Any benefit(s) to multiple CC payments over one?

[Anonymous]

I think you're way too worried about it. Seriously. It's just credit.

[Anonymous]

I only think it's worthwhile "worrying" about credit when you are looking to apply for new credit or extend/grow existing credit.  I find this sort of goes through cycles.  There are periods of months that go by where I don't care about my credit score at all where if my score drops 20-30 points it doesn't even bother me.  These are the months where I don't care at all about utilization.  Conversely if I'm thinking of apping for any reason OR I'm looking to achieve a specific targeted CLI from a creditor, I monitor everything much more closely as to keep utilization ideal at all times to give myself the best chance at approval for either new credit or that targeted CLI.

It can certainly be unhealthy to unnecessarily worry about credit all the time, especially during times when you aren't going to need or extend your credit.  However, there are times where worrying about it temporarily can be beneficial as in proper credit management based on your immediate goals.

[driftless]

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@Anonymous wrote:

I agree with the post above, but I still feel it would be nice to know if a creditor is going to use a previous SP or an instant SP at the time of a CLI request.

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My guess is that if it is automated process it is a previous SP while a manual review would use a current cr. I suspect that all ccc do regular sp's during the course of the year. The ones that consider CLI's on definitive timelines, like Cap One every 6 months, you would think that they would do a SP right before the card is eligible for a CLI. There are other triggers as well. I put a ton of money through two cards, Cap One QS and Chase Freedom right after we moved. The accounts were PIF and I also made one mid-cycle payment. Both Cap One and Chase gave me large, unrequested CLI's,

[Anonymous]

I can worry less about it these days compared to last year.    But in terms of being anal, often times I will pay off cards weekly, sometimes daily just depending on the charge.

The only ones that don't get paid often is my sams club MC because I want an increase....8k, I am often going over 30% on that card monthly.

If I am going through a month where I want to know my exact amount in my checking then I will pay charges off daily.

[Anonymous]

If you pay the minimum payment before the due date you can make an extra payment after the due date before the statement cut, and it counts the same. It's a great move, but dont miss! Only pull payment!

[Anonymous]

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@Anonymous wrote:
If you pay the minimum payment before the due date you can make an extra payment after the due date before the statement cut, and it counts the same. It's a great move, but dont miss! Only pull payment!

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Lol I never have any minimum payments due half the on a few cards, especially my citi DC which is nice bc its at 0%.

I wish there was an easier way to set up autopayments though.  Where, either through my bank or the card directly, if I already made a payment, that it would still not automatically make the minimum payment.  I know it wouldnt be much but it adds up with more cards.  I know american express confirms that there is no way to fix this.  Any suggestions?

[Anonymous]

I am one of those young fellows y'all keep talking about here! For the long term, what's a good consistent util to keep under? It doesn't matter right? With my soon to be student budget I will never be above 6% overall even if I wait until statement cuts given the new accts and limits I now have. That's fine right? Multiple payments sound like a pain in the butt. I am on team PIF all the way btw

[SouthJamaica]

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@Anonymous wrote:
It doesn't make a difference unless you want a CLI. Cap1 likes you to do one big payment vs multiple small payments. And for takeshi (whenever you want to come correct me) this is based on my personal experience with 4 cards from them and multiple user experiences. 2 of them I did smaller payments and two I just did one big lump sum and the two with the lump sum went up by $3k on one and $8k on the other and the 2 smaller payment ones didn't budge. Same cards

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That seems really strange to me that they would care.

Does it make a difference if the payment is before or after statement cut?

[Anonymous]

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@Anonymous wrote:
I am one of those young fellows y'all keep talking about here! For the long term, what's a good consistent util to keep under? It doesn't matter right? With my soon to be student budget I will never be above 6% overall even if I wait until statement cuts given the new accts and limits I now have. That's fine right? Multiple payments sound like a pain in the butt. I am on team PIF all the way btw

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Constant PIF monthly and 6% overall utilization is a recipe to get your scores to 800 in probably a year or year and a half considering where you're at already.

[Anonymous]

Based upon the OP question
I'd think at least 2 payments a month could make a huge difference.

1) When you say you pay one large sum, AFTER the statement cuts, that indicates that, that large sum is the reported balance towards Credit Reporting, which can be killer to scores because the debt load is inflated.

Ex: Ppl WAIT till the bill comes
So a $800 balance on a $1000CL comes out the 10th and gets PIF on the 11th
Problem is the reports show 80% utilization till next month, where it happens again and ppl wonder wth I PIF every month and my scores suck, this credit thing is a racket.

Not realizing the problem is the day they pay is the issue.

In my above example the card holder would benefit from paying $700 by the 9th, allowing a $100 balance to report on the statement to show usage/utilization on the cut off on the 10th...then pay the $100 on the 11th

So it's still PIF
No %
But not a 80% debt ratio nor a $0 balance
Plus by making the $100 payment, next month's on time payment gets paid 24 days before it's due date
Ensuring a late isn't possible to occur.

So in essence one payment becomes the on time payment and the other becomes the debt payoff payment
Now if the debt load is very small it doesn't really matter, but I like the discipline of paying at least twice, as it builds a good habit.

Especially, for ppl that get paid on a similar bases, why put it off? Holding $ and swiping the CC 'till SOME time in the future ' allows bills to get out of whack and seem less manageable then had they gotten paid biweekly as $ came into the house