Ive made multiple payments on some cards so credit karma is showing my total payments made as 41, but my aaoa is only 8 months.
Does number of payments affect fico score?
Not all creditors like multiple payments. I have heard reports that some, such as Amex, may lower thier internal score when such activity becomes excessive... it could cause FR.
EX:694 TU:744 EQ:777
@mrlh1980 wrote:
@DaveSignal wrote:Not all creditors like multiple payments. I have heard reports that some, such as Amex, may lower thier internal score when such activity becomes excessive... it could cause FR.
Ha ha now that's not true I have an American Express Gold Premier charge card which I make 9,000.00$ in payments every Sunday. They love it. I went from 24,000.00$ a month to 45,000.00$. I'm actually going to hit 55,000.00$ this month. American Express loves my payments never had an issue with that. So, I can tell you maybe with others but NOT with the only company that is it's own bank. Also, they get there money at 6.00am estern timezone.
That could be a different situation and you have probably had your card a few years. Nevertheless, I have read of multiple Amex cardholders with new (a few months old) cards who have received FR after either taking the card near limit and then paying off multiple times a month OR making multiple small payments in order to pay the monthly statement balance.
ETA: I thought I would also add that if all that money you are putting through your card is manufactured spend, that can trigger FR too.
@mrlh1980 wrote:
@DaveSignal wrote:
@mrlh1980 wrote:
@DaveSignal wrote:Not all creditors like multiple payments. I have heard reports that some, such as Amex, may lower thier internal score when such activity becomes excessive... it could cause FR.
Ha ha now that's not true I have an American Express Gold Premier charge card which I make 9,000.00$ in payments every Sunday. They love it. I went from 24,000.00$ a month to 45,000.00$. I'm actually going to hit 55,000.00$ this month. American Express loves my payments never had an issue with that. So, I can tell you maybe with others but NOT with the only company that is it's own bank. Also, they get there money at 6.00am estern timezone.
That could be a different situation and you have probably had your card a few years. Nevertheless, I have read of multiple Amex cardholders with new (a few months old) cards who have received FR after either taking the card near limit and then paying off multiple times a month OR making multiple small payments in order to pay the monthly statement balance.
ETA: I thought I would also add that if all that money you are putting through your card is manufactured spend, that can trigger FR too.
I've been an American Express member since July 2012. American Express has never cared about my huge payments. I even called them to asked if it was an issue, the representative laughed and said no. Matter fact they welcome multiple payments it shows the ability to pay them back. They make huge amounts whenever I swipe or anyone who spends the about I do. Why would they care?
I think that they learn their cardholder's habits after awhile, but for a new cardholder, to have that new credit limit maxed and paid multiple times can be risky because they are actually using more than the limit that the lender has extended if the payments don't clear immediately. Some lenders, like Cap One or Barclays have put long holds (10+ days) on payments after this activity becomes excessive. Also, with any lender, if a cardholder is maxing out their limit on 5x rewards (at a drugstore like CVS for example), immediately paying off, then maxing again, immediately paying off, and so on, this is a red flag and can cause AA.
Maybe these things don't sound reasonable, but I have been following credit forums for some years now, and they have happened before.