topic Re: Making multiple payments on your CC's in Credit Cards

Making multiple payments on your CC's

BluePoodle — Mon, 16 Jan 2017 02:31:13 GMT

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 02:42:41 GMT

@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

Some issuers state that they don't want you to make more than so many payments per statement but I've never run into any problems doing 2-4 on any card.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 03:24:18 GMT

@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

lolz, that's their fault.. You wouldn't make multiple payment if they only gave you a higher CL.

I usually do 2 payments a month. First payment before the statement close and leave a 1% bal to report to CB and payoff the 1% after the statement cuts and monthly bill generates.

Re: Making multiple payments on your CC's

marcforza1 — Mon, 16 Jan 2017 03:51:26 GMT

I would call the issuer to see if you can. I've read that Chase customers can do it without any problems. In fact, I may do that myself by Friday since my due date next month falls on the same day that I get paid and I don't want to forget to pay it.

Re: Making multiple payments on your CC's

sarge12 — Mon, 16 Jan 2017 03:51:59 GMT

@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 04:15:52 GMT

I've always made multiple payments on my cards. Back when I had very low limit on some I'd make 2-3 payments a week sometimes.

Re: Making multiple payments on your CC's

BluePoodle — Mon, 16 Jan 2017 04:20:30 GMT

@sarge12 wrote:
@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.

That's all I really need to know. I can make multiple payments on all of my cards. I've just never given it any thought really. It just seems some had an opinion that it was considered bad to keep good relations with CC companies for CLI and new apps. IDK why. Oh well...just wondering.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 04:34:34 GMT

@BluePoodle wrote:
@sarge12 wrote:
@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.
That's all I really need to know. I can make multiple payments on all of my cards. I've just never given it any thought really. It just seems some had an opinion that it was considered bad to keep good relations with CC companies for CLI and new apps. IDK why. Oh well...just wondering.

Just sayin.. If I was your bank, how can multiple payments be bad.. Keep em comin.. LOL

Re: Making multiple payments on your CC's

BronzeTrader — Mon, 16 Jan 2017 05:26:36 GMT

@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

I'm running an experiment with making multi payments in a month. The CL is $500 and the total spending is at $800. We made 2-3 payments already from the bank. The statement has not cut yet.

TU somehow found that and the FICO dropped by 38 points.

I figure all CCs can differ. Pay attention to your utilization rate.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 06:29:52 GMT

We do this on my wife's main credit card and our business card . The business one also shows up under her credit also. Her scores are over 770. The business has a very high limit and was just raised . I try to keep her under 10%. I don't think it hurts your score.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 07:27:19 GMT

Never heard about this. I always make 3-5 payments per period and its never hurt me

Re: Making multiple payments on your CC's

Geordi — Mon, 16 Jan 2017 10:19:45 GMT

@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

The card issuer can like it or not. I treat my credit cards as if they were debit cards.

Use the card; wait until the charge posts; make the payment a day or two later.

Depending on the issuer and how close it is to the statement date, I might pay immediately after making the purchase.

It is all about having only one card report a small balance and the other cards reporting zero.

Additionally, treating your credit cards like debit cards insures that you do not buy anything that you do not have the funds to pay for.

Just my $0.02

Re: Making multiple payments on your CC's

rmduhon — Mon, 16 Jan 2017 16:01:22 GMT

The only one I've had an issue with was Credit One when I tried to make a 3rd payment (maybe 4th, was over a year ago) in a month.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 16:08:33 GMT

@rmduhon wrote:
The only one I've had an issue with was Credit One when I tried to make a 3rd payment (maybe 4th, was over a year ago) in a month.

CreditOne gives its customers hard time to make payments so they can charge you late fees.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 16:15:45 GMT

@Geordi wrote:

The card issuer can like it or not. I treat my credit cards as if they were debit cards.

Just my $0.02

Sure, but if they don't like it, then it can cease to be any type of card at all!

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 16:21:03 GMT

There are a few things in this space that can make issuers nervous, particularly things that might indicate MS or ML.

1) Recycling of credit limits. If you have a $500 CL, then yes, issuers might expect that you will need to pay often and cycle the $500. If your CL is $20K and your income say $150K, recycling the $20K every month exceeds your income and thus might be flagged

2) Multiple payments from different sources, especially anonymous ones like Walmart Bill Pay

Basically anything that is not "normal" can raise concern. Most normal people pay minimum or more sometime after the statement arrives, so just once a month. People with small CLs may pay more often, but that is understood.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 16:24:14 GMT

If they really had a problem with it, I think they'd disable it on their end like Amex does with new accounts.

I use my BCP for groceries each week, and have been making weekly payments on it since somewhere around the second month (when the new user 1 payment freeze was lifted). A month or so ago, I was granted the 3x CLI, so they seem ok with it.

Re: Making multiple payments on your CC's

Anonymous — Mon, 16 Jan 2017 16:33:20 GMT

I often make multiple payments on my cards. Anything with Synchrony is so slooowwww that if there is a balance I pay it well before the due date. Discover has a message that informs you that many payments made close to each other might cause some of them not to post right away, but all of mine have posted in a timely manner.

Re: Making multiple payments on your CC's

digitek — Mon, 16 Jan 2017 16:44:14 GMT

I also pay multiple times, utilization is close to 0%, banks seem to dig it.

I could see not doing that if wanted a CLI, to kind of show you need a higher limit, though.

Re: Making multiple payments on your CC's

heavyjay — Mon, 16 Jan 2017 17:04:38 GMT

@BronzeTrader wrote:
@BluePoodle wrote:
I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?

I'm running an experiment with making multi payments in a month. The CL is $500 and the total spending is at $800. We made 2-3 payments already from the bank. The statement has not cut yet.

TU somehow found that and the FICO dropped by 38 points.

I figure all CCs can differ. Pay attention to your utilization rate.

The only way that could happen is if you were close to maxed out and the issuer reported mid cycle before your payments posted.