check. 

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I hadn't thought of that. I may try to "push" several payments for a few days in a row to see what happens.

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Discover is one of the few that I pay probably ten times per month. 

In the part of the world where I am stationed, Discover is by far the most widely accepted US credit card, but the problem is that transactions can take up to a week to actually post with the currency exchange details.  I never let a balance report for Discover since when I first got the card I let the credit analyst talk me into their Credit Protection Plan (or something like that) where you pay a percentage of your statement balance every month.  Stupid move, I know, but at the time the credit analyst was doing the old bottom probe and I felt like it was safer to let him win on selling the CPP.  Calling in to cancel it brings an insistent sales push so I just let it be.  So, every few days I do either a BillPay from USAA or one directly from Discover's Website to make sure there is no possibility of a balance getting reported.  I almost always end up overpaying since I never know what the exchange rate will eventually be. 

Discover has never said anything to me about paying often.  Then again, they've never given me a CLI either and I won't request one and get a hard pull -- not for at least another two years.