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No I'm talking about charging stuff that I know I will have the money in a week or two or am being reimbursed for & then paying when I receive my reimbursement.
I'm talking about $200-$300 limit & paying $30-$40 a couple times a month.
I guess I'll keep paying like I have been & wait to hear from NFCU as to their opinion. This probably will not be my normal practice with the card.
Just a quick post. I also got a reply from NFCU & they said multiple payments are not a problem. They did mention it is better to make more than the minimum payment to avoid finance charges which really was not what I asked but they did specifically say multiple payments are fine.
I want to point out that my multiple payments are not an attempt to break up my minimum payment into smaller payments. I make the minimum payment early in the month & then as I have extra money later in the month make additional payments at that time.
As a guy who travels A LOT, reimbursements come back to me sporadically, so I submit payments when the reimbursement check comes in. This should in now way negatively effect my credit score, as it shows commitment to actually pay my bills. I often carry a balance for a few months because I'm in a commission based business, with lots of peaks and valleys in my income, but end of year is pretty consistent. I don't want to wait to pay my bills in a lump sum each month, as I then pay additional interest on those outstanding balanaces. The banks continually get a free pass for poor decisions, yet the little guy is out here trying to do the right thing, struggling with the tight credit markets and we STILL get penalized.
i hope not. becuase i have a bank of america card and a keep the change account. i pay about 100 every 2 weeks, and then whenver my KTC account hits a certain threshhold, i transfer it to the card too.
that extra money does more damage on a 16% card rather than sittin in an account gaining .2 %
Glad to know I'm not alone in making payments like this. I feel better after my response from NFCU too. My only other CC is Sears & I'm not likely to make multiple payments on that account so it may not matter.
I know I've made enough payments on my NFCU MC that my 1st statement ever hit yesterday & has no payment due for July but I'll still send a payment in July as I have a small balance.
I have an Orchard CC. I pay off what I charge at the end of each week. Sometimes more frequently - I like to push a lot of money through the account and still keep a low balance. I spoke with them a month or so ago, and as they reviewed my account, they said it was being handled beautifully - no problems - in great shape.
The only thing they don't like is if you pay down to a negative balance (which some cc's don't even allow).
@utah2009 wrote:I have an Orchard CC. I pay off what I charge at the end of each week. Sometimes more frequently - I like to push a lot of money through the account and still keep a low balance. I spoke with them a month or so ago, and as they reviewed my account, they said it was being handled beautifully - no problems - in great shape.
The only thing they don't like is if you pay down to a negative balance (which some cc's don't even allow).
LOL. They don't like you paying down to a negative balance? I do that all the time, because I like sending a payment that is an even number.
As a federal bank examiner I know that I would not automatically conclude that a person was having financial problems simply because they made frequent payments. I believe if I gave it any thought I would think that they are trying to get the debt paid down or off entirely. Or, that perhaps it makes them feel good to do it. In any case it isn't a negative issue for me. That of couse is assuming that they aren't behind or late and, aren't over their limits,