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Payments every 5 days.

Established Contributor

Re: Payments every 5 days.

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. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 21 of 40
Established Contributor

Re: Payments every 5 days.

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. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 22 of 40
New Member

Re: Payments every 5 days.

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.

Message 23 of 40
New Contributor

Re: Payments every 5 days.

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 %   

TU: 552 05/24/09 EQ: 631 06/11/09
TU: 711 04/09/10 EQ: 681 04/09/10
Message 24 of 40
Established Contributor

Re: Payments every 5 days.

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. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 25 of 40
Moderator Emeritus

Re: Payments every 5 days.

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).

 

 

Just puttin' syrup on something, don't make it pancakes.
Message 26 of 40
Established Member

Re: Payments every 5 days.


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.

Message 27 of 40
Visitor

Re: Payments every 5 days.

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, 

 

 

Message 28 of 40
New Member

Re: Payments every 5 days.

Credit Card Companies only report once a month.  They have to pay for those updates to your credit.  As said before if your bank doesn't complain knock yourself out.
Message 29 of 40
Moderator Emeritus

Re: Payments every 5 days.

Raiseuone:  I'm lost.  I understand that CC's only report your cc balances to the CRA's once a month.  Can you clarify what you mean by "they have to pay for those updates to your credit."?
Just puttin' syrup on something, don't make it pancakes.
Message 30 of 40