topic Re: Transactions vs Payments in Credit Cards

Transactions vs Payments

Anonymous — Wed, 10 Jun 2020 23:00:58 GMT

if i make 10 purchases on my credit card and pay off my card in that same month is that seen has me making 10 payments?

Re: Transactions vs Payments

Gmood1 — Wed, 10 Jun 2020 23:08:20 GMT

Nope, just one.

Re: Transactions vs Payments

Nomad3 — Thu, 11 Jun 2020 18:05:03 GMT

@Anonymous wrote:
if i make 10 purchases on my credit card and pay off my card in that same month is that seen has me making 10 payments?

If you're talking about FICO scoring then it's the monthly statement payment that is counted. So 1.

If you're talking about the credit card companies internal view it will show that you made multiple payments in a month. Assuming you are cycling a low limit this could show them that you need a higher limit

Re: Transactions vs Payments

K-in-Boston — Thu, 11 Jun 2020 19:01:31 GMT

@Nomad3 wrote:
@Anonymous wrote:
if i make 10 purchases on my credit card and pay off my card in that same month is that seen has me making 10 payments?
If you're talking about FICO scoring then it's the monthly statement payment that is counted. So 1.

If you're talking about the credit card companies internal view it will show that you made multiple payments in a month. Assuming you are cycling a low limit this could show them that you need a higher limit

This would be the case if OP made 10 purchases in a month and made 10 payments. Without elaboration on OP's part, we can only make assumptions, but my thought that was that perhaps the question pertained to a card offering "make X payments on time and receive a credit line increase" or similar? In that case, the lender would be looking for X statements to go by with at least a minimum payment made in a timely manner. Like a Capital One credit steps card, making 7 purchases and 7 payments in one month would not satisfy that requirement, but making 7 or more on-time payments over the course of 7 statements would.

Re: Transactions vs Payments

Remedios — Thu, 11 Jun 2020 19:34:57 GMT

Right, but it would increase CKs percentage of "on time payments" which is probably why OP is asking.

Re: Transactions vs Payments

Anonymous — Fri, 12 Jun 2020 13:34:26 GMT

Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!

Re: Transactions vs Payments

K-in-Boston — Fri, 12 Jun 2020 15:59:06 GMT

@Anonymous wrote:
Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!

No, in that case paying 30 times a month or 1 time a month on the same account still equals 1 on-time payment as only one payment is due each month.

Re: Transactions vs Payments

Anonymous — Fri, 12 Jun 2020 16:06:31 GMT

@Anonymous wrote:
Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!

@Anonymous No; not at all. Your lender only reports your account status to the credit bureaus once per month and they will only report that your payment was on-time for the last payment cycle. The number of times you pay the lender is irrelevant; they will only report that your account payment status was "on-time."

Re: Transactions vs Payments

Kforce — Fri, 12 Jun 2020 16:32:26 GMT

@K-in-Boston wrote:
@Anonymous wrote:
Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!
No, in that case paying 30 times a month or 1 time a month on the same account still equals 1 on-time payment as only one payment is due each month.

One place where the number of cards, and loans helps get there faster.

You should rush out and get a lot more cards

(600 pmts / 12mo-year) = 50 years for 1 card

50 years / 50 cards = 1 year

Re: Transactions vs Payments

K-in-Boston — Fri, 12 Jun 2020 16:25:35 GMT

@Kforce wrote:
@K-in-Boston wrote:
@Anonymous wrote:
Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!
No, in that case paying 30 times a month or 1 time a month on the same account still equals 1 on-time payment as only one payment is due each month.
One place where the number of cards, and loans helps get there faster.
You should rush out and get a lot more cards
(600/12)=50 months of payments
50 months / 50 cards = 1 year

I almost typed it but never want to encourage people to just rush out and get cards for the sake of having cards. But yes, the only way to get that number to go up is to have more accounts with satisfactory payments each month.

Re: Transactions vs Payments

Anonymous — Fri, 12 Jun 2020 16:32:52 GMT

@Anonymous wrote:
Exactly! My goal is to reach 600 on time payments. Which, if I am understanding everyone correctly, means that every time I make a purchase I should immediately make a payment on my CC instead of paying it all off before the end of the month?!

I hope you have some decent patience because it's going to be a while, at least at what a normal credit file consists of 2-3 CC's, auto loan, possible mortgag etc. You're looking at 5 account reporting every month which would be about ten years give or take. Depending of course your current status. At my current count now it would take me about 4 years to reach 600, and i haven't always had 14 cards.

That said, I don't know why 600 is your goal, but if it's due to a Lender requirement it might be based only on that account? So you would need all on time payments with them for it to matter, which would be 50 years.

Re: Transactions vs Payments

Kforce — Fri, 12 Jun 2020 16:44:22 GMT

@Anonymous wrote:
That said, I don't know why 600 is your goal,

My youngest daughter has two CC's one 5 years and one at 1 year old

That would be about 72 on-time payments

A long ways from this 600, and has 830 Ficos.

Find a new and better goal

Re: Transactions vs Payments

Remedios — Fri, 12 Jun 2020 18:37:29 GMT

Is anyone going to address my amazing deductive powers?

Bueller? Bueller? Bueller?

Re: Transactions vs Payments

Anonymous — Fri, 12 Jun 2020 19:25:20 GMT

@Remedios wrote:
Is anyone going to address my amazing deductive powers?

Bueller? Bueller? Bueller?

My guess is that you posted 20 different possibilities, and, being a mod, then deleted all the incorrect ones once you found out the answer.

Note, not a criticism in any way.

Re: Transactions vs Payments

Remedios — Fri, 12 Jun 2020 20:18:10 GMT

@Anonymous wrote:
@Remedios wrote:
Is anyone going to address my amazing deductive powers?

Bueller? Bueller? Bueller?
My guess is that you posted 20 different possibilities, and, being a mod, then deleted all the incorrect ones once you found out the answer.

Note, not a criticism in any way.

You dont know my life!

Re: Transactions vs Payments

Anonymous — Fri, 12 Jun 2020 20:51:21 GMT

@Remedios wrote:
@Anonymous wrote:
@Remedios wrote:
Is anyone going to address my amazing deductive powers?

Bueller? Bueller? Bueller?
My guess is that you posted 20 different possibilities, and, being a mod, then deleted all the incorrect ones once you found out the answer.

Note, not a criticism in any way.

You dont know my life!

? You have life A753434212a(4) right? I know that pretty well.

Re: Transactions vs Payments

coldfusion — Fri, 12 Jun 2020 21:01:36 GMT

*breaks out lawn chair, well-stocked cooler, and a big bowl of popcorn*

Re: Transactions vs Payments

Remedios — Fri, 12 Jun 2020 23:59:29 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
@Remedios wrote:
Is anyone going to address my amazing deductive powers?

Bueller? Bueller? Bueller?
My guess is that you posted 20 different possibilities, and, being a mod, then deleted all the incorrect ones once you found out the answer.

Note, not a criticism in any way.

You dont know my life!
? You have life A753434212a(4) right? I know that pretty well.

That's a clingy one, right?

Re: Transactions vs Payments

Hex — Sat, 13 Jun 2020 00:30:43 GMT

I can do 600 in less than 2 years. What's the advantage in that?

Re: Transactions vs Payments

Kforce — Sat, 13 Jun 2020 00:38:22 GMT

@Hex wrote:
I can do 600 in less than 2 years. What's the advantage in that?

Almost nothing, that was my earlier point.

It is not an important goal to worry about